IMF tells Truss to change tax policy to calm frenzied markets

Washington-based agency says UK policy reversal would calm jittery markets and ‘change trajectory’ of interest rates

The International Monetary Fund has added to pressure on Liz Truss’ government to U-turn on unfunded tax cuts announced in last month’s mini-budget, saying changes in policy would help calm jittery financial markets.

On a day when fresh action by the UK central bank failed to halt the upward move in government borrowing costs, the Washington-based IMF said a shift in policy from Truss and her chancellor would “change the trajectory” of interest rates.

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