Friday, 6 June 2014

Robert Peston in unbiased reporting shock...

Thus BBC report contains some shockingly unbiased reporting, how out of character...

'It was just over a year ago that the IMF's chief economist, Olivier Blanchard, warned George Osborne that he was "playing with fire" if he did not ease off on his austerity policy, because economic recovery in the UK seemed so elusive.

Just a few days later, Mr Blanchard's criticism of the cuts implemented by the chancellor was more gently repeated by Christine Lagarde, the IMF's head: "We have said that should growth abate, should growth be particularly low, then there should be consideration to adjusting by way of slowing the pace [of austerity]."

We now know that the IMF's timing was about as wrong as it could be, because the UK economy was on the turn - and a rapid recovery was about to take hold.

Even so, in today's IMF's report on prospects for the UK economy, the so-called Article lV consultation, there isn't a trace of humble pie, or any expressed regrets for last year's erroneous evaluation of what was happening under the bonnet of the UK economy.'

Robert Peston takes the side of the Conservative lead coalition government rather than the IMF, there's a first time for everything!

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