Keir Starmer: Government has lost control of economy

The government has "completely lost control of the economy", Labour leader Sir Keir Starmer has said.

Sir Keir told the BBC the Conservatives could "never again claim to be a party of fiscal responsibility".

But the Treasury said its plans were focused on growing the economy.

It argued this would "raise living standards for everyone".

Last week, new Chancellor Kwasi Kwarteng unveiled the biggest package of tax cuts in 50 years.

The Treasury said the plans would be funded by £72bn of borrowing and there is an expectation this will surge as interest rates rise.

Sir Keir told BBC Radio 4's Today programme the IMF warning "underscores the seriousness of the situation" and argued the market turbulence was "self-inflicted".

He urged the government to "urgently review" the measures set out on Friday and said the plan to provide an update on debt in November was "too far away".

Asked about his own party's plans, Sir Keir said they were fully costed and would give the markets "confidence".

He added that Labour expected to inherit a "complete mess" if it won the next general election, but pledged to quickly return to its economic rules of only borrowing to invest.

The Treasury said Mr Kwarteng was due to publish his medium-term plan for the economy on 23 November, which would include ensuring that UK debt falls as a share of economic output in the medium term.