'Worst is yet to come' warns International Monetary Fund
The International Monetary Fund has doubled down on criticism of the chancellor's mini-budget, days after warning it will fuel rising prices.
Although the UK economy is set to grow the fastest of the major economies included in the G7 group this year, it is projected to grind to a near-halt next year, with it expanding by just 0.3%. Downing Street defended the chancellor's plans, with the Prime Minister's official spokesperson saying its policies aimed "to support British people at a time of global high prices" and said the IMF report showed "the global challenges that countries are facing".
However on Tuesday, government borrowing costs remained close to the levels seen at the height of the market turmoil last monthThe IMF has said "the worst is yet to come" in the world economy, saying "for many people 2023 will feel like a recession". The IMF also cautioned that governments would need to protect the least well-off from the impact of higher prices.
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