IMF tells Britain to prepare for 'plan B'

The IMF's Fiscal Monitor report, published today, said Britain should relax its fiscal consolidation strategy - which aims to cancel the country's structural deficit by 2017 - if the economy remained weak. The FT said the report could 'pile pressure' on George Osborne to switch to plan B to boost the UK's ailing economy, which has contracted over each of the past three quarters. The BBC reported the IMF also said governments around the globe have failed to restore confidence and the global economic recovery was weakening. The IMF warned the risk of further deterioration in the economi...