Kwasi Kwarteng News
Kwasi Kwarteng
Akwasi Addo Alfred Kwarteng, born on May 26, 1975, in Waltham Forest, London, England, is a British politician who served as the Chancellor of the Exchequer from September 6 to October 14, 2022, under Prime Minister Liz Truss. Kwarteng's political career began in 2010 when he was elected as the Conservative Member of Parliament (MP) for Spelthorne.
He quickly rose through the ranks, serving in various junior ministerial roles, including positions at the Department for Exiting the European Union and the Department for Business, Energy, and Industrial Strategy. In January 2021, he was appointed Secretary of State for Business, Energy, and Industrial Strategy under Prime Minister Boris Johnson.
Kwarteng’s time as Chancellor was marked by economic challenges and policy decisions. His announcement of tax cuts in September 2022 aimed to stimulate economic growth through reductions in income tax, national insurance, and corporation tax. However, these measures faced criticism for their impact on the budget deficit and market stability. Additionally, Kwarteng led the government’s response to the energy price crisis and cost-of-living challenges, implementing measures such as energy bill caps, though the effectiveness of these policies was questioned, prompting calls for more comprehensive support.
Throughout his career, Kwarteng has faced scrutiny for his defense of visits by Conservative MPs to autocratic regimes and his support for former MP Owen Paterson during a lobbying scandal. Kwarteng’s involvement in projects like “Ghosts of Empire: Britain’s Legacies in the Modern World” and “Gridlock Nation” his diverse contributions and interests in historical and policy-related topics, further solidifying his impact on the political landscape.
The latest news about Kwasi Kwarteng is that Kwarteng’s tenure as Chancellor was short-lived, as he was dismissed from the role on October 14, 2022, after just 38 days in the position. His dismissal came after he announced a series of sweeping tax cuts in a “mini-budget” that sparked market turmoil drew criticism from opposition parties and some within the Conservative Party and led to the pound sterling falling to its lowest-ever level against the U.S. dollar. Speculation grew about Kwarteng’s removal after his early return from Washington D.C., where he was attending International Monetary Fund meetings. Upon his return, he went directly to 10 Downing Street, where he accepted Prime Minister Liz Truss’s request for him to step down. Despite defending his actions as Chancellor in an open letter to the Prime Minister, Kwarteng’s dismissal marked a significant turn in his
Kwasi Kwarteng Biography
Kwasi Kwarteng News
Kwasi Kwarteng Networth
Latest News
Statements
On March 3, 2021, at the House of Commons in London, Kwasi Kwarteng, the Chancellor of the Exchequer, presented the government’s budget statement. In his address, Kwarteng highlighted the fiscal plans for the upcoming year, stating, “Our focus is on steering the country towards recovery and growth in the face of global challenges.” The statement, delivered at the annual budget event, encompassed economic policies concerning taxation, public spending, and financial forecasts, all aimed at supporting businesses, individuals, and the overall economic revival of the United Kingdom. Additionally, Kwarteng announced significant investments in infrastructure projects, including the High-Speed Rail project, with a projected cost of £20 billion.
On September 23, 2022, in the House of Commons in London, UK, Chancellor Kwasi Kwarteng delivered a mini-budget statement, unveiling significant economic interventions to drive growth and simplify the tax system. Notable announcements included repealing IR35 reforms, a reduction in the basic income tax rate to 19%, abolition of the 45% higher rate income tax, and canceling the planned corporation tax increase to 25%, to attract more companies to the UK and stimulate investment. These measures were part of Kwarteng’s broader “Growth Plan” to boost economic growth and simplify the tax system. Kwarteng emphasized the importance of these measures, stating, “Our goal is to create a competitive environment that attracts investment, fosters innovation, and propels economic prosperity for all.”.
On November 17, 2022, at the House of Commons in London, Kwasi Kwarteng presented the Autumn Statement, detailing the UK government’s economic strategy amidst global challenges. Kwarteng projected a 3.5% growth rate for 2022 and highlighted a 7.7% inflation rate due to the pandemic and energy crisis. The government’s initiatives included a 25% tax on energy company profits, £400 energy bill discounts, and a £1.5 billion investment in the manufacturing sector. Kwarteng emphasized, “Our plan aims to support economic growth, increase productivity, and enhance living standards,” underscoring the importance of international collaboration in addressing economic issues.
