Vandalism done to the UK economy is a resigning matter - The Yorkshire Post says

That came just hours after the International Monetary Fund responded to Friday’s ‘fiscal event’ at which Chancellor Kwasi Kwarteng announced a series of unexpected, unfunded tax cuts which rocked financial markets, taking the value of sterling to a record low.

In an almost unprecedented intervention, following Mr Kwarteng’s mini-budget, the IMF said the UK had experienced: “A sustained confidence shock arising from market concerns over the credibility of the government’s fiscal strategy that resulted in structurally higher funding costs [that] could more permanently weaken the UK’s debt affordability.”

In essence, the IMF was urging the UK central bank to save the UK economy from an impending catastrophe brought about by policy decisions taken by its own government - before permanent damage was inflicted on UK plc - and so it had no choice but to react.

It represents a quite remarkable moment, given that during the hustings events that saw Liz Truss and Rishi Sunak vie for the leadership of the Conservative party, Mr Sunak told Ms Truss this would be the upshot of precisely the type of tax cuts she has pushed through.

He said: “I don’t think the responsible thing to do right now is launch into some unfunded spree of more borrowing and more debt; that will just make inflation worse. Borrowing your way out of inflation isn’t a plan, it’s a fairytale.” But a fairytale this is not, a resignation matter it is. The letters now submitted to the 1922 Committee are testament to that.