IMF pats BOE on back

The IMF, in a report following annual consultations with London, said on Friday the British economy "has weathered the global slowdown well" and that following a slowdown in the wake of the Iraq war, "economic activity has staged a strong recovery."

IMF said the Bank of England's moves to raise interest rates (with two raises of 0.25% each in recent months) was "appropriate" and should continue.

"Directors agreed that monetary policy should continue to tighten to facilitate a soft landing sc

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