Kwasi Kwarteng

Kwasi Kwarteng
Born	Akwasi Addo Alfred Kwarteng (1975-05-26) May 26, 1975 London, England
Occupation(s)	Politician, columnist, financial analyst
Years active	2005–2024 (politics)
Known for	Chancellor of the Exchequer (2022), Secretary of State for Business, Energy and Industrial Strategy (2021–2022)

Akwasi Addo Alfred Kwarteng (born 26 May 1975) is a British political figure who held the office of Chancellor of the Exchequer from September to October 2022 during Liz Truss’s administration, and served as Secretary of State for Business, Energy and Industrial Strategy between 2021 and 2022 under Boris Johnson. Affiliated with the Conservative Party, he represented the Spelthorne constituency in Surrey as a MP from 2010 until 2024.

Kwarteng was born in London to parents who immigrated from Ghana. His education included attendance at St Paul's Juniors, followed by Eton College, and later the University of Cambridge. Prior to his political career, he contributed as a columnist to The Daily Telegraph and worked professionally as a financial analyst. During his time as a backbench MP, he co-wrote several policy documents and books such as After the Coalition (2011) and Britannia Unchained (2012). In November 2018, under Prime Minister Theresa May, he was appointed Parliamentary Under-Secretary of State for Exiting the European Union. Following May’s departure in 2019, Kwarteng endorsed Boris Johnson’s leadership campaign and was subsequently named Minister of State for Business, Energy and Clean Growth. In January 2021, he advanced to the role of Secretary of State for Business, Energy and Industrial Strategy, maintaining this position throughout Johnson’s tenure.

After Johnson’s resignation in 2022, Kwarteng supported Truss’s bid for Conservative leadership. Upon her becoming prime minister, she appointed him as Chancellor of the Exchequer, marking him as the first black individual to hold this position. On 23 September, he unveiled a mini-budget featuring substantial tax reductions that met with extensive criticism and triggered a historic fall in the pound sterling against the US dollar. His time in office lasted only 38 days—the second briefest on record—before his dismissal on 14 October. He was succeeded by Jeremy Hunt, who retained the post under Rishi Sunak following Truss’s resignation. Kwarteng chose not to stand for re-election in the 2024 general election.

Early life and education

Akwasi Addo Alfred Kwarteng entered the world on 26 May 1975 in the London Borough of Waltham Forest. He is the sole offspring of Alfred K. Kwarteng and Charlotte Boaitey-Kwarteng, both immigrants from Ghana. His mother practices as a barrister, while his father worked as an economist at the Commonwealth Secretariat.

Kwarteng’s schooling began at a state primary institution before moving on to private education, starting with Colet Court, where he earned the Harrow History Prize in 1988. He then progressed to Eton College as a distinguished King's Scholar, receiving the prestigious Newcastle Scholarship.

He studied classics and history at Trinity College, Cambridge, graduating with a double first class degree and securing the Browne Medal twice. During his time at Cambridge, he was part of the winning team on the BBC quiz show University Challenge in 1995 and joined the exclusive University Pitt Club. Subsequently, Kwarteng was awarded a Kennedy Scholar fellowship at Harvard University. He completed his academic journey by earning a PhD in economic history from Cambridge in 2000, concentrating on the recoinage crisis that occurred between 1695 and 1697.

Early career

Prior to his parliamentary tenure, Kwarteng contributed as a columnist for The Daily Telegraph and held positions as a financial analyst at JPMorgan Chase, WestLB, and the hedge fund Odey Asset Management. In 2011, he published Ghosts of Empire through Bloomsbury, a work that investigates the enduring effects of the British Empire. That same year, alongside Jonathan Dupont, he co-authored Gridlock Nation, focusing on the challenges of traffic congestion in Britain.

Early political career

By 2015, Kwarteng was recognized as "an emerging figure on the party’s right wing". His initial parliamentary candidacy was for Brent East in the 2005 general election, where he placed third behind candidates from the Liberal Democrat and Labour parties. In 2006, he served as chair of the conservative think tank Bow Group and was identified by The Times as a prospective first black Conservative cabinet minister. Although positioned sixth on the Conservative list for the London Assembly elections in 2008, he was not elected due to the party securing only three seats.

2010 election and tenure

In January 2010, Kwarteng was chosen as the Conservative candidate for Spelthorne and won with a majority of 10,019 votes (21.2%). He abstained from voting on the backbench EU Referendum Bill in October 2011. By 2013, he described the Help to Buy housing initiative as "inflationary".