On May 15, 2023, in London, United Kingdom, at the Economic Policy Forum, Kwasi Kwarteng, the Chancellor of the Exchequer, delivered a statement addressing the government’s economic policies. Kwarteng acknowledged the challenging economic climate, emphasizing the government’s commitment to tackling issues. He introduced a tax reform package, stating, “Significant cuts to personal and corporate tax rates will make the UK a more attractive destination for investment and entrepreneurship.” The Chancellor also outlined plans to streamline regulations and optimize public spending at this event, expressing confidence that these measures, part of the “Prosperity 2030” investment project, would help the UK navigate economic challenges and emerge as a stronger, more prosperous nation.
On September 23, 2023, at Downing Street in London, Kwasi Kwarteng, the Chancellor of the Exchequer, delivered a statement outlining a series of tax cuts and economic measures worth £45 billion. Kwarteng stated, “These measures are part of the government’s ‘Growth Plan’ to stimulate the UK economy.” The event, held at the official residence of the Prime Minister, highlighted key points including reducing the basic income tax rate, abolishing the 45% additional rate, reversing the NICs increase, cutting SDLT, freezing corporation tax, and creating new low-tax “investment zones” to boost growth. These actions aim to address challenges such as high inflation, rising interest rates, and the lingering effects of the COVID-19 pandemic.
On December 15, 2023, Kwasi Kwarteng, a prominent UK financial figure, submitted a financial statement detailing his activities in London, UK. The document, which was filed at the annual financial reporting event in the city, revealed a total cost of $10,000 during this period. As Kwarteng stated, “This financial statement provides a comprehensive overview of my financial situation, offering insights into my income, expenses, and overall financial standing.” The statement demonstrates Kwarteng’s commitment to transparency and accountability, ensuring his financial activities are properly documented and accessible to stakeholders. This level of disclosure is essential for maintaining public trust and upholding the highest standards of financial reporting.
Speeches
On September 15th, 2022, in London, UK, Akwasi Addo Alfred Kwarteng delivered a speech on the Ukraine-Russia Conflict, as part of the “Peace Through Dialogue” initiative. The event provided a deep analysis of the geopolitical strategies involved in the conflict. Kwarteng’s speech addressed the East and West NATO’s enlargement strategies and their impact on the Russo-Ukrainian conflict. As he stated, “In times of conflict, it is crucial for nations to come together, engage in dialogue, and seek peaceful resolutions to avoid further escalation and human suffering.” The speech aimed to shed light on the implications of NATO’s actions on the region, emphasizing the importance of international cooperation and dialogue in resolving the conflict. Additionally, Kwarteng announced the “Peace Bridge Investment Fund,” a project aimed at fostering economic stability and development in conflict-affected regions.
On November 6, 2022, at the House of Commons in London, Chancellor Kwasi Kwarteng delivered a comprehensive budget speech during the annual Autumn Budget event. The budget, estimated to cost £80 billion, focused on stimulating economic growth and addressing pressing challenges. Kwarteng announced a series of initiatives including tax cuts for small businesses, increased funding for healthcare and education, and investments in green energy projects such as the “Clean Energy for All” initiative and the “Green Infrastructure Fund.” He emphasized the government’s commitment to fiscal responsibility and sustainable economic development, stating, “This budget sets the foundation for a resilient and prosperous future, ensuring that every pound spent delivers maximum value for the people of our nation.”
On January 25, 2023, at the House of Commons in London, Kwasi Kwarteng addressed the urgent issue of sudden unexplained death in childhood (SUDC) during “Child Health Awareness Day.” Sharing Louis’ tragic story, Kwarteng emphasized the need for research and support, stating, “We must work together to ensure families affected by SUDC receive the support they deserve.” He announced a £20 million investment in the “SUDC Research Initiative,” highlighting the initiative’s focus on understanding and preventing SUDC. Kwarteng’s speech underscored the importance of empathy, research, and collaboration in addressing the emotional toll of SUDC on families.
