George Osborne has been unwavering in his belief that the Coalition's economic strategy must be underpinned by an uncompromising attack on the budget deficit. Yesterday's health-check by the International Monetary Fund vindicates his judgment. It concludes that in difficult global circumstances, the Coalition has taken the right measures to rebuild the damaged economy that it inherited from Labour, and that its "post-crisis repair? is now under way". The recovery may have lacked dynamism in recent months, but the IMF attributes this largely to external forces. It has, as a consequence, trimmed its growth forecast for the year to 1.5 per cent ? but it predicts that the recovery will pick up speed later this year and into the next. Meanwhile, the uncomfortably high level of inflation ? which it also attributes to "transitory factors" ? will head back towards the Government's 2 per cent target in the medium term, as the Bank of England has insisted.
Charles Mountbatten-Windsor Prince Charles Camilla Mountbatten-Windsor Duchess of Cornwall Robert Mugabe
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