![]() ![]() ![]() His dismissal only bought Ms Truss limited breathing space. His tenure as chancellor was the shortest since 1970, when Conservative Iain Macleod died one month into the job. The pair co-wrote Britannia Unchained in 2012 which argued that the UK was being held back by a "bloated state, high taxes and excessive regulation". I think she genuinely thought that that was the right thing to buy her more time to set her premiership on the right path." He said: "I can’t remember whether she was actually shedding tears but she was very emotional and it was a difficult thing to do. Ms Truss sacked him on October 14 after he had been in Number 11 for just six weeks. Speaking of his dismissal by Ms Truss, Mr Kwarteng said he first learned of his firing via a tweet as he travelled to a meeting with Ms Truss in Downing Street. And I think it's something that Jeremy (Hunt) and Rishi and their officials are going to have to tackle on their own regardless of what happened in the budget." "The black hole hasn't been caused by the mini-budget. However, Mr Kwarteng told TalkTV: "The national debt wasn't radically changed by Liz Truss. The Treasury has claimed that the mini-budget has left a £50bn black hole in the economy which is forcing it to increase taxes for millions of households. "You’re not going to grow an economy or incentivise economic growth by putting up our taxes," Mr Kwarteng said. He said that he supported the idea that taxes had to rise in the short-term but insisted that it would not grow the economy long-term. I mean, it wasn’t that the national debt was created by Liz Truss’s 44 days in government", he told TalkTV. "The only thing that they could possibly blame us for is the interest rates and interest rates have come down and the gilt rates have come down. Mr Kwarteng backed Mr Sunak as a "very credible prime minister" but warned the new administration against blaming him and Ms Truss for the government's current problems. It unleashed a cycle of falling market confidence, flight from British assets and such damage to the bond markets that the Bank of England was forced to intervene and start buying gilts.Ĭritics said the scrapping of the top rate of income tax, and the removal of a cap on bankers' bonuses, favoured the rich during one of the toughest economic crises in decades.ĭays after the plan was unveiled, Mr Kwarteng was forced into a U-turn on income tax. Mr Kwarteng's self-confessed radical plan to spark economic growth after more than a decade of stagnation never landed well. He added: "I think the prime minister was very much of the view that we needed to move things fast. "She said, 'Well, I've only got two years' and I said, 'You will have two months if you carry on like this'. Mr Kwarteng told TalkTV: "After the mini-budget we were going at breakneck speed and I said, you know, we should slow down, slow down. ![]()
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