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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Police shoot man in parliament

A man carrying what appeared to be a knife was shot by armed police after entering the parliamentary estate. 

From the window of the parliamentary Press Gallery, I have just seen police shoot a man who charged at officers while carrying what appeared to be a knife. A large crowd was seen fleeing from the man before he entered the parliamentary estate.

After several officers evaded him he was swiftly shot by armed police.

Ministers have been evacuated and journalists ordered to remain at their desks. 

More follows. Read Julia Rampen's news story here.

Armed police at the cordon outside Parliament on Wednesday afternoon. Photo: Getty

George Eaton is political editor of the New Statesman.