Kwasi Kwarteng says he had warned Truss about the mini-budget

London, Thanasis Gavos

He blamed Liz Truss for the previous British government’s mini-budget which led to his own impeachment and the downfall of the Prime Minister after 45 days of former Finance Minister Kwasi Kwarteng.

In the first interview after since his removal from the shorter-lived government in UK history, Ms Truss’s close personal friend and ideological ally told Talk TV that he had advised the Prime Minister to “slow down” on tax cuts and take a “methodical and strategic approach” to growing the economy.

The mini-budget’s massive tax cuts combined with large anti-energy-decency support packages through increased government borrowing caused major market turmoil, increased interest rates and the cost of government borrowing and finally the resignation of Liz Truss.

As revealed by Mr. Kwarteng, to his exhortation to the then prime minister to slow down the economic changes, she had replied that she only had two years until the next elections. He countered that if he continued like this, then he would have “only two months” in power.

He also said he was told he was about to be ousted from the media on his way to Downing Street. When he arrived to be told he had been sacked by the government, Ms Truss was “upset and charged”.

Mr Kwarteng told her it was “crazy” to fire him. “People will ask ‘if you fire the man who did what you wanted, why are you still here?'” he warned her.

The former Finance Minister refused to apologize for the economic disruption caused by the mini-budget, saying the country’s fiscal problems were not the creation of the Truss government. He admitted, however, that the rise in interest rates and government bond yields could be blamed on that period.

Kwasi Kwarteng nevertheless insisted that he is still friends with Liz Truss.

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