Friday, February 11, 2011
Labour put pressure on IMF
Labour ministers put pressure on international inspectors to â€˜tone downâ€™ warnings about the precarious state of the economy before the financial crisis, according to a devastating report. The findings came in a report from the International Monetary Fundâ€™s Independent Evaluation Office which exposed a series of astonishing failures in the run-up to the crisis. The report found that information was withheld from the IMF and the public by the British authorities, Fund officials were intimidated, and regulators at home and abroad failed to spot serious risks in the banking system and the economy.