IMF Urges Greater U.K. Economic Action

—The U.K. government and the Bank of England should do more to encourage recovery in the country’s economy, the International Monetary Fund said Tuesday, as it warned chaos in the euro zone may require finance chief George Osborne to slow the pace of his aggressive austerity drive.

The IMF said in a regular report on the U.K. that it expects economic growth to resume in the second half of the year after official figures showed the economy slipped back into recession in the first quarter.

But the fund urged the government and the central bank to provide more support for the economy to prevent lasting damage from persistent unemployment and lost capacity.

…The IMF told the Bank of England that “further monetary easing is required.”


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