Kwasi Kwarteng departs 11 Downing Street, after stepping down as UK chancellor of the exchequer, in October. Bloomberg
Kwasi Kwarteng departs 11 Downing Street, after stepping down as UK chancellor of the exchequer, in October. Bloomberg
Kwasi Kwarteng departs 11 Downing Street, after stepping down as UK chancellor of the exchequer, in October. Bloomberg
Kwasi Kwarteng departs 11 Downing Street, after stepping down as UK chancellor of the exchequer, in October. Bloomberg

Kwasi Kwarteng admits he got 'carried away' during brief stint as British chancellor


Gillian Duncan
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Kwasi Kwarteng has admitted he “got carried away” when he was Britain's chancellor and said he and former prime minister Liz Truss “blew” their brief stint in power.

Mr Kwarteng, who was sacked by Ms Truss after introducing her tax-cutting agenda said there was "no tactical subtlety whatsoever".

He told The Financial Times: "People got carried away, myself included. There was no tactical subtlety whatsoever.

"My biggest regret is we weren't tactically astute and we were too impatient. There was a brief moment and the people in charge, myself included, blew it."

Mr Kwarteng has spoken publicly only a handful of times about his disastrous mini-budget and ousting from government, as Prime Minister Rishi Sunak and Chancellor Jeremy Hunt promptly shifted direction in a bid to reassure financial markets.

Ms Truss was ousted after seven weeks in power, when her tax cuts spooked the markets.

The MP for Spelthorne in November previously claimed he told Ms Truss to "slow down" her radical economic reforms or risk being out of No 10 within "two months".

His latest intervention came after Mr Hunt unveiled so-called his "Edinburgh reforms" ― 30 changes expected to turbocharge growth, including by easing capital requirements for smaller lenders.

Mr Kwarteng had hoped as chancellor to oversee a "Big Bang 2.0" ― a reference to Margaret Thatcher's 1986 policies that kicked sweeping changes in the City of London.

The now-backbench MP criticised Ms Truss's "mad" decision to sack him as chancellor for implementing her plans, while refusing to apologise for the financial turmoil unleashed by their disastrous mini-budget.

Kwasi Kwarteng sacked as UK Chancellor — in pictures

  • Britain's former Chancellor of the Exchequer Kwasi Kwarteng leaves 11, Downing Street. He has been sacked after weeks of economic chaos during his brief term in office. AP
    Britain's former Chancellor of the Exchequer Kwasi Kwarteng leaves 11, Downing Street. He has been sacked after weeks of economic chaos during his brief term in office. AP
  • Mr Kwarteng arriving at Downing Street. AP
    Mr Kwarteng arriving at Downing Street. AP
  • Mr Kwarteng leaves Heathrow Airport in London, before travelling to Downing Street. Reuters
    Mr Kwarteng leaves Heathrow Airport in London, before travelling to Downing Street. Reuters
  • Mr Kwarteng leaves the stage after delivering his keynote speech to party members at the annual Conservative Party conference in Birmingham. PA
    Mr Kwarteng leaves the stage after delivering his keynote speech to party members at the annual Conservative Party conference in Birmingham. PA
  • Mr Kwarteng gives an interview on the second day of Conservative Party conference. Getty Images
    Mr Kwarteng gives an interview on the second day of Conservative Party conference. Getty Images
  • Mr Kwarteng and Prime Minister Liz Truss on the opening day of the conference in Birmingham. Getty Images
    Mr Kwarteng and Prime Minister Liz Truss on the opening day of the conference in Birmingham. Getty Images
  • Liz Truss meets Mr Kwarteng at the Conservative Party Conference. Photo: Andrew Parsons / CCHQ
    Liz Truss meets Mr Kwarteng at the Conservative Party Conference. Photo: Andrew Parsons / CCHQ
  • Ms Truss and Mr Kwarteng meet people from the Office for Budget Responsibility in No. 11 Downing Street, in September. Photo: No. 10 Downing Street
    Ms Truss and Mr Kwarteng meet people from the Office for Budget Responsibility in No. 11 Downing Street, in September. Photo: No. 10 Downing Street
  • Mr Kwarteng leaving 11 Downing Street in September. Getty Images
    Mr Kwarteng leaving 11 Downing Street in September. Getty Images
  • Mr Kwarteng speaks online to the Ukrainian Minister of Finance Serhiy Marchenko in September. Photo: HM Treasury
    Mr Kwarteng speaks online to the Ukrainian Minister of Finance Serhiy Marchenko in September. Photo: HM Treasury
  • Mr Kwarteng meets Andrew Bailey, Governor of the Bank of England, at the Treasury in September. Photo: HM Treasury
    Mr Kwarteng meets Andrew Bailey, Governor of the Bank of England, at the Treasury in September. Photo: HM Treasury
  • Then as Secretary of State for Business, Energy and Industrial Strategy, Mr Kwarteng introduces Ms Truss as she launches her campaign to become the next prime minister in July. Getty Images
    Then as Secretary of State for Business, Energy and Industrial Strategy, Mr Kwarteng introduces Ms Truss as she launches her campaign to become the next prime minister in July. Getty Images
  • Mr Kwarteng speaks to delegates during Cop26 in Glasgow, in November 2021. Getty Images
    Mr Kwarteng speaks to delegates during Cop26 in Glasgow, in November 2021. Getty Images
  • Mr Kwarteng speaks at the press conference announcing Stellantis' investment in the Vauxhall Ellesmere Port plant to build new electric vehicles, in July 2021. Getty Images
    Mr Kwarteng speaks at the press conference announcing Stellantis' investment in the Vauxhall Ellesmere Port plant to build new electric vehicles, in July 2021. Getty Images
  • Anti-Brexit protester Steve Bray demonstrates as Kwasi Kwarteng walks past him in London in November 2020. Getty Images
    Anti-Brexit protester Steve Bray demonstrates as Kwasi Kwarteng walks past him in London in November 2020. Getty Images

Using more than £70 billion of increased borrowing, he set out a package which included abolishing the top rate of income tax for the highest earners and axing the cap on bankers' bonuses, on top of a massively expensive energy support package.

The mini-budget triggered turbulence in the financial markets, sending the pound tumbling, forcing the Bank of England's intervention and pushing up mortgage rates.

Two days later, he signalled more tax cuts were on the way, spooking markets further.

Mr Kwarteng's latest comments came after Ms Truss's former chief speech writer said she took a "Spinal Tap approach" to government, demanding the volume was "turned up to 11".

Asa Bennett said the former prime minister had arrived in Downing Street determined to put "rocket boosters" under the economy and that it was a matter of "bitter regret" that her efforts had failed.

Ms Truss's short-lived premiership ended in humiliation after her mini-budget led to chaos on financial markets forcing the Bank of England to take emergency action to prevent pension funds collapsing.

Ms Truss resigned after only 44 days in office, with her economic measures swiftly ripped up by Chancellor Hunt and her successor at No 10, Mr Sunak.

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Updated: December 10, 2022, 6:14 PM