IMF Tells The UK Action Must Be Taken

20 July 2012 15:30 - Phoebe Robinson

    



IMF Tells The UK Action Must Be Taken

The International Monetary Fund (IMF) has told the British government that they need to kickstart the economy with a boost to spending and increased investment if it is to avoid a long depression and desperate economy. It was a very clear cut warning that the economy is actually in serious trouble the IMF gave to the government.  They warned that the government needed to act quickly to bolster consumer and business confidence and spur growth. It is being said that further government action is needed to avoid the worst effects of the euro crisis and the likelihood of further falls in property.

The IMF gave a bleak report on the UK economy and concluded that the recovery and rebalance of the UK economy is likely to be a much longer process that initially thought. They are saying as long as confidence remains this low and people show uncertainty there is not much hope for the economy.

The labour government have jumped at the opportunity to criticise the government and have described the IMF’s report as a reflection of the devastating critique of George Osborne’s lack of action over the past two years of coalition. The chancellor is also receiving grief and facing pressure from business lobby groups. These groups are annoyed by the lack of impetus from Downing Street to tackle the bank’s reluctance to provide affordable loans.  Soon to be released GDP figures next are expected to show that the UK was still in a recession in three months to the end of June and has un-progressive for two years.

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