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Britain pursues 'trickle-down economics' despite scorn from Biden. And the stakes are sky-high

CNBC LogoCNBC1w ago

Britain pursues 'trickle-down economics' despite scorn from Biden. And the stakes are sky-high - CNBC

Quick Summary:

The British government is set to announce sweeping tax cuts for businesses and the wealthy Friday in an overhaul of U.K.economic policy.

Biden, in a tweet Tuesday, said he was "sick and tired of trickle-down economics," adding "it has never worked.

Friday's statement comes as the prime minister — less than three weeks into the job — seeks to kick-start an ailing U.K.economy, which is currently beset with the highest level of inflation and weakest growth prospects among G-7 nations.


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Article Details

Category: Economy

Topics: Markets Politics US Top News and Analysis Europe: Top News And Analysis Business Source:tagname:CNBC Europe Source US Economy US: News Europe News DXY US Dollar Currency Index Cnbc Articles Europe Economy Business News Economy Europe Politics U.S. Economy

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-23, 02:09:11

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 6 minutes read

Article Length: 960 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 483882

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About CNBC

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Main Topics: Economy

Official Website: cnbc.com

Update Frequency: 18 posts per day

Year Established: 2005

Headquarters: United States

News Last Updated: 8h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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