U.S. President Joe Biden called the British government's economic support plan led by Prime Minister Liz Truss a mistake, according to a White House press release.

The U.S. leader expressed the view that the outcome of Truss' initiative was predictable and noted that he disagreed with him.

The British government led by Truss faced a barrage of criticism over its new economic support plan and fears that it would increase the size of the national debt in order to implement it.

The plan was presented in Parliament by the head of the Treasury Kwasi Kwarteng and involved a massive tax cut. After that, the yield on five-year British government bonds rose to its highest level since 2008 at 4.6%, which means lower demand for debt securities. Consequently, the pound fell sharply and during trading was at an all-time low of $1.054 per pound.

On Friday, Kwarteng resigned at the request of Truss. The British government then announced the appointment of Jeremy Hunt to the post.