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around world i think the imf felt it had no choice. to interpret some of what it said, it talks about the policies and how they risk increasing inequality. it says they do not recommend large and untargeted fiscal packages at this juncture, a comment on the criticism that tax cuts benefit higher earners. and the br hasn�t stressed tested any of it. a bit like the government and bring in its mass and work and saying this is the answer it has come to an the imf is asking for the working out. finally it says it is important fiscal policy doesn�t work at cross purposes with monetary policy post fiscal policy, the government, monetary policy the bank of england, the imf re—rhetoric the point that it feels the governor dispersing the exhilarated to try and bring policies to drive growth while at the same time the bank is trying to put the brakes on inflation. trying to put the brakes on inflation-— trying to put the brakes on inflation. ~ ., , inflation. while we have been talkin: inflation. while we have been talking there _ inflation. while we have been talking there has _

Reaction , Policies , Choice , World , Some , Inequality , The-international-monetary-fund , British-government , Tax-cuts , Bit , Packages , Criticism

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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.

Tax-cuts , Countries , Move , Announcements , Kwasi-kwarteng , Budget-financing-needs , Borrowing , Bank-of-england , Treasury , Policy-conflict , Interest-rate , Inflation-rising

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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,

Uk , Government , Plan , Rate , Opportunity , Cap , Income-tax , Government-proposals , Tax-measures , Bonuses , The-international-monetary-fund , Ie-one-pound

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government�s point of view would be more worrying. for the moment they are keeping their fingers crossed and effectively saying we are not going to do anything which suggests they are concerned. they are going to try and say they are sticking to their plan, they are doubling down and hopefully they can ride out what they would hope our short—term difficulties. they would hope our short-term difficulties.— they would hope our short-term difficulties. ., . ., ., ,, difficulties. 0k, iain watson, thank ou ve difficulties. 0k, iain watson, thank you very much. _ difficulties. 0k, iain watson, thank you very much. at _ difficulties. 0k, iain watson, thank you very much, at the _ difficulties. 0k, iain watson, thank you very much, at the labour - you very much, at the labour conference in liverpool. i�m joined now by the snp�*5 westminster leader sir ian blackford. hello to you and thank you for your time today. as iain wat5on wa5 time today. as iain wat5on was asking, doe5 time today. as iain wat5on was asking, does a statement make things a5king, does a statement make things worse or make it better? would you like to hear some more detailfrom the government and from the chancellor right now?- the government and from the chancellor right now? what we need to seize parliament _ chancellor right now? what we need to seize parliament coming - chancellor right now? what we need to seize parliament coming back- chancellor right now? what we need to seize parliament coming back and we need to hold the prime minister and the chancellor to account. we are in a real cri5i5. when you look at that statement from the imf la5t at that statement from the imf last night it makes it absolutely crystal clear that they come amongst others, want the government to revisit the proposal is that they have brought

British-government , Plan , Point-of-view , Anything , Fingers , Worrying , Ian-blackford , 0k , Difficulties , Leader , Iain-watson , Labour-conference

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markets want stability, they don�t like surprises, there has been some grammarfor some action, and the treasury said the acted with speed to protect households and businesses, these pointless emergency energy policy to have introduced to help it would build and the chancellor will set out his medium—term fiscal plan on november 23. expect further detail on immigration, planning reforms, detailed regulation and city and a tory grandee said it is not fair for the imf to comment on this stuff until they see the full plan. the imf the most crucial part they said was november is an early opportunity this budget, for the government to re—evaluate and provide support that is more targeted to those on lower incomes. i don�t think we will make any bones about it, it is an astonishing intervention from the imf which demonstrates the concern around the world, what happens here in the uk is really important and the imf at the moment is pretty unconvinced and quite concerned.

