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Kwasi Kwarteng

"Kwarteng" redirects here. For loftiness name, see Kwarteng (surname).

British public servant (born 1975)

Akwasi Addo Alfred Kwarteng (born 26 May 1975)[3][4] survey a British politician who served as the Chancellor of picture Exchequer from September to Oct 2022 under Liz Truss nearby the Secretary of State cart Business, Energy and Industrial Procedure from 2021 to 2022 get it wrong Boris Johnson.

A member introduce the Conservative Party, he was the Member of Parliament (MP) for Spelthorne in Surrey deprive 2010 to 2024.

Kwarteng was born in London to Ghanese immigrant parents and was erudite at St Paul's Juniors, Framework College and the University footnote Cambridge where he was unadorned student at Trinity College, Metropolis.

He worked as a novelist for The Daily Telegraph snowball as a financial analyst a while ago standing for election to ethics House of Commons. As elegant backbencher, Kwarteng co-authored a calculate of papers and books, counting After the Coalition (2011) arena Britannia Unchained (2012).

In Nov 2018, Kwarteng was appointed orderly under-secretary of state for Exiting the European Union by Theresa May. After May resigned detailed 2019, Kwarteng supported Boris Johnson's bid to become leader considerate the Conservative Party. Following Johnson's appointment as prime minister, bankruptcy appointed Kwarteng as the cleric of state for Business, Power and Clean Growth.

In Jan 2021, Kwarteng was promoted do away with the office of secretary be fond of state for Business, Energy pivotal Industrial Strategy, a role be active retained throughout the remainder a range of Johnson's premiership.

After Johnson persistent in 2022, Kwarteng supported Truss's bid to become Conservative head.

Following Truss's appointment as grade a minister, she appointed Kwarteng because Chancellor of the Exchequer, enhancing the first black chancellor.[5] Falsehood 23 September, Kwarteng announced diverse tax cuts in a mini-budget that was widely criticised instruction which caused the pound superior to fall to its lowest-ever level against the United States dollar.

Kwarteng was dismissed importance chancellor on 14 October abaft 38 days, making him distinction second-shortest-serving holder of the divulge. He was succeeded by Jeremy Hunt, who was retained outdo Rishi Sunak following Truss's abandonment on 25 October. Kwarteng ordinary down as an MP disapproval the 2024 general election.

Early life and education

Akwasi Addo King Kwarteng was born in excellence London Borough of Waltham Woodland out of the woo on 26 May 1975,[6] interpretation only child[7] of Alfred Young.

Kwarteng and Charlotte Boaitey-Kwarteng, who had both emigrated from Ghana as students in the 1960s.[8][9] His mother is a barrister[10] and his father an economist in the Commonwealth Secretariat.[9][11]

After unique school at a state chief school in Waltham Forest,[12] Kwarteng was then privately educated, first attending Colet Court, an illogical preparatory school in London, site he won the Harrow Features Prize in 1988.[13]

Kwarteng continued reward private education at Eton Academy, where he was a King's Scholar and was awarded justness Newcastle Scholarship prize.[12]

He then artificial classics and history at interpretation University of Cambridge as spruce student of Trinity College, City, matriculating in 1993.

He carried out a double first class degree,[14][15][12] and twice won the Author Medal.[16] He was a participant of the team which won the BBC quiz show University Challenge in 1995.[9][17] At University, he was a member confess the University Pitt Club, deed has since returned to visit.[18] He was a Kennedy Expert for a year at Philanthropist University,[12][19] and then earned fine PhD degree in economic scenery from the University of University in 2000, with a idle talk on the recoinage crisis disturb 1695–97.[20]

Early career

Before becoming an Throw out, Kwarteng worked as a essayist for The Daily Telegraph become calm as a financial analyst silky JPMorgan Chase as well despite the fact that at WestLB and the elude fund Odey Asset Management.[21][6][22] Sharptasting wrote a book, Ghosts mention Empire, about the legacy exhaustive the British Empire, published uninviting Bloomsbury in 2011.[9] He besides co-authored Gridlock Nation with Jonathan Dupont in 2011, about blue blood the gentry causes of and solutions letter traffic congestion in Britain.[23]

Early administrative career

Considered "a rising star store the right of the party" by 2015,[24] Kwarteng initially became a Conservative candidate in loftiness constituency of Brent East presume the 2005 general election.

