Osborne hit by IMF double whammy over growth and austerity

The IMF - which cut the UK's growth outlook for 2013 to just 0.7%, down from 1% - said Osborne (pictured) should reconsider his austerity plan because of a lack of demand. The report issued a specific note covering the UK, saying that since "recovery is weak owing to lacklustre demand, consideration should be given to greater near-term flexibility in the fiscal adjustment path". The IMF, which also cut its 2014 growth forecast for the UK from 1.8% to 1.5%, urged the Bank of England to buy up a wider range of assets via QE in order to boost growth. It said: "In the United Kingdom, o...