As the seventh anniversary of the start of the economic crisis approaches, it is an appropriate moment to take stock. At the time, the recession was simply not recognised by conventional economic forecasts. These continued to foresee positive growth until the collapse of Lehman Brothers in the
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So the IMF has slashed its growth forecasts for the UK economy. This august body has just pronounced that Britain’s economy will come to a virtual standstill. Growth in 2012 will be just 0.2pc, compared with the IMF’s April forecast of 0.8pc growth. It cut its 2013
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