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IMF backs UK government

The UK government has received the backing of the IMF as David Cameron attempts to introduce massive cost-cutting exercises to the UK public sector budget. The support of the IMF will be very useful in the weeks and months ahead as opposition parties look to muddy the water and attempt to distance themselves from the ongoing austerity measures.

The IMF has also reiterated its view that the UK economy will grow in 2011 although the forecast rate of growth has been reduced from 2.1% to 2%. While this is a little disappointing, the very fact that the UK economy is expected to grow in 2011 will not be lost on David Cameron and his coalition partners. The IMF also believes that an economic recovery in the UK is already underway, unemployment is beginning to stabilise and the financial sector is back in good health. All of these are very vital elements of the eventual recovery in the UK as a whole and would appear to suggest that a potential downgrading of the UK debt rating has now passed.

Yesterday's announcement that Ed Miliband is also backing the vast majority of the coalition government's spending cuts was something of a surprise but would have been well received within the corridors of power.

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