The International Monetary Fund has heaped an unusually large amount of praise on Britain's economic policy, largely because of a "near-perfect embrace of IMF policy recommendations," according to The Economist. The U.K. is pursuing austerity seriously and has front-loaded spending cuts to guarantee their credibility with the bond market. There is considerable risk in going for short-term austerity while the U.K. economy is weak. If the recovery falters, much of the blame will fall on the IMF, The Economist notes.
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