Britain's coalition government got rave reviews from economists, the bond market and business organizations for swiftly announcing nearly $9 billion in spending cuts as a first step toward narrowing the country's budget deficit. "The measures ... are painful but necessary steps to demonstrate the U.K.'s seriousness about tackling the deficit," said Richard Lambert, director general of the Confederation of British Industry. The yield on Britain's 10-year debt fell to a six-month low.

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