IMF asks UK to do more to boost domestic demand
Source: Agencies |
May 23, 2012, Wednesday
|
Print Edition
Print Edition
THE International Monetary Fund has issued a tough assessment of UK economic policy, urging the government and Bank of England to do more to boost demand in the economy.
The IMF's report of its latest consultation with the UK released yesterday urged more stimulus, either via more rounds of quantitative easing or by a further cut in the all-time low base lending rate of 0.5 percent.
Since coming to power in 2010, the UK's coalition government has imposed an extensive austerity program of state spending cuts and reforms aimed at bringing down the country's deficit. However, as the IMF report states, while the UK has "made substantial progress toward achieving a more sustainable budgetary position," the country has fallen back into recession and "the hand-off from public to private demand-led growth has not fully materialized."
The BOE has been trying to get inflation down to 2 percent.
The IMF's report of its latest consultation with the UK released yesterday urged more stimulus, either via more rounds of quantitative easing or by a further cut in the all-time low base lending rate of 0.5 percent.
Since coming to power in 2010, the UK's coalition government has imposed an extensive austerity program of state spending cuts and reforms aimed at bringing down the country's deficit. However, as the IMF report states, while the UK has "made substantial progress toward achieving a more sustainable budgetary position," the country has fallen back into recession and "the hand-off from public to private demand-led growth has not fully materialized."
The BOE has been trying to get inflation down to 2 percent.
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