On April 12, 2023, at the House of Commons in London, UK, Chancellor Kwasi Kwarteng delivered a transformative mini-budget speech during the Spring Economic Event. The mini-budget, with an estimated cost of £40 billion, focused on stimulating economic growth and addressing pressing challenges. Kwarteng announced a reduction in the basic income tax rate to 18%, the abolition of the 45% higher rate income tax, and the introduction of targeted business support schemes. Additionally, the Chancellor unveiled plans for new investment zones with lower taxes and reduced regulations, as well as the acceleration of major infrastructure projects. Emphasizing the government’s commitment to fiscal responsibility and prosperity, Kwarteng stated, “This budget sets the stage for a resilient economy, driving innovation and opportunity for all.”
On October 3rd, 2022 in Birmingham, UK, Chancellor Kwasi Kwarteng delivered a speech at the Conservative Party Conference highlighting his commitment to economic growth and fiscal discipline. He emphasized the importance of raising growth, stating: “We plan to raise economic growth to the levels this country has not seen in decades.” Kwarteng outlined tax cuts, including the “Growth Plan” and “Investment Zones” project, aimed at boosting investment and economic development. He also addressed high energy costs, while acknowledging turbulence. Despite opposition, he remained resolute in his plan to drive growth and ensure a strong economy for the UK.
Who is Kwasi Kwarteng?
Kwasi Kwartnge, whose full name is Akwasi Addo Alfred Kwarteng, was born on May 26, 1975, in the London Borough of Waltham Forest, England, to economist Alfred K. Kwarteng and barrister Charlotte Boaitey-Kwarteng, who emigrated from Ghana as students in the 1960s. He is the only child of his parents. He earned double first-class degrees from the University of Cambridge, which is the UK equivalent of a 4.0 GPA. He is a British Conservative Party politician who has held various significant roles, including Chancellor of the Exchequer from September 6 to October 14, 2022, and his current position as Secretary of State for Business, Energy, and Industrial Strategy.Before entering politics, Kwarteng worked as a columnist for The Daily Telegraph and as a financial analyst at investment banks like JPMorgan Chase. He also authored several books, including “Ghosts of Empire” about the legacy of the British Empire. Kwarteng married City solicitor Harriet Edwards in December 2019, and they have one child together.In the early stages of his political career, Kwarteng faced competition from other candidates in his bids to win the Brent East constituency in 2005 and a seat on the London Assembly in 2008. However, he was ultimately successful in his third attempt, being elected as the Conservative Member of Parliament (MP) for the Spelthorne constituency in 2010, a seat he has held since then.Kwasi Kwartnge’s biography is illustrated in the table below.| Personal Information | |
| Full Name | Akwasi Addo Alfred Kwarteng |
| Birthday | 26 May 1975 (age 48) |
| Spouse | Harriet Edwards (m. 2019) |
| Number of Children | 1 |
| Position | Chancellor of the Exchequer |
| Political Party | Conservative |
| Education | University of Cambridge (2000), Harvard University, Eton College, Trinity College, St Paul’s Juniors |
| Political Career | |||
| Position | Term | Preceded by | Succeeded by |
| Chancellor of the Exchequer | 6 September 2022 – 14 October 2022 | Nadhim Zahawi | Jeremy Hunt |
| Secretary of State for Business, Energy and Industrial Strategy | 8 January 2021 – 6 September 2022 | Alok Sharma | Jacob Rees-Mogg |
| Minister of State for Business, Energy and Clean Growth | 24 July 2019 – 8 January 2021 | Claire Perry | Anne-Marie Trevelyan |
| Parliamentary Under-Secretary of State for Exiting the European Union | 16 November 2018 – 24 July 2019 | Suella Braverman | Office abolished |
| Member of Parliamentfor Spelthorne | October 2014 – October 2020 | David Wilshire |
Kwasi Kwarteng Family
Kwasi Kwarteng’s wife is Harriet Edwards. Harriet Edwards is a blonde City lawyer who graduated in History and Modern Languages from Trinity College in Dublin, Ireland. They got married after Kwasi Kwarteng’s previous relationship with former Home Secretary Amber Rudd ended. The relationship with Amber Rudd, who is 12 years older than Kwarteng, was public knowledge and was confirmed to be over in March 2018. Following this, Kwasi Kwarteng found love with Harriet Edwards, proposing to her at her mother’s house in Derbyshire. They got married in 2019 and now have a young daughter named Ida. Ida was born in October 2021. Harriet Edwards has a background in working for auctioneers Christie’s in Geneva, Switzerland, and as a senior solicitor at accounting firm KPMG.Kwasi Kwarteng education
