天美影院

I am delighted to welcome Christine Lagarde and her team to the Treasury for the annual International Monetary Fund (IMF) Article IV assessment of the UK.

IMF scrutiny of country, regional and global economies is a vital part of their role in supporting global stability.

I thank them for their thorough work over the past couple of weeks.

This year the IMF forecast that the UK will be the fastest growing major advanced economy in the world.

They say today that growth is becoming more balanced, with encouraging signs that business investment is picking up.

And they give their unequivocal support to our economic plan.

As they say, 鈥渢he planned fiscal adjustment this year is appropriate鈥� and 鈥渙ver the medium term, fiscal policy should continue to aim to put debt on a firmly declining path.鈥�

I couldn鈥檛 put it better myself.

But we must not be complacent. And the IMF today remind us that there is a long way to go - and many risks to our recovery.

Risks abroad 鈥� in emerging markets, in the euro area, and with increased geopolitical tensions 鈥� and risks at home.

So we have to make Britain more resilient.

That鈥檚 why we have to continue to work through our plan to eliminate the deficit and move this country into surplus; and why at the Budget I took steps to make sure we save more, we manufacture more, and we export more.

In the long term, as the IMF put it, 鈥渢he durability of the recovery depends on productivity growth鈥�.

So we have to work through our plan to cut tax on investment; and to see through our historic infrastructure programme 鈥� even when that is controversial.

On unemployment the IMF note that it has fallen rapidly but remains too high.

I agree 鈥� that鈥檚 why we鈥檙e cutting jobs taxes instead of increasing them, and it鈥檚 why our welfare reforms are vital in order to ensure that work always pays.

I also agree with the IMF that we need to remain vigilant for any risks that might emerge in the housing market.

That鈥檚 why I have given the Financial Policy Committee new macro-prudential tools should they see a risk to financial stability 鈥� and as I鈥檝e made clear that includes recommendations to me on the parameters of the Help to Buy scheme.

The only long term answer to Britain鈥檚 housing problems is to build many more houses in this country.

That鈥檚 why we鈥檝e reformed our planning laws 鈥� with new permissions rising and house building up a quarter over the last year.

But the biggest risk to our recovery would be to abandon the economic plan that is working.

This for me is the most important conclusion.

罢辞诲补测鈥檚 IMF report shows that our long term economic plan is the right one.

The British economy is firing on all cylinders.

The IMF say we are right to carry on tackling Britain鈥檚 budget deficit, fixing the banking system and backing businesses to create jobs.

But they are right also to remind us that many risks remain and that the task is far from done.

I agree, so we will get on and finish the job.

And now I鈥檇 like to ask you all to welcome Christine Lagarde who will set out the IMF鈥檚 findings in detail 鈥� and answer your questions afterwards.

Thank you.