Americas

Biden Does Not Regret Calling Truss' Tax Cut Plan 'Mistake'

WASHINGTON (Sputnik) - US President Joe Biden does not regret referring to a tax-cut policy proposed by UK Prime Minister Liz Truss as a "mistake" over the weekend, White House Press Secretary Karine Jean-Pierre said on Monday.
Sputnik
Biden told reporters on Saturday that he disagreed with Truss’s policy and considered it a mistake, but that it is up to the United Kingdom to make their own economic judgements.
"No," Jean-Pierre said during a press briefing, when asked if Biden has any regrets about calling the proposed tax cuts a mistake.
Last week, Truss promised to reduce public debt amid a flurry of criticism over the government's new plan to support the economy, which includes large-scale tax cuts. After the plan's announcement, the yield on five-year UK government bonds rose to its highest level since 2008, at 4.6%, which meant a decrease in demand for debt securities. Consequently, sterling fell to an all-time low of $1.054 per pound.
World
Biden Calls Truss’s Tax Cut Plans 'Mistake'
On Friday, Kwasi Kwarteng resigned as the UK’s Chancellor of the Exchequer after reports leaked that he had been fired by Truss over a controversial tax-cut plan for big corporations, which triggered a negative reaction from both markets and the general public.
New UK Chancellor of the Exchequer Jeremy Hunt on Monday canceled almost all measures of Kwarteng’s plan.
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