IMF

I was reminded of the time at the IMF in 2022 when developing country finance ministers asked me if everything was OK in Britain during the mini budget crisis of Liz Truss' government.

This week, the IMF cut its economic growth forecast for Japan and projected that the central bank would raise interest rates more slowly than previously expected because of the impact of higher tariffs.

The IMF has cut its global growth forecast because of the uncertainty caused by tariffs, and says it expects US growth to be hit the hardest.

"These issues are not the IMF's mission," he said.

The figures come as Chancellor Rachel Reeves is set to attend the annual meetings of the IMF and World Bank to meet fellow finance ministers and push for a US trade deal.