BRITAIN, England, June 6 (UPI) -- The International Monetary Fund applauded the British government's spending cuts Monday but said economic growth would be slower than previously forecast.
The IMF notched Britain's forecast growth from 2 percent for the year to 1.5 percent, The Daily Telegraph reported Monday.
The fund also said: "This raises the question whether it is time to adjust macro-economic policies. The answer is no as the deviations are largely temporary."
While some are waiting for the government to adjust policies to speed up a recovery in Britain, the IMF said the government should stay the course on spending cuts, which it said "remained essential." In addition, the IMF said the Bank of England's interest rate policy was appropriate.
Inflation would drop in Britain from 4 percent this year to 2 percent in 2012, the IMF predicted.