Businesses , Stability , Treasury , Action5 , Households , Markets , Emergency-energy-policy , Surprises , Grammarfor , Speed , Chancellor , City

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we saw lots of lenders pulling rates, uncertain where the bank is going and how quickly with interest rate rises. they have been pulling their products left, right and centre. don�t forget energy bills will be going up on saturday at the start of october. yes the government stepped in to shore things up, they put the cap in now, so the average bill payer will not pay any more than £2,500 but still people will see a hefty rise from what they pay at the moment. of course, a £66 or so a month payment back to everyone. from octoberfor six months. it is small, though. pretty relentle55 pressure on household finances. what are the next moves? as you had, sentiment is a big thing, especially with the markets, so could the government or the bank of england at least say something may be to try and steady nerves, at least show they are working on some kind of concerted effort to push back at the criticism from the imf? i suspect we will not see any real action. that�s what will really calm the markets. the bank said it will not raise rates again until it meets

Bank5 , Rates , Lenders , Products , Lots , Interest-rate-rises , Energy-bills , Centre , British-government , People , Course , Things

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ngaire woods is the dean of the blavatnik school of government at the university of oxford, and a former external advisor to the international monetary fund. she gave her assessment of the imf warning. one of the imf�s many roles is to speak truth to power, to tell governments what they might not want to hear. but what it is that many economists, investors, etc, in the world will be thinking. so i think for good government policy you want to show that you�re listening to experts, even if you disagree with them, so i think disdaining the imf, firing the long—standing head of the treasury, these moves not only deprive the government of experts who really have been through this kind of thing before and know what they are talking about, but also signals to the markets and investors that this is a government that�*s not going to listen to those who might know more than new ministers about notjust what these policies should be but about how to land these policies. how to land these policies —

One , Power , Governments , International-monetary-fund , Ngaire-woods , Warning , Truth , Assessment , Advisor , Roles , The-international-monetary-fund , Dean

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-- ig. the imf are coming from the eras of the past which they shared with the world�s leading central banks. they didn�t foresee the big inflation which they triggered. they didn�t have sensible advice in good time to see off the inflation. and now, late in the day when the inflation is very visible for all to see, they are suggesting taking measures to tackle it when the world has moved on. and they should now be warning the world about the coming rece55ion which is in danger of digging in in many leading countries because of the policies being followed and will be the enemy of the future. what should the british government then say to the imf? i don�t think the british government should say anything to the imf. i don�*t think we want a spat or a dialogue between the british government and the imf. the other thing, i think the imf and other commentators would be well advised to do is to judge the whole policy, because so far we have seen some tax proposals. we have not yet seen a whole series of supply measure5 which will clearly be needed

Inflation , World , Banks , The-international-monetary-fund , Eras , Ig , All , Measures , Rece55ion , On , Digging-in , Danger

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uncertainty to a degree about investing in the uk. it has to be said, people said the imf i5 intervening because the uk is heading towards emerging market status with a volatile outlook, it has to be said that there is a lot going for the uk economy in terms of its fiscal deficit, fairly decent growth, 1.5% a year, debt is a long maturity, over a large number of years compared to a lot of other economies. italy with the constitutional problems there, it is not that. but there will be greater uncertainty for investors and that, given the fact they will charge the higher borrowing costs, if they want the government to borrow the5e higher borrowing costs, if they want the government to borrow these large amounts, and use their money. goad amounts, and use their money. good to net amounts, and use their money. good to get your — amounts, and use their money. good to get your thoughts _ amounts, and use their money. good to get your thoughts on _ amounts, and use their money. good to get your thoughts on this today, chris beauchamp, chief market analyst at the financial services company ajayi, thanks again. during my conversation with chris i mentioned the conservative mpjohn redwood who has been giving his assessment of the imf intervention.

People , Uk , Lot , Economy , Uncertainty , Terms , Degree , Investing , Market-status , Imf-i5-intervening , Outlook , Debt

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they are afraid. and they�re 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. our business correspondent marc ashdown is with me. let�s start with the basics, a bit more about what the imf is and what has this got to do with them? aha, lat has this got to do with them? a lot of --eole has this got to do with them? a lot of people are _ has this got to do with them? int of people are interested in that, it is an agency of the united nations, 190 countries are members and the aim is to ensure global financial security and cooperation. you can also think of it as the world over drop, the lender of last resort, a step in to help countries when they

Borrowing , Bank-of-england , Policy-conflict , Interest-rate , Inflation-rising , Uk , Treasury , Deficit , Account , People , Lot , Bit