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IMF warns again on UK economy

The International Monetary Fund (IMF) has reiterated its 0.2% growth forecast for the UK economy in 2010 although there is a stark warning that the position could deteriorate very quickly unless lending activity improves. This is not the first time that the IMF has criticised the UK authorities and the UK financial sector for a lack of follow-through on various lending promises. However, while many financial institutions argue that demand is not there at the moment, there is no doubt that large numbers of UK businesses are struggling and UK consumers find credit difficult to obtain.

While the UK government seems to respond to various IMF accusations and suggestions as and when it suits them, there needs to be some formal response to this accusation of subdued lending figures. When you consider the billions of pounds which has been injected into the UK financial sector, in the hope of increasing lending, it has to be said that so far it has ultimately failed. However, it was always suggested that it would take a significant length of time before the financial sector benefited from these capital injections although time and patience are now starting to run out.

Quite why the IMF seems to have such a negative opinion of the UK is a mystery with every positive report issued seemingly followed by two more negative ones in the background.

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