High levels of inflation will persist longer in Britain than in almost all other advanced economies, the IMF warned as it took aim at Kwasi Kwarteng’s unfunded tax cuts.
UK inflation will also be the highest in the G7 at the end of 2023, while in the 19-member eurozone, only Slovakia would have a higher inflation rate by the end of 2023, the fund predicted on Tuesday, laying the blame squarely at the feet of the chancellor.
Kwarteng, who is set to travel to Washington this week for the IMF annual meetings, faces the accusation that his tax policies will force the Bank of England to raise interest rates to offset the inflationary pressure.
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