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Government will 'stick to its plans' when IMF delivers verdict on economy Government will 'stick to its plans' when IMF delivers verdict on economy
(4 months later)
Downing Street will launch a staunch defence of the government's economic strategy and says it will stick to its plans when the International Monetary Fund publishes the findings of its annual survey of the British economy on Wednesday.Downing Street will launch a staunch defence of the government's economic strategy and says it will stick to its plans when the International Monetary Fund publishes the findings of its annual survey of the British economy on Wednesday.
Treasury officials have gone to great lengths to prepare a response after Christine Lagarde, the head of the IMF, warned last month that George Osborne should rethink the pace of his deficit-reduction plan.Treasury officials have gone to great lengths to prepare a response after Christine Lagarde, the head of the IMF, warned last month that George Osborne should rethink the pace of his deficit-reduction plan.
Downing Street said on Tuesday that it would not anticipate what the IMF will say when it publishes its annual healthcheck of the British economy under its article IV programme. But the prime minister's spokesman added: "The government believes it has the right economic approach."Downing Street said on Tuesday that it would not anticipate what the IMF will say when it publishes its annual healthcheck of the British economy under its article IV programme. But the prime minister's spokesman added: "The government believes it has the right economic approach."
Lagarde said in Washington last month that the IMF had always warned that if the economy grows at a slow rate then it is right to slow the pace of deficit reduction. She said: "We very much stand by that. Consideration should be given if growth weakens, and looking at the numbers, without having dwelled and looked under the skin of the British economy, as we will do in a few weeks' time under the article IV, the growth numbers are certainly not particularly good."Lagarde said in Washington last month that the IMF had always warned that if the economy grows at a slow rate then it is right to slow the pace of deficit reduction. She said: "We very much stand by that. Consideration should be given if growth weakens, and looking at the numbers, without having dwelled and looked under the skin of the British economy, as we will do in a few weeks' time under the article IV, the growth numbers are certainly not particularly good."
Downing Street said that the latest GDP figures showed that the British economy is growing and jobs are being created. "Our view is the economy is healing and we are on the right road but we have to stick to it," Cameron's spokesman said.Downing Street said that the latest GDP figures showed that the British economy is growing and jobs are being created. "Our view is the economy is healing and we are on the right road but we have to stick to it," Cameron's spokesman said.
Danny Alexander, the chief secretary to the Treasury, said over the weekend that the economy was showing "increasing momentum" and it would be wrong to change course. He told the Sunday Politics on BBC1: "It's a very, very hard road that we're on. It's going to continue to be hard for a while, but at a time when we're seeing those signs of progress that would be entirely the wrong time to go back to scratch, to start again with an economic strategy from scratch.Danny Alexander, the chief secretary to the Treasury, said over the weekend that the economy was showing "increasing momentum" and it would be wrong to change course. He told the Sunday Politics on BBC1: "It's a very, very hard road that we're on. It's going to continue to be hard for a while, but at a time when we're seeing those signs of progress that would be entirely the wrong time to go back to scratch, to start again with an economic strategy from scratch.
"Instead we're going to stick to the plans that we've set out, deliver the deficit reduction as we've set out, but also reform our economy to help businesses grow and create jobs.""Instead we're going to stick to the plans that we've set out, deliver the deficit reduction as we've set out, but also reform our economy to help businesses grow and create jobs."
The prime minister's spokesman dismissed suggestions that Britain may be witnessing the green shoots of recovery – an echo of the famous phrase used by Norman Lamont in the early 1990s to signal a return to growth.The prime minister's spokesman dismissed suggestions that Britain may be witnessing the green shoots of recovery – an echo of the famous phrase used by Norman Lamont in the early 1990s to signal a return to growth.
"Ah, the gardening question – I suppose it is spring," the spokesman said. "The prime minister's view is the economy is healing.""Ah, the gardening question – I suppose it is spring," the spokesman said. "The prime minister's view is the economy is healing."
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