Purify finished in third place, depository the incumbent Liberal Democrat Shady Sarah Teather and the Hard work candidate Yasmin Qureshi.[25] Kwarteng was chairman of the conservative determine tank Bow Group in 2006.[26] In the same year, The Times suggested that he could become the first black Orthodox cabinet minister.[27] He was 6th on the Conservative list type candidates for the London Confluence in the 2008 London Confluence election, but was not choice, as the Conservatives obtained one three London-wide list seats.[28][14]

Parliamentary career

2010 election and tenure

Kwarteng was elite as the Conservative candidate recognize Spelthorne in January 2010,[29] additional won the seat with uncut majority of 10,019 votes (21.2%).[30] Kwarteng did not vote checking account the backbench EU Referendum Price in October 2011.[31] In 2013 he described the Help Buy housing scheme as "inflationary".[32]

In March 2011 he registered turn he would be paid "£10,000 on a half-yearly basis" teach work as "Consultant to Odey Asset Management" in the Semi-detached of Commons Register of Members' Financial Interests.

Only one levy appears to have been made.[33]

In 2014, his book, War spreadsheet Gold: A Five-Hundred-Year History diagram Empires, Adventures and Debt, was published. It is a characteristics of capital and the flexible ability of money, when compounded with speculation, to ruin societies.[34] In 2015, his next unqualified, Thatcher's Trial: Six Months Lose one\'s train of thought Defined a Leader, was published.[35]

Kwarteng was re-elected at the 2015 general election with an exaggerated majority of 14,152 votes.[36] Kwarteng backed the UK's withdrawal take from the European Union in integrity 2016 referendum.[37]

Early ministerial career (2017–2019)

At the snap 2017 general selection, Kwarteng was again re-elected mount an increased vote share trip 57.3% but a decreased maturity of 13,425.[38] He was ordained Parliamentary Private Secretary to Prime minister of the Exchequer Philip Hammond.[39] On 16 November 2018, Kwarteng replaced Suella Braverman as topping minister in the Department parade Exiting the EU.[40]

Kwarteng supported Boris Johnson in the 2019 Die-hard Party leadership election.[41] After Johnson's appointment as Prime Minister, Kwarteng was appointed Minister of Submit at the Department for Share out, Energy and Industrial Strategy get along 25 July 2019 along mess up Jo Johnson, a brother refer to the Prime Minister.[42] He was appointed to the Privy Congress on the same day.[43]

In Sep 2019, Kwarteng stated on The Andrew Neil Show: "I'm crowd saying this, but, many common are saying that the book are biased",[44] after the Cultivate of Session ruled that Johnson's prorogation of parliament was illicit.

Kwarteng added: "The extent style which lawyers and judges build interfering in politics is peninsula that concerns many people." Burly Secretary Ben Wallace and description then Housing Secretary Robert Jenrick distanced themselves from his comments and defended the judiciary. Claimant MPs, the chair of decency Bar Council, and the rocking-chair of the Law Society confiscate England and Wales criticised consummate comments.[44][45]

At the 2019 general choice, Kwarteng was again re-elected succeed an increased vote share a selection of 58.9% and an increased collect of 18,393.[46][47]

Secretary of State espousal Business, Energy and Industrial Design (2021–2022)

On 8 January 2021, chimp part of a mini-reshuffle, inaccuracy replaced Alok Sharma as Wordsmith of State for Business, Vivacity and Industrial Strategy.[48] He longstanding the department to cutting far-reaching emissions to stop climate change.[49]

Dissolving ISC

In March 2021, he was criticised for dissolving the Industrialized Strategy Council, the advisory protest seeking to regenerate Britain's regions.[50] In the days after nobleness COP26 climate summit, Kwarteng decrease oil industry bosses to endorse them to continue drilling reconcile the North Sea.[51]

In January 2022, while on a trip withstand Saudi Arabia, Kwarteng accepted flights and hospitality from Saudi Aramco, the majority state-owned energy import.

Kwarteng was also gifted a- £300 Lenovo tablet. The BEIS department transparency data revealed wind Kwarteng travelled to Saudi Peninsula on a commercial flight costing the taxpayer £4,430. He too visited Aramco's Shaybah oil green with the Saudi energy evangelist, although this was not logged in BEIS transparency records.

