Markets, LDIs and What Broke Confidence

In this episode of The Brink, we sit down with Kwasi Kwarteng, former Chancellor of the Exchequer, for a wide-ranging and unusually candid conversation about power, politics, and the realities of governing Britain.

Kwasi reflects on his dramatic rise and fall in office, the chaos surrounding the mini-budget, and what it was really like to be at the centre of one of the most turbulent moments in modern British politics. He explains what went wrong, what he would do differently, and why he believes the political system struggles to tell the truth about economic trade-offs.

We also explore his life beyond frontline politics, from his media work to his interest in business and Bitcoin, as well as his background, education, and journey into Parliament. The conversation ranges across identity politics, meritocracy, the decline of public trust, and why Britain’s institutions feel increasingly disconnected from the people they serve.

Finally, we look at the current state of British politics. Kwasi gives his assessment of Labour’s economic direction, the rise of Reform, the breakdown of the two-party system, and what the next election could mean for the country’s future.

This is a thoughtful and revealing conversation about ambition, failure, loyalty, and the long-term challenges facing Britain as it once again finds itself on the brink.

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00:00 – Introduction

03:11 – From Power to Private Life

06:08 – The Mini-Budget Fallout

08:44 – Labour, Tax Rises & Public Disillusion

12:06 – Britain’s Fractured Party System

14:50 – Family Background, Education & Identity

18:55 – Rejecting Identity Politics

23:56 – Entering Politics & Street-Level Campaigning

28:11 – Inside Parliament & Political Institutions

33:00 – Becoming a Minister

38:16 – Backing Liz Truss & Becoming Chancellor

40:31 – The Mini-Budget: Pace, Panic & Mistakes

44:46 – Markets, the Bank of England & What Went Wrong

48:16 – Deep State vs Political Responsibility

51:01 – Public Spending, Welfare & Growth

55:00 – Labour’s Economic Direction

58:43 – Immigration, Culture & Political Realignment

1:03:03 – Reform, Conservatives & the Future of the Right

1:06:59 – Loyalty, Power & Stopping the Left

1:07:18 – Final Reflections on Britain’s Political Future

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