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than to a country like britain. the government is hoping that by handing out tax cuts people have more money to spend and that will stimulate the economy to grow and improve living standards. but the imf is warning it could have the opposite effect because the pound is weak, import prices are higher, and that pushes up inflation and, to fight inflation, interest rates have to rise faster than previously thought and that could hit ordinary people where it hurts — in their mortgage payments. so far, the bank of england's announcement hasn't worked to calm financial markets. the all—share index of uk—listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andy verity, bbc news. the labour leader has said the move by the bank of england to intervene in the bond markets is "very serious". he called for parliament to be