Thanks Kwasi for everything! Former Chancellor to quit Parliament
Kwarteng, who was blamed with PM Liz Truss for mortgage chaos and property market problems, is to stand down.
He was only Chancellor for 38 days, but in that time his Mini Budget wreaked havoc causing mortgage rates to rocket and property market to falter.
Now, Kwasi Kwarteng, who served under ill-fated Prime Minister Liz Truss, has announced he is stepping down as an MP in Surrey.
“It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament,” he tweeted.
Sacked
Kwarteng spent the second shortest time as Chancellor in September and October 2022.
He was sacked after his disastrous Mini Budget, which saw many people faced with many hundreds extra on their mortgage bills.
Successive agencies have blamed the Mini-Budget for the chaos that caused a downturn in the housing market last year.
Mortgage rates shot up after the markets reacted badly to Kwarteng abolishing the top tax rate and basic income tax without explaining how the decisions would be paid for.
Resignation
Truss sacked Kwarteng, who was one of her closest political allies, before resigning herself a few days later.
Kwartney said afterwards he had warned Truss against going “too fast” with her economic policies.
But he did accept some responsibility for the speed of decisions which led to the Stock Market’s extreme reaction.
Replaced
Jeremy Hunt replaced Kwarteng, initially under Truss and then under current PM Rishi Sunak.
Stamp Duty cuts announced by Kwarteng were later retained by Hunt, until March 2025.
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