The House of Commons Register of Members' Financial Interests recorded that in March 2011, Kwarteng earned "£10,000 on a half-yearly basis" as a consultant for Odey Asset Management, with evidence suggesting only one payment was received.

In 2014, Kwarteng released War and Gold: A Five-Hundred-Year History of Empires, Adventures and Debt, which analyzes how capital and speculation have shaped societies. His next book, Thatcher's Trial: Six Months That Defined a Leader, was published in 2015.

During the 2015 general election, Kwarteng secured re-election with an increased majority of 14,152 votes. He backed the UK's departure from the European Union in the 2016 referendum.

Early ministerial career (2017–2019)

At the 2017 general election, Kwarteng retained his seat with a vote share of 57.3%, though his majority decreased to 13,425. He was appointed Parliamentary Private Secretary to Chancellor Philip Hammond. On 16 November 2018, he succeeded Suella Braverman as minister at the Department for Exiting the EU.

Kwarteng supported Boris Johnson during the 2019 Conservative Party leadership contest. Following Johnson’s appointment as Prime Minister, Kwarteng was named Minister of State at the Department for Business, Energy and Industrial Strategy on 25 July 2019, serving alongside Jo Johnson, Boris Johnson’s brother. He also joined the Privy Council on that date.

In September 2019 on The Andrew Neil Show, Kwarteng remarked that some perceived judges as partial after the Court of Session ruled Johnson’s prorogation of parliament unlawful. These remarks attracted criticism from Defence Secretary Ben Wallace, then-Housing Secretary Robert Jenrick, opposition parliamentarians, and legal organizations.

In the 2019 general election, Kwarteng increased his vote share to 58.9% and expanded his majority to 18,393.

Secretary of State for Business, Energy and Industrial Strategy (2021–2022)

On 8 January 2021, Kwarteng succeeded Alok Sharma as the Secretary of State for Business, Energy and Industrial Strategy. He pledged the department to pursue significant international emissions reductions as part of tackling climate change.

Abolishing the ISC

In March 2021, Kwarteng attracted criticism after disbanding the Industrial Strategy Council, a panel advising on regional economic development. Following the COP26 conference, he engaged with leaders from the oil sector to promote ongoing drilling activities in the North Sea.

During a visit to Saudi Arabia in January 2022, Kwarteng accepted hospitality and flights from Saudi Aramco, including receiving a £300 Lenovo tablet. Transparency records from BEIS revealed that his commercial flight cost taxpayers £4,430. Additionally, he toured Aramco's Shaybah oil field alongside the Saudi energy minister; however, this visit was omitted from official transparency disclosures. Opposition figures expressed concern about his acceptance of Saudi state-sponsored hospitality amid human rights controversies and potential violations of ministerial conduct rules.

2021 gas crisis

Starting in August 2021, soaring wholesale natural gas prices across Europe led to the collapse of several smaller UK domestic energy suppliers. The fuel supply crisis in September 2021 caused significant disruption to road fuel availability. Kwarteng reassured the public that "There is no question of the lights going out, of people being unable to heat their homes. There will be no three-day working week, or a throwback to the 1970s." He also stated that the government would not provide financial support to companies that failed. Labour’s shadow business secretary, Ed Miliband, criticized Kwarteng for what he described as complacency.

Involvement in the Owen Paterson Controversy

Kwarteng was an outspoken advocate for Owen Paterson, who was determined by the Commons Select Committee on Standards to have engaged in "a serious instance of paid advocacy." In reaction, Kwarteng called on the independent Parliamentary Commissioner for Standards, Kathryn Stone, to "reconsider her position." Subsequently, the government withdrew its backing for Paterson, leading to his resignation as an MP. The opposition demanded an inquiry into Kwarteng, suggesting potential violations of the ministerial code.

On 15 November 2021, Kwarteng publicly apologized to Stone, clarifying that he "did not intend to question your capability to fulfill your role" and expressed regret for "any upset or distress my wording may have caused."

Chancellor of the Exchequer (2022)

Following Johnson's resignation in 2022, Kwarteng endorsed Liz Truss's bid for Conservative leadership. Upon her appointment as Prime Minister, she appointed him as Chancellor of the Exchequer, marking him as the first black individual to hold this office. On 23 September 2022, Kwarteng introduced "The Growth Plan 2022," characterized by the Treasury as a "fiscal event" and commonly referred to as the "mini-budget." He opted not to permit the Office for Budget Responsibility to evaluate its economic consequences.

