OECD 'supportive of Osborne austerity plans'

The OECD has again cut its growth forecasts for the eurozone and called on the European Central Bank to consider doing more to boost growth.

The forecast for the UK was also revised down to just 0.8% growth this year and 1.5% in 2014.

The OECD said the UK government's austerity plans had affected growth, but said the measures were "necessary" and warned that "further fiscal consolidation" was needed.

The BBC's Hugh Pym said that the OECD's verdict on the UK economy was 'broadly supportive" of George Osborne's plans, and that the chancellor would be "not unhappy" with its report.

BBC News