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Olivier Blanchard

IMF's Lipton adds pressure on UK to change economic course

A senior IMF economist added pressure on Britain's finance minister George Osborne on Saturday to slow the pace of his deficit-cutting program to take into account the country's under-performance on growth.David Lipton, first deputy managing director of the IMF, told Sky News television that the Fund would be raising the issue with the British government."The Fund's view is clear. The UK economy has turned out to be somewhat weaker than had been foreseen, so our view is that the pace of consolidation ought to be reconsidered, and we'll want to come and have some discussions over that," he said.Lipton's comments echo similar views expressed by the most senior people in the IMF this past week, including Managing Director Christine Lagarde and Chief Economist Olivier Blanchard.Osborne, in Washington for the Fund's twice-yearly meetings, initially dismissed Blanchard's comments as "one voice", but it has since become clear that he was putting forward a view shared by those at the top of th...

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