SAWT BEIRUT INTERNATIONAL

| 26 November 2022, Saturday |

Biden knocks Truss economic plan, says not concerned about dollar strength

US President Joe Biden stated on Saturday that British Prime Minister Liz Truss’ original economic strategy was a mistake and that he was not concerned about the surging US dollar.

Truss removed her finance minister, Kwasi Kwarteng, on Friday and canceled sections of their economic plan, which had caused financial market turbulence, including a sharp drop in the value of the pound.

Biden, a Democrat, regularly opposes conservative “trickle down” economic ideas associated with former President Ronald Reagan and Republicans in the United States.

His White House, though, had previously declined to comment on the Truss plan, which initially foresaw scrapping Britain’s 45% top income tax rate.

“I wasn’t the only one that thought it was a mistake,” Biden told reporters during a stop at an ice cream shop in Oregon, referring to the Truss proposal.

“I think that the idea of cutting taxes on the super wealthy at a time when – anyway, I just think – I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me.”

Earlier on Saturday Britain’s new finance minister Jeremy Hunt said some of the country’s taxes would go up and tough spending decisions were needed, saying Truss had made mistakes as she battles to keep her job just over a month into her term.

    Source:
  • Reuters