The IMF’s losing the plot on UK recovery

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The FT seems to have lost the plot this morning, gleefully reporting:

The International Monetary Fund has dropped its criticism of George Osborne’s austerity drive after revising up the UK’s growth forecast by more than any other leading economy.

Britain’s growth outlook was upgraded to 1.4 per cent this year and 1.9 per cent in 2014, significantly above official UK forecasts. The fund noted that “recent data have shown welcome signs of an improving economy, consistent with increasing consumer and business confidence”.

Un increase in GDP based on a housing bubble that leaves most people untouched and most people with declining wages and falling savings (for the time being) is not basis for suggesting there is confidence in recovery.

It's a basis for suggesting some people are losing the plot.

NB: There is a a much more balanced report in the Guardian