It should be no surprise that the IMF has cut its world growth forecasts. We had it coming. In the UK, the Office of Budget Responsibility's growth forecasts always looked wildly optimistic – 1.8%, they were predicting back in november. Now the IMF says UK growth will be a mere 1.1% in 2011, and 1.6% in 2012. Even that, I figure is on the optimistic side, and the IMF admits there's 6:1 odds of us going negative.