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IMF softens views on UK government's policies

The International Monetary Fund has softened its assessment of the British government's economic policies, saying in a report Wednesday that it did well to ease its pace of austerity cuts, but stressing more was needed to support the recovery.The report had been hotly anticipated after the IMF last month criticized the government's focus on debt reduction at the expense of economic growth. But while the Washington-based international lender offered mild sanction, the tone was decidedly less heated than predicted.It praised the government for showing "welcome flexibility in its fiscal program" that it says have earned it credibility in financial markets. However, it warned that the economy, which in the first quarter narrowly dodged a third recession since 2008, needed more support."Given the tepid recovery, policy should capitalize on the nascent signs of momentum to bolster growth," the report said.The verdict came just hours after minutes to the Bank of England's last meeting in May ...

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