The tax-cut plan proposed by the UK’s former Prime Minister, Liz Truss, has attracted heavy criticism from both UK political opponents and international allies. Thus, US President Joe Biden disapproved of such a strategy calling it “trickle-down” economics. For your reference, Liz Truss intended to slash taxes for the country’s top earners but had to abolish the plan after facing tough criticism and sending financial markets into chaos. Notably, Joe Biden added that he "wasn't the only one who thought it was a mistake" and that the poor outcome of the government's mini-budget was predictable. At the same time, Biden explained that while he disagreed with the UK’s government policy, “it was ultimately up to the British people.” Notably, officials from other countries also raised doubts about the effectiveness of the British government's plan. For example, German Finance Minister Christian Lindner called it a major experiment “as the state simultaneously puts its foot on the gas while the central bank steps on the brakes.”
