Liz Truss news – live: Biden attacks ‘trickle-down economics’ hours before meeting PM


Thomas Kingsley and Liam James

Tue, 20 September 2022 at 4:29 pm

Joe Biden hit out at “trickle-down economics” hours before a meeting with Liz Truss, who plans to slash taxes in the hope of stimulating growth.

Mr Biden said he was “sick and tired” of the theory that cutting taxes for businesses and the wealthy will see the benefits “trickle down” into the pockets of poorer workers.

“It has never worked,” he said.

In an interview in New York ahead of a United Nations summit where she will meet the president, Ms Truss admitted her tax plan would initially benefit the rich more than the rest of society, though she insisted it was not unfair.

While Mr Biden’s message was presumably intended for a domestic US audience, it underlines the economic and political divide between the Democrat in the White House and the free-market Tory in No 10.

The prime minister earlier revealed she does not expect to negotiate a trade deal with the US for years, depsite the claims of Brexit campaigners in her party that a deal would be forthcoming after Britain left the EU.

Key Points

  • Biden attacks ‘trickle-down’ economics, hours before meeting tax-cutting Truss
  • Energy rationing not on the cards this winter, says PM
  • France now ‘friend’? Truss wants ‘constructive relationship’ with neighbour
  • Truss admits talks with US on free trade deal will not resume for years
  • Brexit US trade deal ‘snub’ an ‘embarrassment’ for PM, Labour says
  • Period of national mourning ends in UK

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