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IFS warns over public sector

The Institute for Fiscal Studies has warned that government borrowing will rise, public sector spending cuts will increase. The OECD has also said the UK must do more to boost growth and tackle inequality, which it says are key to economic recovery.

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OECD: UK economy may need more stimulus

The OECD said the UK economy may need more stimulus and a further round of quantitative easing may be necessary.

The OECD said UK growth remained flat, and is only expected to "pick up momentum" towards the end of next year. The Paris-based economic think tank forecasts that the UK economy will grow just 0.9% this year, after shrinking 0.1% in 2012.

Angel Gurría, the OECD's secretary general, said a "particularly bright spot" in the UK was employment figures.

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