UK warned about "lost decade of growth" ahead of IMF visit

9 May 2013

Officials from the International Monetary Fund (IMF) are in London today (9 May) for their annual review of the UK's economy.

Ahead of the meeting, the government has faced a fresh warning from the Trades Union Congress (TUC) over its austerity measures, which it said are causing a "lost decade of growth".

The IMF recently warned chancellor George Osborne needed to ease the rate of his cuts as the economy stagnates and the TUC has echoed this opinion by claiming the UK is being left behind in the global recovery.

It said the UK is now experiencing a slower rate of economic recovery than 23 of the 33 advanced economies monitored by the IMF. The report, which was issued to coincide with the arrival of the IMF officials, also claims the majority of countries in the eurozone are performing well compared to the UK.

TUC general secretary Frances O'Grady said: "We truly are experiencing a lost decade for growth. While other countries are already seeing a rise in economic output, the UK won't return to its pre-crash level for another four years."

By Asim Shah

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