Kwasi Kwarteng’s tax cuts likely to increase inequality, IMF says

International Monetary Fund says measures should target households worst affected by energy crisis and inflation

Kwasi Kwarteng’s tax-cutting mini-budget is likely to increase inequality and should be more targeted at households that are worst affected by the energy crisis and rising inflation, the International Monetary Fund has said.

In a stinging rebuke to the chancellor’s aim of rebooting economic growth, a spokesperson for the IMF said the UK should avoid handing out cash in tax cuts that will force the Bank of England to respond with higher interest rates.

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