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news channel. the international monetary fund — which works to promote stability in the global economy — has criticised the british government�*s plans for tax cuts, warning the measures are likely to fuel the cost—of—living crisis. in an unusually outspoken statement — the imf said the uk�*s developments were being closely monitered, and said untargeted fiscal packages were not recommended during a period of high inflation. it warned the government it�*s mini—budget risked increasing inequality. the white house also criticised the government�*s policy — saying it was important to focus on "fiscal prudence, and fiscal discipline". the pound dipped in asian trade this morning — standing at around $1.06. the imf said that the government�*s fiscal plan in late november would give it an opportunity to �*re—evaluate�* tax measures — "especially those that benefit high income earners." the uk government proposals would scrap the top rate of income tax and end a cap on bankers�* bonuses, among other measures. the announcement on friday sparked financial turmoil, as investors dumped the pound and uk debt. on monday the pound fell to record