Former Bank of England governor Mark Carney accused the government of "undercutting" the UK's key economic institutions.
Speaking to the BBC, Carney said the government's tax-cutting measures were "working at some cross-purposes" with the Bank of England.
He also criticised a decision not to publish economic forecasts by the Office for Budget Responsibility (OBR) alongside Friday's 'mini budget'.
The fiscal statement sparked turmoil in financial markets and sent the pound sliding.
Carney said that while the government was right to want to boost economic growth, “there is a lag between today and when that growth might come."
"There was an undercutting of some of the institutions the underpin the overall approach - so not having an OBR forecast is much-commented upon and the government, I think, has accepted the need for that but that was important.
"Unfortunately having a partial budget, in these circumstances - tough global economy, tough financial market position, working at cross-purposes with the Bank - has led to quite dramatic moves in financial markets," Carney said.
Carney also said the government's mini-budget showed it was "working at some cross-purposes with the Bank in terms of short-term support for the economy".