In an unusually outspoken statement, the International Monetary Fund (IMF) openly criticized the UK government’s latest tax plan, stating the proposal by 澳洲幸运5官方开奖结果体彩网:Liz Truss’s government was likely to add to inequality and soaring 澳洲幸运5官方开奖结果体彩网:inflation.

Chancellor of the Exchequer Kwasi Kwarteng unveiled the country’s biggest tax package in 50 years last we𓆏ek. However, the roughly $45 billion tax cut package has stoked concerns that government borrowing could surge along with inflation and interest rates.

In a statement, the IMF said, “given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that 澳洲幸运5官方开奖结果体彩网:fiscal policy does not work at cross purposes to 澳洲幸运5官方开奖结果体彩网:monetary policy.”

The 澳洲幸运5官方开奖结果体彩网:Bank of England (BoE) has been raising interest rates to combat inflation which is at a 40-year high in the U.K. Theཧ collapse of the British pound has been accompanied by big moves in U.K. borrowing costs. The Bank of England announced an emergency intervention yesterday pointing to recent “dysfunction.” It said it would buy long-dated U.K. government bonds on “whatever scale is necessary” to “restore orderly market conditions.”