1.47 The Government's consolidation plans, set out in the June Budget 2010, Spending Review 2010 and Budget 2011, have been endorsed by the IMF, OECD, European Commission, credit rating agencies and UK business organisations.15 Following Spending Review 2010, the credit rating agency Standard and Poor's restored the UK's AAA rating to a stable outlook.
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15 For example, Article IV staff report, IMF, July 2011 and Economic Outlook, OECD, November 2011.