In effect, the IMF split the difference last week, with its estimate that fiscal tightening had caused Britain's national output to be 2.5% smaller than it would have been (though the Treasury would claim that some of that effect was incorporated in the original forecast).
Although the currency has appreciated since mid-March, renewed weakness is possible, and the effectof a collapse in the value of the rupiah (not our central forecast) would be to lower the spending power of most Indonesians.
Overall, net government borrowing is on course to be about a third lower as a share of GDP than when the coalition came in: it's forecast to be 6.9% of GDP in 2012-13 (excluding the temporary effectof transferring the Royal Mail pension scheme), compared with 10.1% of GDP in 2010-11.