The UK economy is on the mend and “recovery is under way”, a report by the International Monetary Fund (IMF) said today.

This month’s surprise decision to hold back from more help for the British economy was unanimously backed by Bank of England rate-setters, it emerged today.

THE British pound, which fell to a four-year low against the euro, may extend declines after the Bank of England said it discussed cutting interest rates this month and said a weaker pound helps the economy.

POOR global economic data has