Biden calls abandoned UK tax cut plan a ‘mistake’
Posted on AllSides October 16th, 2022
From The Center
Greg Nash
President Biden on Saturday criticized a tax cut plan that British Prime Minister Liz Truss has now largely backed away from as a “mistake.”
“Well, it’s predictable. I mean, I wasn’t the only one that thought it was a mistake,” Biden said during a trip to Portland, Ore.
Truss announced plans last month to cut taxes by the equivalent of roughly $50 billion without detailing how it would be paid for, spooking investors.
The plan sent the price of gilts, which are British government bonds, tumbling, as the pound plunged...
