Liz Truss pursues ‘trickle-down economics’ regardless of scorn from Biden
LONDON — The British authorities is about to announce sweeping tax cuts for companies and the rich Friday, in a controversial mini-budget showcasing the lengths to which new Prime Minister Liz Truss is keen to go to overtake U.Okay. financial coverage even because it attracts political ire.
Truss — whose “Trussonomics” coverage stance has been likened to that of her political idols Ronald Reagan and Margaret Thatcher — has stated she is keen to slash taxes on the prime finish of the financial spectrum in a bid to spice up U.Okay. progress, in a method usually dubbed “trickle-down” economics.
However the method, which comes as Britain faces its worst cost-of-living disaster in many years, has attracted criticism from each U.Okay. political opponents and Downing Avenue’s hereto closest worldwide ally — the U.S. president.
Biden, in a tweet Tuesday, stated he was “sick and uninterested in trickle-down economics,” including “it has by no means labored.”
Downing Avenue stated it was “ludicrous” to counsel the remark was geared toward Truss, in line with the FT. The White Home didn’t instantly reply to CNBC’s request for remark.
It got here a day earlier than the pair formally met for the primary time in New York Wednesday, after which