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    One in the eye for Labour and the deficit deniers....

    Quote from the latest IMF report:

    "The UK economy is on the mend. Economic recovery is underway, unemployment has stabilized, and financial sector health has improved. The government's strong and credible multi-year fiscal deficit reduction plan is essential to ensure debt sustainability. The plan greatly reduces the risk of a costly loss of confidence in public finances and supports a balanced recovery.

    "The government's strong deficit reduction plan will ensure fiscal sustainability. The fiscal mandate of balancing the cyclically-adjusted current budget by 2015/16 is appropriately ambitious. The plan's credibility has been bolstered by a frontloaded path that achieves the mandate one year early and by a suitable mix of concrete spending and revenue measures. The consolidation plan and implementation of early measures to tackle the deficit—one of the highest in the world in 2010—greatly reduces the risk of a costly loss of confidence in fiscal sustainability and will help rebalance the economy. These benefits outweigh the expected costs in terms of adverse effects on near-term growth. Indeed, market reaction to the adjustment plan has been positive."

    This is an important endorsement of George Osborne's approach.

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