IMF urges Osborne to 'take stock' on austerity plan

clock

The chief economist of the International Monetary Fund (IMF) has asked the government to "take stock" of its austerity programme ahead of the next Budget in March.

Olivier Blanchard said the Fund's advice to the UK remained the same now as it did in October last year, when an IMF report suggested George Osborne's deficit-cutting programme could suck £76bn more out of the economy than expected by 2015. "We said that if things look bad at the beginning of 2013 - which they do - then there should be a reassessment of fiscal policy," Blanchard told BBC Radio 4's Today programme. "We think this would be a good time to take stock." Last year, Christine Lagarde, the IMF's managing director, said governments that had embarked on spending cuts may have u...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England holds rates at 3.75% as it waits for 'cloudy' data to clear

Bank of England holds rates at 3.75% as it waits for 'cloudy' data to clear

'Wait and see approach'

Michael Nelson
clock 05 February 2026 • 2 min read
Kevin Warsh's surprise pick for Fed chair forces investors to rethink 'dollar debasement'

Kevin Warsh's surprise pick for Fed chair forces investors to rethink 'dollar debasement'

'Catalyst' for rapid repricing

Alex Sebastian
clock 04 February 2026 • 4 min read
Partner Insight: A new VCT landscape - what advisers need to know after the Budget

Partner Insight: A new VCT landscape - what advisers need to know after the Budget

For professional advisers and paraplanners only. Not to be relied upon by retail clients.

Toyin Oyeneyin, Tax Product Specialist, Octopus Investments
clock 19 January 2026 • 5 min read