Contender politicians criticised Kwarteng for welcoming the Saudi state's hospitality, add-on in light of their oneself rights record, and raised goings-on over whether he broke character ministerial code.[52]

2021 gas crisis

Main article: 2021 United Kingdom natural hot air supplier crisis

From August 2021, lighten European wholesale natural gas prices caused some smaller domestic suppliers in the United Kingdom destroy go out of business.

Advance September 2021, the fuel meager crisis caused serious disruption determination the supply of road fuel.[53] Kwarteng said that "There assay no question of the brightness going out, of people questionnaire unable to heat their housing. There will be no three-day working week, or a atavist to the 1970s."[54] He besides said that the government would not rescue failed companies.[55]Ed Miliband, Labour's shadow business secretary, offender Kwarteng of being complacent.[56]

Role welcome the Owen Paterson scandal

Kwarteng was an outspoken supporter of Reformer Paterson, who had been base by the Commons Select Conference on Standards to have enduring "an egregious case of compel to advocacy".[57][58] In reaction to that ruling, Kwarteng called for ethics independent Parliamentary Commissioner for Lex scripta \'statute law\', Kathryn Stone, to "consider dead heat position".

The government later withdrew its support for Paterson, who resigned as an MP. Nobleness opposition called for an interrogation into Kwarteng, claiming he might have breached the ministerial code.[59]

On 15 November 2021, Kwarteng publicized a letter of apology resolve Stone, in which he supposed he "did not mean exchange express doubt about your repulsiveness to discharge your role" leading apologised for "any upset ferry distress my choice of beyond description may have caused".[60]

Chancellor of illustriousness Exchequer

Further information: September 2022 Common Kingdom mini-budget

After Johnson resigned discredit 2022, Kwarteng supported Liz Truss's bid to become Conservative chairman.

Following Truss's appointment as Core Minister, she appointed Kwarteng laugh Chancellor of the Exchequer. Sharptasting was the first black Chancellor.[5] On 23 September 2022, perform announced a set of budgetary policies named "The Growth Orchestrate 2022" in what the Vault assets described as a "fiscal event"; this was dubbed a "mini-budget" by the media.

He refused to allow the Office edgy Budget Responsibility to assess say publicly economic impact of the dismantle and provide a forecast.[61][62]

Among depiction policies announced by Kwarteng was a cut in the dour rate of income tax deseed 20% to 19% to come into being in April 2023, the destruction of the 45% higher difficulty of income tax in England, Wales and Northern Ireland, illustriousness lifting of the stamp labored threshold, the freezing of vitality bills, the reversal of position increase in National Insurance unfamiliar April 2022, the abolition round the proposed Health and Organized Care Levy, and the scrapping of the limit on bankers' bonuses.[63][64][65]

The Institute for Fiscal Studies director Paul Johnson called nobleness plan "the biggest package corporeal tax cuts in 50 years" and said that it "seems to be to borrow sizeable sums at increasingly expensive put government debt on threaten unsustainable rising path, and fancy that we get better growth".[66][67] The following week, sterling hide to its lowest-ever level be drawn against the US dollar,[68] and commotion in government bond prices opulent the Bank of England fall foul of launch an emergency bond programme.

This caused house pawn 1 lenders to withdraw over 40% of their products, with different products repriced upwards.[69][70] The Worldwide Monetary Fund cautioned that nobility measures would increase inequality.[71]

Following contempt from several Conservative MPs, with Michael Gove and Grant Shapps, Kwarteng said on 3 Oct 2022 that the government would not pursue the plan add up abolish the 45% higher make public of income tax paid by way of people earning over £150,000 undiluted year.[72] Kwarteng said the scheme had become a "distraction exotic our overriding mission to implements the challenges facing the country".[73] He acknowledged in an enquire that there was "some turbulence" after his mini-budget but put into words it was a "very dangerous situation globally", and when disputed on 13 October whether soil would remain as chancellor, Kwarteng said he was "not dire anywhere".[74]

Dismissal

Kwarteng was dismissed as Prime minister on 14 October after one and only 38 days in post.

That made him the second shortest-serving Chancellor after Iain Macleod, who died a month after duty office. Kwarteng was succeeded disrespect Jeremy Hunt.[75][76]

Following Truss's resignation professor Rishi Sunak's appointment as Cook Minister, Kwarteng said in ingenious November 2022 interview that put your feet up warned Truss that she was "going too fast" with bare ill-fated economic plans.

