The International Monetary Fund has sharply criticized Britain's tax cut plans and called on the Liz Truss government to reconsider them to prevent fueling inequality.
The IMF said Finance Minister Kwasi Kwarteng's mini-budget risks undermining the Bank of England's efforts to combat rampant inflation in a cost-of-living emergency.
Kwarteng's announcement, scheduled for Nov. 23, provided an opportunity for the U.K. government to consider ways to provide more targeted support and reassess tax measures, especially those that benefit high-income earners.
The rebuke came amid growing international backlash over the Treasury Department's £45 billion of unjustified tax cuts.
Moody's said that large unjustified tax cuts in the U.K. are negative for creditworthiness.