The International Monetary Fund’s latest report describes George Osborne’s “strong and credible” plan to reduce Labour’s budget deficit as “essential”, saying that it “supports a balanced recovery,” and “will ensure fiscal sustainability.”

Whereas Labour’s Ed Miliband described Osborne’s plans as “economically dangerous” and predicted they would cause a return to recession, the IMF stated, “Fiscal tightening will dampen short-term growth but not stop it as other sectors of the economy emerge as drivers of recovery.”