News Summary

• It now expects growth of 1% next year rather than 1.1%.
• IMF head Kristalina Georgieva told the BBC on Tuesday that global economic shocks had been "pushing debt levels up like a staircase not to heaven" Prime Minister Andy Burnham said on Wednesday that the UK's high level of borrowing had left it "over-exposed" to global shocks.
• But he said he stood by his point - made a year ago - that Britain should be less "in hock" to investors in the bond markets.