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As long as the Eurozone holds up there is hope for the economy. So concluded the Institute for Fiscal Studies (IFS) in their 2012 Green Budget.
The UK is particularly at risk if the Eurozone were to fail given its close economic and financial ties: 50.3% of UK exports head for the EU.
Overall the IFS concluded that 2011 was a disappointing year globally with continuing crises in the EU Japan badly affected by the tsunami and fiscal policy tightening.
Despite that the institute considered that the UK will underspend by more than £3 billion this year. This means the government will borrow slightly less in 2011/12 than had been expected.
As a result the IFS suggested that the chancellor of the exchequer could afford to make a timely temporary and targeted fiscal stimulus to boost the economy.
While not...
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