Osborne lashes himself to the mast ahead of Q4 GDP figures

Prepared for the worst.

George Osborne, addressing attendees of the World Economic Forum in Davos, promised to ignore the recommendations of the IMF and carry on with austerity even if the GDP figures for the fourth quarter of 2012 — due to be released today — are negative.

The Financial Times reports that:

He repeated past comments that the economy was “walking a difficult road, but heading in the right direction”.

That "difficult road" is an increasingly lonely one. The IMF's chief economist, Oliver Blanchard, warned yesterday that a slow start to 2013 would be a good hint that the chancellor ought to "tone down" attempts to reduce the deficit with haste.

Meanwhile, it is widely expected that the UK will lose its AAA credit rating with at least one of the major ratings agencies. The agencies, while mainly reactionary in how they decide ratings, were frequently cited by Osborne as arbiters of financial responsibility in the first years of his chancellorship. Losing their backing would be a blow.

The range of forecasts for the figures out today spreads from -0.5 to +0.2 per cent. We shall find out the truth in two hours.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Quiz: Can you identify fake news?

The furore around "fake" news shows no sign of abating. Can you spot what's real and what's not?

Hillary Clinton has spoken out today to warn about the fake news epidemic sweeping the world. Clinton went as far as to say that "lives are at risk" from fake news, the day after Pope Francis compared reading fake news to eating poop. (Side note: with real news like that, who needs the fake stuff?)

The sweeping distrust in fake news has caused some confusion, however, as many are unsure about how to actually tell the reals and the fakes apart. Short from seeing whether the logo will scratch off and asking the man from the market where he got it from, how can you really identify fake news? Take our test to see whether you have all the answers.

 

 

In all seriousness, many claim that identifying fake news is a simple matter of checking the source and disbelieving anything "too good to be true". Unfortunately, however, fake news outlets post real stories too, and real news outlets often slip up and publish the fakes. Use fact-checking websites like Snopes to really get to the bottom of a story, and always do a quick Google before you share anything. 

Amelia Tait is a technology and digital culture writer at the New Statesman.