The Conversation (0)
Kate Plummer
Nov 11, 2022
Kwasi Kwarteng says he 'regrets turbulence' in market after mini-budget
Indy
Kwasi Kwarteng has sharpened his metaphorical knife and stabbed his former boss Liz Truss over the pair's disastrous mini-budget.
In an interview with TalkTV's Tom Newton Dunn, the former chancellor distanced himself from Truss's policies and claimed he warned her about the speed of implementing them after the fiscal statement begun to cause chaos.
After the budget he said he told her: "We were going at breakneck speed and I said we should slow down.
"She said, 'Well, I've only got two years' and I said, 'You will have two months if you carry on like this'. And that is, I'm afraid, what happened."
He also said: "I think the prime minister was very much of the view that we needed to move things fast. But I think it was too quick."
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He added that he knew he was also "responsible" being part of the "top team" but that "looking back" he thought they could have overseen "a more measured approach"
He also refused when asked to apologise for causing mortgage upheaval, but said he "regrets turbulence".
"I don't want to relive the past," he said.
"I do feel sorry for the people going who through this difficult time in terms of remortgaging.
"I'm not going to wash my hands of what we did I think the strategic goal was the right thing".
Truss fired Kwarteng in October, two weeks after their tax-cutting mini-budget sparked turmoil on financial markets. It wasn't enough to calm things down though, and a few days later she herself resigned after only a few weeks in power.
People didn't have much sympathy for Kwarteng:
\u201c"I told Liz Truss she was going too fast", says Kwasi Kwarteng.\n\nIt wasnae me, some big lassie did it and ran away.\nWhat a coward of a man.\u201d— The Merciless One (@The Merciless One) 1668127748
\u201cNot sure I believe Kwasi Kwarteng told Liz Truss to slow down, given he went on the TV two days after the mini-budget and said more tax cuts were on the way.\u201d— Kevin Schofield (@Kevin Schofield) 1668116795
\u201cEven after the wrecking ball mini-budget, Kwasi Kwarteng said \u201cthere\u2019s more to come\u201d. His own MPs sat on their hands as the disaster unfolded.\n\nThe Tories crashed the economy - and they won\u2019t even apologise to you for all the damage they\u2019ve done.\nhttps://t.co/r2EGtDubXi\u201d— Angela Rayner \ud83c\udf39 (@Angela Rayner \ud83c\udf39) 1668156137
\u201cAll you need to know about this interview is that, despite being asked three times by @tnewtondunn if he wanted to apologise for the increased mortgage rates caused by his mini-budget, Kwasi Kwarteng refused.\u201d— Kevin Schofield (@Kevin Schofield) 1668117826
Oh well, we're sure Rishi Sunak and Jeremy Hunt will be a much better duo to solve the economy... maybe.
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