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LONDON, Sept. 28 (Xinhua) -- In a statement issued on Wednesday, the International Monetary Fund (IMF) openly questioned the United Kingdom (UK) new fiscal plan
the imf said that the government�*s fiscal plan in late november would give it an opportunity to �*re—evaluate�* tax measures — �*especially those which 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. on monday the pound fell to record lows against the dollar. some of the country�*s biggest lenders have suspended mortgage deals amid the uncertainty. the treasury said: "we are focused on growing the economy to raise living standards for everyone." adnan mazarei is a former deputy director at the imf. here�*s his reaction on the today programme. the imf doesn�*t make such strong statements about g7 countries. these statements are common with regard to emerging market countries with problematic policies,
�*especially those that benefit high income earners. �*the current 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. on monday the pound fell to record lows against the dollar. some of the country�*s biggest lenders suspended mortgage deals amid the uncertainty. the treasury said: "we are focused on growing the economy to raise living standards for everyone." adnan mazarei, former deputy director at the imf — speaking on the today programme to sean farrington — gave this reaction. the imf doesn�*t make such strong statements about g7 countries. these statements are common with regard to emerging market countries with problematic policies, but not often about g7 countries.
lows against the dollar. some of the country�*s biggest lenders have suspended mortgage deals amid the uncertainty. the treasury said, "we are focused on growing the economy to raise living standards for everyone." adnan mazarei is a former deputy director at the imf. here�*s his reaction on the today programme. the imf doesn�*t make such strong statements about g7 countries. these statements are common with regard to emerging market countries with problematic policies, but not often about g7 countries. so what is it about the announcements from kwasi kwarteng that has spooked them to make this move? i think they�*re worried that the tax cuts are permanent. they are afraid that the budget financing needs will go up.
The pound and FTSE 100 have slumped after both the International Monetary Fund and Moody’s made shock interventions over the Government’s tax-slashing Budget.
but not often about g7 countries. so what is it about the announcements from kwasi kwarteng that has spooked them to make this move? i think they�*re worried that the tax cuts are permanent. they are afraid that the budget financing needs will go up. and their requiring more borrowing domestically. inflation rising, requiring interest rate increases by the bank of england. and there being a policy conflict between the treasury and the bank of england. at the same time, the united kingdom is running a large current account deficit and relies on foreign financing. adnan mazarei, former deputy director of the imf.