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IMF openly criticises UK government tax plans

The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis.
 
In an unusually outspoken statement, the IMF said the proposal was likely to increase inequality and add to pressures pushing up prices.
 
Markets have already raised alarm over the plans, sending the pound plunging.
 
The UK government says the measures will kickstart economic growth.
 
Sterling fell by 0.7% to $1.06 after the IMF raised its concerns. 
 

The Bank of England has sought to quell the fire-storm in Britain's bond markets, saying it would buy as much government debt as needed to restore order.

Having failed to cool the sell-off with verbal interventions over the previous two days, the British central bank today announced the immediate launch of an emergency bond-buying programme aimed at preventing the market turmoil from spreading.



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