Joe Biden calls Liz Truss’ economic plan a ‘mistake’ — and suggests others think so too | Political News

The US president has called Leeds Strath’s original economic plan a “mistake” amid continued criticism of the prime minister’s fiscal policy.

Speaking to reporters after a stop at an ice cream parlor in Oregon, Joe Biden Said he was “not the only one who thought it was wrong” and that the poor outcome of the government’s small budget was “foreseeable”.

Ms Truss’ economic plan, which has thrown financial markets into disarray and led to a sharp fall in the value of the pound, has been criticised for not using the Office for Budget Responsibility forecast.

U.S. President Joe Biden speaks to reporters during a visit to an ice cream parlor in Portland, Oregon
U.S. President Joe Biden speaks to reporters during a visit to an ice cream parlor in Portland, Oregon

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As a result, she was forced to abandon aggressive tax cuts and sack Kwasi Kwarteng as prime minister.

When asked about the strategy, Mr Biden explained that while he disagreed with the Prime Minister’s plan, it was ultimately up to the British people.

He also dismissed concerns about a stronger dollar after a volatile period for the pound, saying: “I don’t care about a stronger dollar. I care about the rest of the world.”

“The problem is the lack of economic growth and sound policies in other countries,” the president added.

The dollar has hit a new record against the pound in recent weeks, benefiting U.S. imports but making the country’s exports more expensive in the rest of the world.

His comments come after White House officials declined for weeks to criticize Ms. Truss, even as they stressed the economic impact of her policies was being closely watched.

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‘Economic drive is right’

Questions remain over whether the UK government will be able to win over Conservative MPs, with a series of painful tax and spending decisions already evoking memories of the austerity era under David Cameron and George Osborne.

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Even the newly appointed Chancellor of the Exchequer, Jeremy Hunt, declared that the government’s original economic plans had gone awry, and over the weekend tried to woo the Conservative Party to support the new Downing Street regime.

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Mr Hunt, who worked with Treasury officials on Saturday, insisted he and the Prime Minister were a “team” and were now prioritizing “stability-based growth”.

“The drive to grow the economy is right – it means more people can find good jobs, new businesses can flourish and we can ensure world-class public services. But we’ve gone too far, too fast,” He says.

As Mr Hunt begins to prepare a new budget for October 31, the Sunday Times reports that one possible plan is to delay Mr Kwarten’s goal of lowering the basic income tax rate for a year as part of a plan a part of. A broader package aimed at stabilizing financial markets.

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