The Organisation for Economic Co-operation and Development (OECD) has urged Britain to continue with its austerity measures in order to remain one of the fastest growing economies in the developed world.
Angel Gurría, secretary general of the OECD, said: “The United Kingdom has made tremendous progress exiting from the worst economic crisis of our lifetime.
“Job creation is remarkable and growth is strong, but the UK has to finish the job.”
The UK is the fastest growing economy in the G7 according to the OECD’s most recent economic survey, which also revealed that growth would reach 2.6 per cent this year, matching the 2014 figure.
However, while the OECD called for Chancellor George Osborne to continue with the Government’s planned public spending cuts, the international think-tank has also made numerous controversial suggestions to improve growth.
Included among these recommendations is for the Government to introduce road tolls, allow building on green belt land, relax restrictions on non-EU migrants, and cut GP salaries.
The coalition Government has vowed to eradicate the budget deficit by 2017-18, with the Conservative party also promising to introduce a rule that would see a budget surplus being created during good economic times.
The OECD warned that dwindling productivity would continue to keep living standards in Britain lower than they could be, but the Government has already made it clear that weak productivity represents the biggest challenge to the UK economy for both the immediate and long-term future.