HISTORIC PRESS RELEASE : IMF report on UK economic performance [December 2003]

The press release issued by HM Treasury on 18 December 2003.

“In the face of sizable global shocks over the last few years, the economic performance of the UK has been enviable” the International Monetary Fund said today.

In the  concluding statement to its Article IV examination of the UK economy , the IMF notes that “growth has been resilient”, “unemployment has been stable and at a low level” and “inflation has remained close to target”.  It praises the monetary policy framework, which it says has “achieved a high degree of credibility”, and comments that the increase in government borrowing “does not raise sustainability problems” and has “played a useful countercyclical role”.

The IMF also welcomes recent reforms and initiatives aimed at improving productivity and says that it is “encouraged by the success” of the New Deal.