Kwasi Kwarteng – 2022 Comments on His Period as Chancellor of the Exchequer
The comments made by Kwasi Kwarteng, the former Chancellor of the Exchequer, in an interview with Tom Newton Dunn on TalkTV on 10 November 2022.
INTERVIEWER
[What went wrong?]
KWASI KWARTENG
I think we tried to do too much too quickly, too much too fast. And of course, there’ll be a budget in April. So I think that was her vision, her drive was 100% the right thing, but I think we need a better tactical plan to deliver what she wanted.
INTERVIEWER
[Why did you do everything so fast?]
KWASI KWARTENG
I think the Prime Minister was very much of the view that we needed to seize the opportunity, we needed to hit the ground running and she’s very dynamic, very forceful. That’s a great strength, but I think you had to have a measured approach, especially doing the things that were radical and bold.
INTERVIEWER
[Wasn’t it obvious you were going to frighten the markets?]
KWASI KWARTENG
There were lots of things going on. I mean, it wasn’t simply the breakneck speed which you’ve talked about, it so happened that the dollar was a record low, sterling at a record low, the Yen was at a 50 year low, the Euro was at a 20 year low and the Eurozone has only been around for 20 years. Interest rates are rising sharply across the world, there was a global picture as well, but I fully admit that the mini budget did surprise the markets and that’s something that we have to we have to accept.
INTERVIEWER
[Who controlled that pace?]
KWASI KWARTENG
I bear some responsibility for it. I think it was a good idea to try and set our parameters quickly and I think the Prime Minister was very much of the view that we needed to, but I think I think it was too quick.
INTERVIEWER
[Did you tell the Prime Minister to slow down?]
KWASI KWARTENG
I said actually after the budget that because we were going very fast. Even after the mini budget, we were going breakneck speed and I said, you know, we should slow down.
INTERVIEWER
[What did she say?]
KWASI KWARTENG
I said you’ll have two months if you go on like this and that’s I’m afraid what happened.
