The Rest Is Politics: Leading 74. Kwasi Kwarteng: Liz Truss, becoming Chancellor, and Britain on the brink (Part 2)
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May 19, 2024 Former Chancellor of the Exchequer, Kwasi Kwarteng, discusses Liz Truss, Boris Johnson, and the disastrous Truss-Kwarteng mini-budget. The podcast delves into the challenges of modern politics, decision-making under pressure, and Brexit outcomes. Reflects on past political decisions, leadership styles, and political judgment.
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Unreality of Chancellor Role
- Kwasi Kwarteng's appointment as Chancellor felt unreal due to the immediate focus on the Queen's accession.
- The mourning period and ceremonies overshadowed the initial days of his role.
Impact of Queen's Death
- The Queen's death and the lack of debate on the energy intervention created a sense of urgency.
- This urgency led to the government doubling down on its economic policies, contributing to the subsequent crisis.
Market Instability
- Kwasi Kwarteng admitted to causing market instability by hinting at further tax cuts.
- The government's mini-budget and energy intervention significantly impacted the gilt market, leading to a bailout.