UK’s mounting debts unsustainable if sweeping tax cuts go ahead, warns IFS

Concerns mount before mini-budget that precarious financial position will spark run on sterling

Britain's mounting debts will be unsustainable if the government presses ahead with sweeping tax cuts in a mini-budget on Friday, according to the Institute for Fiscal Studies thinktank.

Fuelling concerns that the UK's precarious financial position will spark a run on the pound, the chancellor, Kwasi Kwarteng, is expected to reverse an increase in national insurance payments and cut corporation tax at a cost to the Treasury of 30bn.