Oct 16, 2022 - Politics & Policy

Biden wades into U.K. politics: Tax cut plan was "mistake"

President Joe Biden walks from the podium after delivering remarks on lowering costs for American families at Irvine Valley College in Orange County on October 14, 2022 in Irvine, California

President Biden walks from the podium after delivering remarks at Irvine Valley College on Oct .14 in Irvine, Calif. Photo: Mario Tama/Getty Images

President Biden on Saturday knocked U.K. Prime Minister Liz Truss’ controversial economic package as a "mistake," adding that he wasn't the only one who thought so.

Why it matters: Biden's White House had previously declined to comment on the controversial economic package, which roiled financial markets and led to the ouster of the U.K.'s finance minister on Friday, Reuters notes.

What he's saying: "I wasn’t the only one that thought it was a mistake," Biden said Sunday at a campaign stop in Oregon.

  • "I think that the idea of cutting taxes on the super-wealthy at a time when ... I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me," he said.
  • Biden, with midterm elections looming and inflation top of mind, added that the American economy remained "strong as hell," but that he is “concerned about the rest of the world.”
  • "I'm not concerned about the strength of the dollar," he said.
  • "The problem is the lack of economic growth and sound policy in other countries. It’s worldwide inflation, that’s consequential."

State of play: Biden has previously criticized "trickle-down" economics, which is largely associated with former President Reagan, per Reuters.

  • Truss in a U-turn on Friday said she would raise the country's corporate tax rate and implement a hike — a reversal from her original plan that would've cut about $48 billion worth of taxes if implemented fully.

Go deeper ... Why Britain's economic mess matters even if you're not British

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