Economy: Deficit Reduction

Lord Myners Excerpts

Monday 15th October 2012 Lords Chamber

[Lord Sassoon]

My Lords, I do not know whether the noble Lord, Lord Peston, and his noble friend Lord Barnett have been comparing notes, but the noble Lord, Lord Barnett, was quoting the IMF approvingly at me only a minute or two ago. On this point, only a week ago, on 9 October, a senior official of the IMF said that at this stage:

“The policy mix in the UK, which consists of adjusting fiscal policy, reducing deficits, at the same time supporting the economy with a very accommodative monetary policy is the right way to go”.

[Lord Myners]

My Lords—

[Lord Ryder of Wensum]

My Lords, can my noble friend please tell the House about the last time that the IMF forecasts for the British economy were accurate?