S President Joe Biden hit out at “trickle-down economics” as he ready for a gathering with Liz Truss, who plans to slash taxes within the hope of stimulating development.
Mr Biden stated he was “sick and drained” of the speculation that slicing taxes for companies and the rich will see the advantages “trickle down” into the pockets of poorer employees.
His feedback got here because the Prime Minister and Chancellor Kwasi Kwarteng finalise a mini-budget on Friday. That is anticipated to see beforehand deliberate will increase in company tax scrapped and the hike in nationwide insurance coverage reversed, whereas additionally ending a curb on bankers’ bonuses.
In a message on Twitter, Mr Biden stated: “I’m sick and bored with trickle-down economics. It has by no means labored.
“We’re constructing an financial system from the underside up and center out.”
Whereas the message was presumably supposed for a home US viewers, it underlines the financial and political divide between the Democrat within the White Home and the free-market Tory in No 10.
The 2 leaders will meet in New York on Wednesday, the place they’re each attending occasions as a part of the United Nations normal meeting.
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