The International Monetary Fund has given its strong backing to the British Government's plan for a big squeeze on public spending to cut the country's record budget deficit. A team of IMF officials said, the Government's planned spending cuts and tax rises are necessary to stabilise debit and reduce the risk of loss of confidence about public finances. The IMF acknowledges that these measures will dampen economic growth in the short term, but report says, other sectors would emerge to drive the recovery. The opposition Labour Party has said, the Government risks another recession by cutting too quickly.