Guardian: IMF tells Britain: next government must move fast to cut budget deficit

The International Monetary Fund today urged tougher action in the next parliament to cut Britain's record budget deficit as it warned that recovery from the recession would be subdued and gradual. IMF warns record borrowing will leave Britain vulnerable as recovery will be slower than the chancellor is forecasting. (Anyone think the IMF could step in BEFORE the next parliament?) "Although the IMF says it is up to the government to decide whether the emphasis should be on tax increases or spending cuts to reduce the deficit, it privately believes that action to cut public spending is a more effective and durable method of bringing the state's finances back to health". "Steps should also be taken to improve financial regulation, the Fund said".