UK and IMF face dust-up on austerity

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.

IMF: IMFC: Statement by George Osborne, Chancellor of the Exchequer, H.M. Treasury, United Kingdom, 20.04.13 http://www.imf.org/External/spring/2013/imfc/statement/eng/gbr.pdf

IMF: IMF and the United Kingdom http://www.imf.org/external/country/gbr/

IMF: World Economic Outlook, April 2013 http://www.imf.org/external/pubs/ft/weo/2013/01/index.htm

France24, 21.04.13: IMF steps up calls for Britain to ease austerity drive http://www.france24.com/en/20130421-imf-steps-calls-britain-ease-austerity-drive

ESO: Background information: UK loses top AAA credit rating for first time since 1978 http://www.europeansources.info/record/uk-loses-top-aaa-credit-rating-for-first-time-since-1978/

BBC News, 20.04.13: The IMF, the AAA and all that http://www.bbc.co.uk/news/business-22228223

BBC News, 19.04.13: Fitch downgrades UK credit rating to AA+ http://www.bbc.co.uk/news/business-22219382

BBC News, 19.04.13: Chancellor Osborne stands firm on economic plan http://www.bbc.co.uk/news/business-22222473

BBC News, 25.04.13: UK economy avoids triple-dip recession http://www.bbc.co.uk/news/business-22290407

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