The British government is set to announce sweeping tax cuts for businesses and the wealthy Friday, in a controversial mini-budget.
The “trickle-down economic” approach, which comes as Britain faces its worst cost-of-living crisis in decade amid soaring inflation, has attracted criticism.
In a tweet, U.S. President Joe Biden said he was “sick and tired” of the policy, adding it has never worked.
U.K. Finance Minister Kwasi Kwarteng is set to unveil cuts to taxes on employee pay and banker bonuses.