UK to the IMF for Bail Out?

The New York Times: Reports that the UK could need a bail out by the IMF. The UK Telegraph has already reported on this issue, this would be the final nail in the New Labour political coffin. This would be seen as a return to the bad old days of the 1970s. In pure political terms UK PM Gordon Brown must do what he has to prevent this cause of action. The Governor of the Bank of England has stated that the UK Government should not spend more to get out of the recession, thus the Brown Government has to cut government spending and also raise taxes. The problem with the two solutions is that if you cut spending you will deepen the recession, if you raise taxes that will bring in less money for the UK Government. Thus tough times ahead for the UK.