![](https://static.independent.co.uk/2022/09/26/10/Pound%20hits%20low%20comp%20%283%29.jpg?width=1200&auto=webp)
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.