No econ. Plan B in UK despite IMF call
The British government says it will not switch to a Plan B for economy despite the calls from the International Monetary Fund (IMF) to rein in austerity to boost growth.
IMF has warned Britain that the austerity should be curbed to avoid stifling growth unless economic figures show significant positive change.
However, the government is insisting on its current austerity policy with a Prime Ministerâ„¢s spokesperson saying “we are on the right road, but we have to stick to it”.
The fund had initially supported the governmentâ„¢s package of massive spending cuts but its managing director Christine Lagarde warned that the cuts are taking too long to trigger growth and called for a change of approach.
The British economy narrowly missed a triple-dip recession in the first quarter of 2013.
The government says its £50 billion austerity program will help decrease the £1 trillion national debt by 2015 but economists are not that optimist about the claim.
This article originally appeared on : Press TV