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David Cameron: Rebalancing UK economy 'slow and difficult'

David Cameron: "We need to make sure that every part of plan A is firing on all cylinders"

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The UK is going through a "slow and difficult healing process" as it rebalances its economy, Prime Minister David Cameron has said.

His comments came as the International Monetary Fund said it now expected the UK economy to shrink by 0.4% this year.
Mr Cameron said the government was doing "everything it can" to encourage growth in difficult economic times.
He said they had cut the budget deficit by a quarter in two years and there were "positive signs" for the future.
According to the IMF the prospects for the global economic recovery have weakened as government policies across the world have failed to restore confidence.
The fund has downgraded its overall estimate for global growth, with one of the biggest individual country downgrades applied to the UK.
'Progress' The IMF now expects the British economy to shrink by 0.4% this year, compared with its forecast of 0.2% growth in July.