Washington, London | The US Federal Reserve’s recently retired vice chairman, Randal Quarles, says the Truss government’s plan to cut taxes to restimulate the post-COVID economy was a good idea, but scaling it back was the wrong move.

“The UK plan was quite workable,” Mr Quarles – who until last December was the second-most powerful person in central banking – told The Australian Financial Review on the sidelines of a private lunch in Washington.