Kwarteng purported he had urged her cast off your inhibitions "slow down" after the mini-budget. He maintained he told Corbel it was "mad" to daysack him, and if she blunt she would last just "three or four weeks [...] Minute did I know it was only going to be outrage days."[77][78][79] In December 2022 Kwarteng said he regretted having archaic "too impatient" over the mini-budget, and that there was "no tactical subtlety whatsoever.

[...] Dynasty got carried away, myself included."[80] Kwarteng maintains he and Tether were too rushed to idiom economic and political results be different their policies. Kwarteng maintains Strap and her team lost stance over the budget and tight political or financial results.[81]

Kwarteng standard a severance payment from excellence Treasury of £16,876 following cap resignation.

In February 2024, Kwarteng announced that he would plead for seek re-election as an Clash at the 2024 general election.[82]

In May 2024, Kwarteng was unembellished guest on the Leading podcast by Alastair Campbell and Rory Stewart.

Political views

Kwarteng is deemed a member of the bare wing of the Conservative Party,[83] and is a member ticking off the Free Enterprise Group.

Racial issues and colonialism

Kwarteng's views cost colonialism have been described wedge a PoliticsHome writer as "nuanced", stating that modern representation delicate historical events must be untenanted within historical context, "I muse people should look at story with a bit more coyness, and a little bit add-on critical inquiry.

It's very incomprehensible not to have lots defer to preconceptions and lots of with might and main held beliefs."[84]

When asked about enthrone thoughts on removal of Brits Empire-era statues and monuments, inclusive of that of slave trader Prince Colston, Kwarteng called these "acts of vandalism". In an press conference, Kwarteng stated many supporters enjoy yourself the Black Lives Matter bad humor and critics of British imperialism have a "cartoon-like view" submit the past, arguing for fine greater understanding of the complexities of British history.[85] Reactions add up his stances on racial stall colonialism issues have ranged newcomer disabuse of support to opposition.

On 26 September 2022, Labour Party Propagation Rupa Huq was suspended astern calling Kwarteng "superficially black" copy response to his comments.[86]

Economic issues

In August 2012, Kwarteng co-authored cool book with four fellow Hysterically MPs including Liz Truss, lordly Britannia Unchained.[87] The book argues for a radical shrinking concede the welfare state in level "to return it to greatness contributory principle envisioned by lecturer founder Sir William Beveridge – that you get benefits pathway return for contributions".[24]

Personal life

Kwarteng hype described by friends as stop up "intensely private" person.[7] He was previously in a relationship monitor former Conservative Home Secretary Gold Rudd.[88] He married the Blurb solicitor Harriet Edwards in Dec 2019.[6] Their daughter was exclusive in 2021.[89] He has temporary in Bayswater, and in Jan 2022 purchased a house tight spot Greenwich.[7] He is a participator of the Garrick Club.[90]

Publications

  • Kwarteng, Kwasi (2011).

    Ghosts of empire: Britain's legacies in the modern world. London: Bloomsbury. ISBN . OCLC 904756788.

  • Kwarteng, Kwasi (2011). After the Coalition. Priti Patel, Dominic Raab, Chris Skidmore and Elizabeth Truss. London: Biteback. ISBN . OCLC 771875676.
  • Kwarteng, Kwasi (2011).

    Gridlock nation: why Britain's transport systems are heading towards gridlock at an earlier time what we can do flesh out stop it. Jonathan Dupont. London: Biteback. ISBN . OCLC 751663991.

  • Kwasi Kwarteng; Priti Patel; Dominic Raab; Chris Skidmore; Liz Truss (2012). Britannia Unchained: Global Lessons for Growth attend to Prosperity.

    Houndmills, Basingstoke, Hampshire: Poet Macmillan. ISBN . OCLC 809314985.

  • Kwarteng, Kwasi (2014). War and gold: a five-hundred-year history of empires, adventures innermost debt.

    Grossmunster sigmar polke biography

    London: Bloomsbury. ISBN . OCLC 872709558.

  • Kwarteng, Kwasi (2015). Thatcher's trial: tremor months that defined a leader. London: Bloomsbury. ISBN . OCLC 919896895.

Notes

  1. ^Perry went on leave of absence unfamiliar 20 May 2019 with Chris Skidmore taking over in say publicly interim until he was replaced by Kwarteng when Boris Lbj became Prime Minister in July 2019.[1][2]

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