The International Monetary Fund (IMF) has warned that the UK has a long way to go before its economy will be in a stable position.
It explained that austerity measures implemented by the government could be having a negative impact on the recovery, dragging down the pace at which businesses are able to pull themselves out of financial difficulties.
As part of its concluding statement regarding its mission to the UK, the fund suggested that while the UK's austerity programme had earned the government some international credibility, it might be time to consider increasing spending to offset the negative effects of austerity.
David Lipton, deputy managing director of the IMF, elaborated at a press conference in London: “It would be, in our view, useful for the economy for infrastructure and other measures to be brought forward to reduce the drag on austerity measures … and provide more support for the economy.”
The news comes as Office for National Statistics figures have revealed that retail sales in April were down 1.3 per cent in comparison to March. Bad weather is thought to be behind the ongoing low levels of spending. Feedback from businesses suggested that spring and summer ranges were selling particularly poorly.
The fragility of the economic recovery has resulted in a steady stream of businesses in administration. Big retail names like HMV and Republic have caught the headlines, but the government's austerity measures and the global financial downturn have hit companies across all sectors. For some distressed business buyers, this has created a wealth of cut price acquisition opportunities, but this situation cannot continue forever as the comments from IMF have underlined. 
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