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    Christine Lagarde the boss of the IMF has endorsed the government's economic policy.

    A direct quote:

    'The gain that resulted from the fiscal consolidation that was decided over two years ago has been that result - the credibility of the UK Government and its ability to borrow at extremely favourable rates. Sometimes you feel like you could look back and wonder 'what if'. And when I think back myself of May 2010 when the UK deficit was at 11%, and I try to imagine what the situation would be like today if no such fiscal consolidation programme had been decided. I shiver."

    To put it slightly differently, she has a shiver of fear about what our economy would be like now if Labour won the election and implemented their 'even slower' deficit reduction plan.

    Personally I think she is a bit over the top in her praise of Osborne as he has only done enough to stabilise the UK bond markets. He has not cut public spending enough for a growth stimulus through lower taxes and less red tape reducing the burden placed on the private sector that is holding it back.

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