This morning at the Treasury, Christine Lagarde (left), Managing Director of the IMF, delivered a speech that amounted to a ringing endorsement of the government’s economic record.

The IMF’s experts have been in Britain for the last two weeks, scrutinising the health of the nation’s economy and Lagarde’s summary, delivered today to a room full of journalists in Westminster, was that economic conditions were “pretty much all good”.

The economy has rebounded, growth is becoming more balanced: away from consumption and towards investment. Inflation has fallen and, according the IMF’s…

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