Good news for Tony - Bad for everyone else
The prospect of lower growth and therefore lower tax revenues meant the Chancellor would have to take action to plug gaps in the public finances through "fiscal consolidation" - tax rises or spending cuts - the IMF said.
...the IMF report showed that Britain had a structural deficit that had grown faster than any other major economy since 2000. Only Italy was singled out for harsher criticism
...Even some Brownite MPs are now becoming nervous that the Chancellor's reputation could suffer if the economy goes into a downturn. This would raise the likelihood of other candidates challenging him for the Labour leadership when Tony Blair steps down.
Tony is hanging on in there until it happens so he can shoehorn his chosen Blairite replacement in..