The IMF has criticised the chancellor again, warning his plans will make the BoE's fight against inflation harder.
Picture: AlamyThe International Monetary Fund has criticised chancellor Kwasi Kwarteng again over his controversial mini-budget which has sent markets into a panic.
Prime minister Liz Truss insists government's plan will boost economic growth which will be felt by lower earners as she embraces a strategy of "trickle down economics" despite plenty of criticism. “Increasing price pressures remain the most immediate threat to current and future prosperity by squeezing real incomes and undermining macroeconomic stability.”"reevaluate" his tax plans as they are likely to increase inequality.
The institution's World Economic Outlook report said "the worst is yet to come" and that "for many people 2023 will feel like a recession". The Bank of England’s interest rate is currently 2.25% and is expected to be raised further at the next meeting of decision makers in November.
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