George Osborne: 'Hard road to recovery for UK economy'

Chancellor George Osborne has said that it will be a "hard road to recovery" for the UK economy, but that the country is "making progress".

His comments came as the International Monetary Fund delivered its concluding statement on the economy following its mission to the UK.

The IMF acknowledged that the government's austerity measures had earned it credibility, but warned that such measures would act as a drag on economic growth.

The global body also said that the economy was still a long way from "a strong and sustainable recovery".