"The government has set out its spending plans and is sticking to them," said a Treasury spokesman.
But the IMF warned the government it may have to rethink its deficit reduction programme because of high inflation and low growth, even if the UK does not fall back into recession.
In its World Economic Outlook report the IMF cut its forecast for UK growth from 1.5% to 1.1% this year and from 2.3% to 1.6% next year.
It said the UK economy “continues to suffer” and is weaker than Germany, Holland, Poland and Sweden but stronger than Greece, Ireland and Portugal.
It also claimed there was a 17% chance Britain would suffer a double dip recession.
“If activity were to undershoot current expectations, countries that face historically low yields should also consider delaying some of their planned adjustment (Germany, United Kingdom),” the IMF said.
The BBC reports that Deputy Prime Minister Nick Clegg will confirm the government has no intention of resorting to a “Plan B” on the economy later today at the Liberal Democrat conference.
It said Clegg will stress in his speech that boosting growth is a top priority and that the government must do "the right thing not the easy thing".
The IMF’s warning also cast doubt on global recovery saying the world economy was likely to be “anaemic” throughout 2012.
