Biden says he’s “not the only one” who thought Truss’ plans were a “mistake.”

Joe Biden

Joe Biden has criticized Liz Truss’s abandoned mini-budget (Image: AP/Getty)

The US President has criticized Liz Truss’s abandoned mini-budget, lamenting a lack of “sound” economic policies in some countries.

The fallout from Truss’ plan continued this week after she fired Chancellor Kwasi Kwarteng and replaced him with Jeremy Hunt on Friday in a bid to calm financial markets.

After three weeks of turbulence, she finally got rid of Kwarteng and also made a U-turn on her pledge to cut the planned corporate tax hike from 19% to 25%, a key element of her leadership campaign.

Biden said Truss’ move to reverse the proposed tax cuts was “predictable,” and took the unusual step of criticizing one of the US’s closest allies.

He said: “I wasn’t the only one who thought it was a mistake.

“I think that the idea of ​​lowering taxes on the super-rich comes at a time when… I don’t agree with politics, but that’s Britain’s business.”

Biden also dismissed concerns about the dollar’s strength, adding, “The problem is the lack of economic growth and sound policies in other countries.”

Prime Minister Liz Truss during a press conference in the Briefing Room at Downing Street, London. Picture date: Friday October 14, 2022. PA Photo. See PA story POLITICS Tory. Photo credit should read: Daniel Leal/PA Wire

The aftermath of Truss’ plan continued this week (Image: PA)

Truss’ economic vision appeared doomed on Sunday as she struggled to stay in power despite an increasingly shaky-looking prime ministerial post.

Hunt had spent Saturday effectively wrecking the mini-budget and policies that brought Truss to power, and suggested some taxes could go up as he promised to bring stability to the country.

So far, his appointment has failed to dampen speculation of an impending coup against the prime minister.

Sir Geoffrey Clifton-Brown told LBC on Saturday that for Truss it all depends on how markets receive the financial plan at the end of the month.

Former Chancellor Rishi Sunak’s allies are trying to get Conservative Party officials to oust Truss from her job, according to a new report.

Tory rebels are said to be working on a coordinated effort to remove the Prime Minister, with Sunak waiting in the wings to take over alongside colleague Penny Mordaunt.

Sunak supporters appear to have attacked the 1922 committee chairman, Sir Graham Brady, with phone calls urging him to take action.

“We want Graham to fit her grey,” The Sun quoted one of the conspirators as saying on Sunday.

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https://metro.co.uk/2022/10/16/biden-says-he-wasnt-the-only-one-who-thought-trusss-plans-were-a-mistake-17572888/ Biden says he's "not the only one" who thought Truss' plans were a "mistake."

Justin Scacco

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