Joe Biden says Liz Truss’ tax plan was a ‘mistake’
US President Joe Biden has called Liz Truss’ original tax proposal a “mistake” in his most critical comments on the UK Prime Minister’s fiscal policies.
Biden made the remarks Saturday during a visit to an ice cream parlor in Portland, Oregon, adding that Truss’ decision to reverse some of the sweeping tax cuts in her plan in the face of market turmoil and political pressure is “predictable.”
“I mean, I wasn’t the only one who thought it was a mistake,” Biden told reporters. “I didn’t agree with the policy, but the judgment is Britain’s, not mine.”
Senior officials in the Biden government have avoided harshly criticizing the UK government in public since the UK has been mired in financial turmoil.
On Friday, at the conclusion of the annual meetings of the IMF and World Bank in Washington, when asked about Britain’s situation, US Treasury Secretary Janet Yellen said fiscal policy must play a “supportive” role as authorities try to stamp out inflation .
Biden also said he was “not concerned” about the strength of the US dollar, which has appreciated against other major currencies as the Federal Reserve tightens monetary policy.
However, he added that he was “concerned for the rest of the world” amid gloomy forecasts for the global economy in 2023.
“Our economy is strong as hell – the internals of it. Inflation is worldwide. Anywhere but the United States is worse,” he said.
“The problem is the lack of economic growth and sound policies in other countries, not so much in ours.”
https://www.ft.com/content/fef20233-27a3-44d0-9b38-1cd86223ed56 Joe Biden says Liz Truss’ tax plan was a ‘mistake’