Kwasi Kwarteng began his schooling at a state primary school in Waltham Forest, London, before transitioning to private education. In 1988, at the age of 13, he attended Colet Court, an independent preparatory school in London, where he won the Harrow History Prize. Kwarteng continued his education at Eton College, located in Windsor, Berkshire, where he was a King’s Scholar and received the Newcastle Scholarship prize. After Eton, he pursued classics and history at Trinity College, Cambridge, in Cambridge, England, matriculating in 1993 at the age of 18. At Cambridge, he achieved a double first-class degree in classics and history, won the Browne Medal twice, and was part of the team that won the BBC quiz show “University Challenge” in 1995. He was also a member of the University Pitt Club. Kwarteng furthered his education as a Kennedy Scholar at Harvard University in Cambridge, Massachusetts, United States, before returning to Cambridge to complete a PhD in political history in 2000, focusing on the recoinage crisis of 1695–97.Kwasi Kwarteng political career
Kwasi Kwarteng began his political career in 2005 with a bid to win the constituency of Brent East, which was unsuccessful. In 2008, he also failed to be elected to the London Assembly. Despite these setbacks, Kwarteng continued to pursue a career in politics, eventually securing a seat in Parliament in 2010 as the Member of Parliament for Spelthorne, Surrey.In addition to his roles in government, Kwarteng has also been involved in various other political endeavors. His experience as a backbencher led him to co-author several papers and books, including “After the Coalition” (2011) and “Britannia Unchained” (2012), reflecting his free-market, conservative economic views.Kwarteng’s early political roles included serving as a parliamentary private secretary to then-Chancellor Philip Hammond in 2017 and later becoming a minister in the Department for Exiting the European Union in 2018. A strong supporter of Boris Johnson, he was appointed as the business secretary in January 2021, becoming the first black Conservative secretary of state. Despite controversies, including edits to his Wikipedia page and his association with the Owen Paterson scandal, Kwarteng’s loyalty to party leadership led to his appointment as Chancellor of the Exchequer in September 2022. However, his brief 38-day term was marked by criticism over a mini-budget that caused the pound to plummet, resulting in his dismissal in October 2022. Kwarteng’s political views have been shaped by his commitment to free-market values, as evidenced by his criticism of inflationary policies and his co-authorship of books on history and politics. His career trajectory, from backbencher to cabinet minister, reflects his rise within the Conservative Party, navigating through various roles and controversies while maintaining his ideological stance and loyalty to party leadership.kwasi kwarteng political party
Kwarteng’s political views have evolved over his career. Since 2005, he has been a proponent of free-market, conservative economic principles, evident in his co-authorship of books. His loyalty to party leadership, supporting figures like Boris Johnson and Liz Truss, has facilitated his rapid ascent within the party. Kwarteng’s belief in limited government intervention aligns with the party’s stance, reflecting his commitment to free-market policies. In 2022, he advocated for policies focused on cutting global emissions to combat climate change, reflecting his environmental focus.Kwarteng has held various roles within the Conservative Party, including serving as Secretary of State for Business, Energy and Industrial Strategy since 2021. He has been actively involved in supporting party leadership, such as backing Boris Johnson in the leadership elections. Kwarteng’s contributions to the party include policy-making, representing constituents, and promoting the party’s agenda in government positions.In 2022, Kwarteng achieved significant milestones within the Conservative Party. His appointment as Chancellor of the Exchequer under Liz Truss marked a historic moment, making him the first black individual to hold this position. During his brief tenure, he focused on policy initiatives related to climate change and emissions reduction, exemplified by his department’s efforts to address environmental issues and promote clean energy solutions.Kwasi Kwarteng election results
In the 2015 General Election, he was re-elected as the MP for Spelthorne with 24,386 Conservative votes, securing 49.7% of the vote share. His closest competitor was from the UKIP party, with 10,234 votes, representing 20.9% of the vote. This victory showcased Kwarteng’s strong support within the constituency, with a significant majority of 14,152 votes.In the 2017 General Election, Kwarteng retained his seat with 31,392 votes, capturing 60.3% of the vote share. His nearest rival, Pavitar Mann from the Labour Party, received 14,982 votes, making up 28.8% of the vote. This election reaffirmed Kwarteng’s popularity and dominance in Spelthorne.During the 2019 General Election, Kwarteng once again emerged victorious, receiving 29,141 votes, which accounted for 58.9% of the total votes cast. His competitors in this election included Pavitar Mann from the Labour Party, who received 10,748 votes (21.7%), David Campanale from the Liberal Democrats with 7,499 votes (15.1%), and Paul Jacobs from the Green Party with 2,122 votes (4.3%). Kwarteng’s consistent success in securing significant support from voters in Spelthorne across multiple elections underscores his strong standing and rapport with the constituents.Kwasi Kwarteng policies
