Background

Starting his career as a journalist, Kwarteng wrote for the Daily Telegraph as well as publishing his own book about the legacy of the British Empire. Leaving journalism behind, Kwarteng worked as a financial analyst for several financial institutions including JP Morgan, before he contested Brent East in the 2005 general election. In 2010 Kwarteng was elected as the MP for Spelthorne.

Political Career

Kwarteng has risen quickly through the ministerial ranks. Most recently within the Department for Business, first as Minister of State for Energy and Clean Growth in 2019, after which he became Secretary of State for Business and Industrial Strategy. He was appointed to the role of Chancellor upon Truss becoming Prime Minister. He is one of Truss's closest allies.

Views on portfolio

Kwarteng is widely considered to be a free marketeer who favours tax cuts and deregulation. He is one of the authors of a well-known 2012 pamphlet (alongside Truss) called Britannia Unchained which outlined a free-market philosophy which he will take through to the Treasury. As a long time ally of Liz Truss, it was widely expected that Kwarteng was to be promoted to the role of Chancellor. He has pledged to relentlessly pursue growth and shake up the 'Treasury Orthodoxy'. He has already sacked the most senior civil servant in the Department to make his point known. He is likely to pursue tax cuts at the expense of the UK's fiscal rules, increasing borrowing to fund it. He will be announcing a 'mini budget' imminently, which should outline plans to reverse the recent rise in National Insurance Contributions, reverse the rise in Corporation Tax and scrap green levies on energy bills. It has also been rumoured that he may bring forward a 1p cut on income tax.