The International Monetary Fund (IMF) issued a rare warning to a G7 economy on Tuesday when it called on Liz Truss’s new administration to “re-evaluate” Kwasi Kwarteng’s tax-slashing, heavy-borrowing “mini-Budget”.
The chancellor outlined his plans for driving economic growth by scrapping £45bn in tax to Parliament on Friday 23 September – a strategy that proved not to include accompanying spending cuts or even a cost estimate from the Office for Budget Responsibility – only for the value of the pound to go crashing to an all-time low against the US dollar the following Monday morning.
