The International Monetary Fund (IMF) has openly come out against the Tory government’s huge tax cuts which disproportionately benefit the wealthy, warning that they will further fuel inflation during the cost of living crisis and likely increase inequality.
In what is a rare intervention, the Washington-based fund took aim at the government, after chancellor Kwasi Kwarteng retained his faith in trickle-down economics, putting in place tax cuts for the wealthy in his mini-budget last week, but doing nothing to help the poor and vulnerable. Read more.
