IMF heaps pressure on Kwasi Kwarteng over tax cuts

Kwasi Kwarteng will step up efforts to reassure the City about his economic plans on Wednesday after the International Monetary Fund (IMF) criticised the measures and the Bank of England signalled sharp interest rate rises could be on the way.The Chancellor will meet investment banks following days of turmoil which saw the pound buffeted and Government borrowing costs increase after his mini-budget spooked the markets with its package of tax cuts and increased borrowing.In an extraordinary statement on Tuesday, the IMF said it was “closely monitoring” developments in the UK and was in touch with the authorities, urging the Chancellor to “reevaluate the tax measures”.