- George Osborne, Britain's Chancellor of the Exchequer
Earlier in April, the IMF claimed the U.K. will be the fastest-growing economy in the G7 this year. The International Monetary Fund upgraded its growth forecast for the U.K., saying the economy will expand 2.9% this year. At the same time, Christine Lagarde warned that the recovery is not supported by business investment and exports and the economy should decrease its reliance of consumer spending.
These forecasts found a support in George Osborne's speech, who claimed the economic stagnation will not return to the country, saying "best days lie ahead". The Chancellor of the Exchequer will use his speech in Washington to deliver the most promissing message about optimistic economic forecasts. His comments can boost investors' confidence, suggesting the U.K. will finally be able to record a solid inflow of investment. At the same time, further spending cuts are still essential for the economy in order to secure its prosperity.
Less than a year ago, during the spring meeting, British economy faced a risk of entering a triple-dip recession. At that time the IMF claimed the government should change tack and introduce more spending. Now, with the economic turnaround surprising even official estimates, Osborne will be ready to answer all sceptics.
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