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Kwasi Kwarteng will meet the IMF leaders in Washington DC today to reassure them that everything is under control, a news report has stated.
Ms Truss has repeatedly defended the proposed tax cuts outlined last month.
The chancellor’s mini-budget on September 23, which included £45bn of tax cuts funded by borrowing, sparked turmoil on financial markets and prompted the Bank of England to intervene to protect pension funds.
Mr Kwarteng is due to set out how he will fund the package and reduce debt on October 31.
According to Sky News, Mr Kwarteng will meet with IMF leaders in Washington DC on Thursday, after the institution’s chief economist said tax cuts threatened to cause “problems” for the UK economy.
The body, which works to stabilise economic growth, admitted tax cuts announced by Kwasi Kwarteng would boost growth in the short-term.
But it said the cuts would “complicate the fight” against soaring prices.
It expects high prices to last longer in the UK with only Slovakia out of the eurozone set to see higher inflation.
Inflation, which measures how the cost of living changes over time, is expected to peak at about 11.3 percent before the end of the year in the UK, according to the IMF’s latest assessment of the global economy.
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In each of the next two years, it expects price rises will average at about 9 percent – far above the Bank of England’s target of 2 percent.
After Mr Kwarteng unveiled plans for huge tax cuts in the UK, the IMF criticised the plans warning they were likely to increase inequality and add to pressures pushing up prices.
It was an unusually outspoken statement from the IMF, which has a key role in acting as an early economic warning system.
The IMF said it understood the Government’s mini-budget aimed to boost growth, but it said that the tax cuts could speed up the pace of price rises, which the UK’s central bank, the Bank of England, is trying to bring down.
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Downing Street defended the chancellor’s plans, with the Prime Minister’s official spokesperson saying its policies aimed “to support British people at a time of global high prices” and said the IMF report showed “the global challenges that countries are facing”.
The IMF warned the global economy was facing a downturn with “the worst yet to come” as war in Ukraine helps push prices higher around the globe.
It warned: “For many people 2023 will feel like a recession.”
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