US President Joe Biden on Saturday called beleaguered British Prime Minister Liz Truss’ tax cut policies a “mistake” and said the lack of “sound policies in other countries” could hold the US back. warned.
Just weeks into office, Mr Truss is fighting for political life after proposing debt tax cuts for Britain’s top earners and companies that have disrupted markets.
UK leaders on Friday sacked Finance Minister Kwasi Kwarten and scrapped Totem’s commitment to cut corporate taxes.
During his campaign in Oregon, Biden argued that it was “predictable” that Truss would have to withdraw the agenda, a move that was also publicly criticized by the International Monetary Fund.
“I wasn’t the only one who thought it was a mistake,” the US president said of the Truss plan. “The idea of tax cuts for the ultra-rich […] I disagree with that policy, but it’s up to the UK. ”
With inflation expected to play a major role in the upcoming US midterm elections, Biden said the US economy was still “strong as hell” but was “concerned about the rest of the world.” .
And he added: It is global inflation and its consequences. ”
Given that presidents tend to avoid commenting on allies’ domestic policies, Biden’s swipe on the truss agenda is an unusual move.
This came when the Truss’ newly appointed Prime Minister Jeremy Hunt suggested further fiscal U-turns could be on the cards.
“We need to be honest with people, and we have to make some very difficult decisions about both spending and taxes to reduce our debt, but our number one priority when making these decisions is to How do we protect and support the families and businesses we serve? Hunt said in a statement issued overnight.
Truss and Hunt are scheduled to meet on Sunday at the prime minister’s country retreat, Chequers, ahead of a new economic plan to be unveiled on 31 October, the BBC reported.
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