Former UK Chancellor Kwasi Kwarteng says he ‘got carried away’


London, Dec 10

Former UK Chancellor Kwasi Kwarteng says he "got carried away" when he announced a huge package of ill-fated tax cuts alongside former PM Liz Truss, media reports said.

Kwarteng told The Financial Times his biggest regret was being "too impatient" with the mini-budget, the BBC reported.

The plans sparked turmoil in the markets, eventually leading to Kwarteng and Truss's resignation.

"There was a brief moment and the people in charge, myself included, blew it," he said, BBC reported.

Reflecting on his time in office, the MP for Spelthorne said there had been "no tactical subtlety whatsoever".

"People got carried away, myself included," he said.

As Chancellor, Kwarteng set out a package to abolish the top rate of income tax for the highest earners, axe the cap on bankers' bonuses, and provide an expensive and long-running energy support package.

The plans would have required more than 70bn pounds of increased borrowing, but most of the measures were torn up by his successor, Jeremy Hunt.

He was sacked from the position after just 38 days, becoming Britain's second shortest-serving Chancellor, with Truss's time as Prime Minister coming to a chaotic end shortly afterwards.

Kwarteng, who is a long-time ally of Truss, previously said he told her it was "mad" to sack him, saying he urged her to "slow down".


Comments are closed.