‘inflation is worldwide.’
He believes that the economy is worse worldwide than in the USA. Biden considers that other countries lack sound policy and economic growth, not the USA. He called UK PM Liz Truss‘s plans for tax cuts a mistake and criticized the decision, which is causing turmoil.
US President Biden said he was not the only person thinking it was a mistake and was predictable. He concluded by saying that Great Britain has to make the decisions on its tax policies, not him. Truss’s decision to cut taxes for the wealthy was seen as controversial, which she later reversed. It led to a fall in the pound, and the Bank of England had to intervene. The global markets experienced turmoil, and the dollar was boosted. But beyond the UK, the strong dollar continues to weigh on the global economy, particularly poorer nations that rely on food imports.
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Inflation
FAQs
- What was the decision by Liz Truss which was seen as controversial?
Truss’s decision to cut taxes for the wealthy was seen as controversial, and she reversed her decision. - Is the strong dollar weighing down poorer nations?
The global economy is being weighed down by the strong dollar and, more…
