Hague: UK will not waiver to restore economic health

The International Monetary Fund (IMF) has warned that economic hard times look set to continue around the world and cut its forecast for growth in America, the UK and Eurozone nations.

Britain's GDP forecast was cut to 1.1% for 2011, as the IMF warned of a "dangerous new phase" for the global economy.

Foreign Secretary William Hague said that the news did not come as a surprise but that the government had the "discipline and determination" needed to tackle the UK's deficit.