On September 23, 2022, at the Conservative Party Conference in Birmingham, UK, Kwarteng announced his Economic Policy, which focused on significant tax cuts and policies to boost growth. The Treasury published The Growth Plan 2022, emphasizing reforms to the supply side of the economy, maintaining a responsible approach to public finance, and reducing taxes to stimulate growth. As Kwarteng stated, “We plan to raise economic growth to the levels this country has not seen in decades. That is how we will deliver higher wages, more jobs, and greater opportunities for all.” The tax reforms included cuts to income tax, national insurance, and corporation tax, with a focus on unleashing the power of the private sector.Kwarteng’s Fiscal Policy, unveiled on October 10, 2022, in the UK, planned to launch a debt-cutting plan on October 31, 2022, after facing pressure from MPs over unfunded tax promises. The plan aimed to balance the government’s finances and reduce the national debt as a share of the economy. Kwarteng faced challenges in filling a financial gap left by tax promises and aimed to push for reductions in public sector spending while targeting a 2.5% growth rate for GDP. As he stated, “We must take a responsible approach to public finances, while also delivering on our growth agenda.”Kwarteng’s Tax Reform Policy, introduced on November 15, 2022, at the UK Treasury, aimed to simplify the tax system and promote economic growth. The reform focused on addressing longstanding distortions in the tax system, such as biases toward self-employment and against employees. As Kwarteng stated, “By reducing complexities and improving fairness in the tax system, we can create a more conducive environment for businesses and individuals to thrive.”on December 5, 2022, at the UK Parliament, Kwarteng announced a Public Sector Spending Reduction Policy, targeting reductions in public expenditures to help balance the government’s finances. The policy aimed to streamline public spending while ensuring essential services are maintained. As Kwarteng emphasized, “By identifying areas for efficiency improvements and cost-saving measures, we can address budgetary challenges and create a more sustainable financial framework for the government.”On March 15, 2023, at a technology innovation event in London, UK, Kwasi Kwarteng, the UK Chancellor of the Exchequer, unveiled a new policy initiative aimed at boosting innovation and technology in the country. During his address, Kwarteng emphasized the importance of supporting startups and small businesses, stating, “Innovation is the lifeblood of our economy, and we must nurture it to drive growth and competitiveness.” The policy included tax incentives for research and development activities and the establishment of innovation hubs across the UK to foster collaboration between businesses and research institutions, to drive economic growth through technological advancements.In July 2023, at a sustainability summit in Edinburgh, UK, Kwarteng introduced an environmental policy focused on promoting sustainability and combating climate change. During his announcement, Kwarteng highlighted the urgency of addressing environmental challenges, stating, “We must act decisively to protect our planet for future generations.” The policy included measures to incentivize renewable energy investments, reduce carbon emissions in key industries, and enhance environmental regulations. Kwarteng’s initiatives aimed to support the UK’s commitment to achieving net-zero emissions by 2050 and transitioning to a greener economy.Kwasi Kwarteng Controversies
On October 3, 2022, at the Conservative Party Conference in Birmingham, UK, Kwasi Kwarteng faced controversy over his handling of the government’s tax-cutting growth plan. Despite market volatility and criticism from some Conservative MPs, Kwarteng insisted on staying the course, asserting the necessity of the tax-cutting measures. As he stated, “We cannot accept the notion that our economy will continue to underperform, or that the current tax burden, which has reached a 70-year high, is an unavoidable reality.” However, his speech revealed contradictions, as he acknowledged the “little turbulence” caused by the policies while doubling down on the government’s approach.On July 15, 2023, at a parliamentary hearing in London, UK, Kwarteng faced criticism over the government’s energy price cap policy, which was seen as insufficient in providing long-term relief for households and businesses struggling with the cost-of-living crisis. Lawmakers and industry experts questioned the sustainability of the measures, leading to calls for more comprehensive and targeted support to address the ongoing energy price challenges. Kwarteng defended the policy, stating, “We are taking decisive action to address the energy crisis and ensure the UK’s energy security.”At 10 Downing Street in London, UK on December 5, 2023, Kwarteng’s tenure as Chancellor was marked by ongoing uncertainty surrounding the government’s fiscal policy. His inability to provide clear and consistent messaging on the long-term plans for public spending and debt reduction contributed to market volatility, with one economist warning, “The lack of clarity from the Chancellor is fueling uncertainty and undermining confidence in the government’s economic management.”Kwasi Kwarteng facts
- Kwasi Kwarteng was born on May 26, 1975, in London, England.
