US President Joe Biden pays tribute to Liz Truss
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The US President made the remarks while taking a break at an ice cream parlour in Oregon, where Joe Biden has been campaigning. Mr Biden also added that he was not the only one who thought the Prime Minister’s economic plan was a mistake.
The 79-year-old said: “The idea of cutting taxes on the super-wealthy … I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me.”
The White House has previously refrained from commenting on Truss’ current difficulties as Prime Minister and how the UK’s economic policies have impacted the dollar.
When asked about the strength of the US dollar, the 46th President said: “I’m not concerned about the strength of the dollar. I’m concerned about the rest of the world.”
Mr Biden also added the United States economy was “strong as hell” but “the problem is the lack of economic growth and sound policy in other countries”.
The President’s comments come at a time when the pound fell to a record-breaking low against the dollar.
Jane Foley from Rabobank said that sterling had fallen as investors were “worried that some of these tax cuts that have been announced aren’t going to be fully funded”.
Liz Truss’ mini-budget, which was delivered by ex-Chancellor Kwasi Kwarteng, planned to introduce sweeping tax-cutting measures but caused economic instability
The plans set out in the mini-budget led to the Bank of England attempting to stabilise the economy after pensions were put at risk.
It has led to Ms Truss replacing the Chancellor on Friday and also getting rid of the policy to freeze the corporation tax.
Speaking from Downing Street after sacking Mr Kwarteng, Ms Truss admitted her economic plans had gone “further and faster than the markets were expecting”.
The Prime Minister also wrote in the Sun: “We cannot pave the way to a low-tax, high-growth economy without maintaining the confidence of the markets in our commitment to sound money.”
Last week, it was reported the Prime Minister’s approval rating was the lowest ever recorded, down at -47 with Opinium.
The Conservative leader’s rating is also now lower than Boris Johnson’s during the partygate controversy and Theresa May’s before she resigned as Prime Minister.
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Truss’ new Chancellor Jeremy Hunt has also said the Prime Minister’s Government had made “mistakes”.
He added: “It was wrong to cut the top rate of tax for the very highest earners at a time where we’re going to have to be asking for sacrifices from everyone to get through a very difficult period.”
In an interview with the BBC, Mr Hunt said he had a “clean slate” and that the measure to cut takes for the wealthy were now being “put right”.
Mr Hunt added that the Government had to “show the world we have a plan that adds up financially”.
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