Sacked chancellor says he and ex-PM were in too much of a hurry to consider political and economic consequences of their policies
Kwasi Kwarteng has admitted he and Liz Truss “got carried away” when they wrote the disastrous mini-budget that led to both of them leaving their jobs just weeks after they entered Downing Street.
Kwarteng announced a raft of tax cuts without any reduction in spending in September, which led to the pound crashing against the dollar, pension funds nearly collapsing, a £65bn Bank of England bailout, soaring mortgage costs, and the cost of government borrowing increasing. He also said he would remove the cap on bankers’ bonuses.
Sacked chancellor says he and ex-PM were in too much of a hurry to consider political and economic consequences of their policiesKwasi Kwarteng has admitted he and Liz Truss “got carried away” when they wrote the disastrous mini-budget that led to both of them leaving their jobs just weeks after they entered Downing Street.Kwarteng announced a raft of tax cuts without any reduction in spending in September, which led to the pound crashing against the dollar, pension funds nearly collapsing, a £65bn Bank of England bailout, soaring mortgage costs, and the cost of government borrowing increasing. He also said he would remove the cap on bankers’ bonuses. Continue reading…
