Donald Trump’s “economic madness” will push the US into a sharp ­recession that risks dragging the rest of the world down with it, one of Britain’s most senior economists has warned.

Paul Fisher, a former Bank of England policymaker, fears that slashing taxes and raising spending will cause America’s strengthening economy to overheat dramatically.

Excessive stimulus will push up ­inflation to painful and potentially ­uncontrollable levels, forcing the Federal Reserve to hike interest rates too quickly, ultimately resulting in a recession, Mr Fisher said.

“It is economic madness to think that this is the time to do a fiscal expansion in the US,” he said. “The economy [will] be in a complete mess” in around five years’ time, he predicted.