Kwasi Kwarteng warns Liz Truss about her tax-cutting plans days before he’s fired

Kwasi Kwarteng warns Liz Truss about her tax-cutting plans days before he’s fired

Last night, Kwasi Kwarteng disclosed that he cautioned Liz Truss against going too far and too quickly with her tax-cutting goal.

Kwasi Kwarteng was sacked as Chancellor by Liz Truss, just days before she was forced to resign. Mr Kwarteng said he told her it was: 'Too much too fast'
The former chancellor stated that he advised the then-prime minister that it was “crazy” to fire him days before she herself left No. 10.

In his first interview since being fired last month, Mr. Kwarteng lauded Rishi Sunak as a “very credible” prime minister, but cautioned him about anticipated tax increases in the Autumn Statement next week.

He stated on TalkTV, “We attempted to achieve too much too quickly.” Too much too quickly.

I believe the strategic objective was correct. But I believe we should have taken a somewhat more measured approach.

 

 

 

Liz Truss fired Kwasi Kwarteng as chancellor days before she was forced to quit.Today¿s IFS report predicts that government borrowing will now hit almost £200 billion this year (Truss and Kwarteng pictured on October 4)

Mr. Kwarteng acknowledged that the couple attempted to do “too much, too quickly” on their disputed mini-budget.

Her motivation was 100 percent correct, but I believe we needed a more effective strategy to accomplish what she desired. He lauded Miss Truss’s ‘dynamism’ and eagerness to ‘strike the ground running,’ but said that his concerns that the government required a more’measured approach’ were disregarded.

After his catastrophic September mini-Budget, Mr. Kwarteng told Ms. Truss that she needed to “slow down” future reforms, but she persisted on continuing because she had only “two years” left to push them through.

Mr. Kwarteng, a friend of Ms. Truss, stated that he learnt of his dismissal via Twitter. He continued: ‘I arrived at Downing Street. I accessed the Cabinet Room.The value of the pound against the US dollar plummeted to record lows after the mini budget. The Bank of England had to step in to prop up pension fundsThe Chancellor returned to Downing Street on October 14 after leaving an IMF summit in Washington a day. He was then sacked by Ms Truss

“The Prime Minister appeared disturbed and emotional.” I stated, “You have two months if you continue in this manner.”

He encouraged Mr. Sunak and his Chancellor, Jeremy Hunt, to refrain from blaming him and Ms. Truss for the current economic crisis. He asserted, “Liz Truss’s 44 days in office were not responsible for the national debt.”

 

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