The plan's principal elements included reducing the basic income tax rate from 20% to 19% effective April 2023, eliminating the 45% higher tax rate in England, Wales, and Northern Ireland, increasing the stamp duty threshold, implementing an energy bill freeze, reversing the National Insurance hike from April 2022, cancelling the proposed Health and Social Care Levy, and lifting restrictions on bankers' bonuses.

Paul Johnson, director of the Institute for Fiscal Studies, described it as "the largest tax cut package in half a century," cautioning that it depended on borrowing amid rising costs and risked unsustainable debt growth without assured economic benefits. Following these announcements, sterling plummeted to historic lows against the US dollar, triggering emergency bond purchases by the Bank of England and causing mortgage lenders to withdraw over 40% of their offerings or increase rates. The International Monetary Fund warned that these policies would probably exacerbate inequality.

In response to criticism from Conservative figures such as Michael Gove and Grant Shapps, Kwarteng declared on 3 October 2022 that plans to abolish the 45% income tax bracket for earnings above £150,000 would be reversed. He justified this decision as essential to address wider economic issues. Despite acknowledging "some turbulence" after the mini-budget amid global uncertainties, Kwarteng affirmed on 13 October that he intended to remain as Chancellor.

Dismissal

Kwarteng's tenure as Chancellor ended on 14 October after just 38 days, making him the second shortest-serving Chancellor in history, following Iain Macleod. He was replaced by Jeremy Hunt.

After Truss's resignation and the appointment of Rishi Sunak as Prime Minister, Kwarteng revealed in November 2022 that he had cautioned Truss about moving "too quickly" with her economic agenda and advised her to "slow down" following the mini-budget. He also claimed to have warned her that removing him would precipitate her swift political collapse, a prediction that proved correct. By December 2022, Kwarteng admitted regret over his "impatience" regarding the mini-budget, acknowledging a lack of strategic nuance and conceding that both he and Truss became overly enthusiastic. He contends they acted hastily and lost sight of the broader economic and political ramifications.

Following his resignation, Kwarteng was awarded a severance sum of £16,876 by the Treasury.

In February 2024, he declared he would not stand for re-election in the 2024 general election. Later, in May 2024, Kwarteng featured as a guest on the Leading podcast hosted by Alastair Campbell and Rory Stewart.

Political views

Kwarteng is identified with the right wing faction of the Conservative Party and is associated with the Free Enterprise Group.

Racial issues and colonialism

Kwarteng’s stance on colonialism is described as "nuanced," highlighting the necessity of understanding historical events within their proper context while advocating for increased humility and critical examination in interpreting history.

Concerning the removal of statues from the British Empire era, such as that of slave trader Edward Colston, Kwarteng condemned these acts as "vandalism." He criticized some supporters of Black Lives Matter and opponents of British imperialism for adopting what he termed a "cartoon-like view" of history, calling instead for a more sophisticated appreciation of Britain's intricate past. His views on racial and colonial matters have sparked diverse reactions; notably, on 26 September 2022, Labour MP Rupa Huq faced suspension after describing Kwarteng as "superficially black" in response to his remarks.

Economic issues

In August 2012, Kwarteng co-wrote Britannia Unchained alongside four Conservative MPs, including Liz Truss. The publication promotes a significant scaling back of the welfare state, aiming to reinstate the contributory principle established by its founder Sir William Beveridge, whereby benefits are granted in exchange for contributions.

Personal life

Kwarteng is recognized as an "intensely private" person. He was once romantically linked to former Conservative Home Secretary Amber Rudd. In December 2019, he married Harriet Edwards, a solicitor based in the City. Their daughter was born in 2021. He has lived in Bayswater and purchased a residence in Greenwich in January 2022. Additionally, Kwarteng holds membership in the esteemed Garrick Club.

Publications

• Ghosts of Empire: Britain's Legacies in the Modern World (2011), Bloomsbury Publishing
• After the Coalition (2011), Biteback, co-written with Priti Patel, Dominic Raab, Chris Skidmore, and Elizabeth Truss
• Gridlock Nation: Why Britain's Transport Systems Are Heading Towards Gridlock and What We Can Do to Stop It (2011), Biteback, in collaboration with Jonathan Dupont
• Britannia Unchained: Global Lessons for Growth and Prosperity (2012), Palgrave Macmillan, co-authored alongside Priti Patel, Dominic Raab, Chris Skidmore, and Liz Truss
• War and Gold: A Five-Hundred-Year History of Empires, Adventures and Debt (2014), Bloomsbury Publishing
• Thatcher's Trial: Six Months That Defined a Leader (2015), Bloomsbury Publishing

External links

• Official website
• UK Parliament profile
• Blog at Conservative Home
• Spelthorne Conservatives