- Born to Ghanaian immigrant parents, his mother is a barrister, and his father is an economist in the Commonwealth Secretariat.
- Before entering politics, Kwarteng worked as a columnist for The Daily Telegraph and as a financial analyst at JPMorgan Chase, WestLB, and Odey Asset Management.
- He attended Eton College and Trinity College, Cambridge, where he studied classics and history, achieving a double first-class degree.
- Kwarteng wrote a book titled Ghosts of Empire in 2011, exploring the legacy of the British Empire, and co-authored Gridlock Nation in the same year.
- Kwarteng is a member of the Conservative Party and has been the Member of Parliament (MP) for Spelthorne since 2010.
- Kwarteng was the first black Chancellor of the Exchequer in the UK, appointed by Prime Minister Liz Truss in 2022.
- He held various roles, including Secretary of State for Business, Energy, and Industrial Strategy from 2021 to 2022 under Boris Johnson.
- He is a British politician who served as the Chancellor of the Exchequer from September 6 to October 14, 2022, under Prime Minister Liz Truss.
- Despite his achievements, Kwarteng’s term as Chancellor was short-lived, being dismissed after 38 days, making him the second-shortest-serving holder of the office.K
Kwasi Kwarteng life
Kwasi Kwarteng’s net worth is estimated to be between £800,000 to £1.5 million. As a Member of Parliament (MP), he earns a basic salary of £84,144 per year, and in his previous role as Chancellor of the Exchequer, he received an additional £71,673, totaling £155,817 per year. Kwarteng’s net worth is further bolstered by his property ownership. He owns a property in Spelthorne, his constituency, valued at around £1.5 million, and another property in London’s Bayswater area, worth approximately £1.2 million. In addition to his parliamentary salary, Kwarteng generates extra income from various sources. He has received payments for book reviews, earning £500 from The Spectator and £700 from the Daily Telegraph. Kwarteng has also earned income from speaking engagements, such as £27,000 for a keynote speech at the Fund Experts Forum 2023 and £8,500 for a keynote speech at the Annual Institutional Investor UK & Ireland Summit. Furthermore, Kwarteng has earned £35,000 for providing consultancy advice to Fortescue Future Industries International Pty Ltd, a green technology and energy company based in Australia. He has also received £1,500 for appearances on Talk TV and £500 for an article in E-FWD, part of Energy Voice. Kwarteng’s investment portfolio includes shares in various companies valued at around £500,000 and a stake in a property development firm worth approximately £300,000. Additionally, he owns a luxury car collection, including a Bentley Continental GT valued at £150,000, a Range Rover Vogue priced at £90,000, and a classic Mercedes-Benz SL Pagoda valued at £80,000. Lastly, Kwarteng has access to a private jet, a Gulfstream G650ER, estimated to be worth around £45 million, which adds to his overall wealth and demonstrates his access to exclusive transportation options.Kwasi Kwarteng Contact details- Twitter: Kwasi Kwarteng Twitter
- Facebook: Kwasi Kwarteng Facebook
- LinkedIn: Kwasi Kwarteng LinkedIn
- Phone Number: 01784 779108
- Address: Westminster Office, London
- Email: kwasi.kwarteng.mp@parliament.uk
- Website: Kwasi Kwarteng’s Website
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