UK and IMF face dust-up on austerity

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Series Details 21.04.13
Publication Date 18/04/2013
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There were signs in the spring of 2013 of a disagreement between the United Kingdom government and the International Monetary Fund after some officials at the IMF hinted that the UK should slow the pace of its austerity programme.

In addition, ratings agency Fitch lowered the UK's credit rating from AAA to AA+ on the 18 April 2013, citing a 'weaker economic and fiscal outlook.

However, the UK economy avoided falling back into a recession after recording faster-than-expected growth in the first three months of 2013, the Office for National Statistics announced on the 25 April 2013.

Related Links
IMF: IMFC: Statement by George Osborne, Chancellor of the Exchequer, H.M. Treasury, United Kingdom, 20.04.13
IMF: IMF and the United Kingdom
IMF: World Economic Outlook, April 2013
France24, 21.04.13: IMF steps up calls for Britain to ease austerity drive
ESO: Background information: UK loses top AAA credit rating for first time since 1978
BBC News, 20.04.13: The IMF, the AAA and all that
BBC News, 19.04.13: Fitch downgrades UK credit rating to AA+
BBC News, 19.04.13: Chancellor Osborne stands firm on economic plan
BBC News, 25.04.13: UK economy avoids triple-dip recession

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