Markets treating UK like ‘developing country’ after Kwarteng budget, warns ex-US Treasury chief

Former US Treasury secretary Larry Summers has said that he did not expect markets to “get so bad so fast” following chancellor Kwasi Kwarteng’s “utterly irresponsible” mini-Budget.

The senior figure – who advised presidents Bill Clinton and Barack Obama – said the markets were treating Britain like a developing country where “credibility” is lost.

“I was very pessimistic about the consequences of utterly irresponsible UK policy on Friday. But I did not expect markets to get so bad so fast,” Mr Summers tweeted.