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UK's Truss' original economic plan was a mistake, Biden says

UK's Truss' original economic plan was a mistake, Biden says

U.S. President Joe Biden speaks about lowering costs for American families during a visit to the East Portland Community Center in Portland, Oregon, U.S., October 15, 2022. REUTERS/Kevin Lamarque

PORTLAND: United States President Joe Biden on Sunday (Oct 16) said he was not the only one who thought British Prime Minister Liz Truss' original economic plan, which has led to a steep dive in the value of the pound, was a mistake.

"I wasn't the only one that thought it was a mistake," he told reporters during a stop at an ice cream shop in Oregon as he helped campaign for Tina Kotek, who is running for Governor of Oregon.

The White House has refrained from commenting on Truss' problems and when asked about the strength of the US dollar, Biden said: "I'm not concerned about the strength of the dollar. I'm concerned about the rest of the world."

Earlier on Saturday Britain's new finance minister Jeremy Hunt said some taxes would go up and tough spending decisions were needed, saying Prime Minister Liz Truss had made mistakes as she battles to keep her job just over a month into her term.

In an attempt to appease financial markets that have been in turmoil for three weeks, Truss fired Kwasi Kwarteng as her chancellor of the exchequer on Friday and scrapped parts of their controversial economic package.

Source: Reuters/jo

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