Who is Kwasi Kwarteng? The rise of the finance minister explained when making the mini-budget announcement

Who is Kwasi Kwarteng?  The rise of the finance minister explained when making the mini-budget announcement

Chancellor Kwasi Kwarteng will present a mini-budget this morning that is expected to introduce tax cuts and support for energy bills.

On Thursday, Kwarteng announced that the 1.25 percentage point increase in national insurance will be reversed effective November 6.

With the cost-of-living crisis biting, the spotlight will be on the Chancellor to see what he can do to help those struggling to survive.

So who is Kwasi Kwarteng? Here’s what you need to know about the Chancellor.

What can we expect from the mini-budget?

In addition to the above, measures may include reducing stamp duty for the purchase of real estate and eliminating a planned increase in corporation tax.

Mr. Kwarteng must also end the cap on bankers’ bonuses.

Prime Minister Liz Truss has repeatedly promised to cut taxes to help spur growth.

Regarding the reversal of the national insurance tax, Mr. Kwarteng said:

“Taxing our path to prosperity has never worked. To raise everyone’s standard of living, we shouldn’t apologize for the growth of our economy.

“Reducing taxes is crucial to this, and if companies reinvest the freed-up money into new machines, lower prices in the workshops or increases in employee salaries, the repeal of the tax will help them grow, allowing the British public to keep more of their money. that they earn”.

Who is Kwasi Kwarteng?

Kwarteng was born in Waltham Forest, northeast London, in 1975 to an economist father and a lawyer mother. His parents emigrated from Ghana as students.

After attending an independent preparatory school in London, he won a scholarship to Eton College, where he received the Newcastle Scholarship Award for best performance in a series of week-long written examinations.

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He went on to read classics and history at Trinity College, Cambridge, winning first place in both subjects.

During his time there, he twice won the Browne Medal for Latin and Greek poetry. He was also part of the winning team of the University Challenge.

He attended Harvard University in the United States and later earned a Ph.D. in economic history from the University of Cambridge in 2000.

Mr. Kwarteng was briefly a columnist for telegraph diary Before turning to finance, he worked as an analyst for investment banks, including JP Morgan.

How did you get into politics?

After an unsuccessful attempt to run as Conservative MP, he went on to be selected as a candidate for Spelthorne’s Surrey seat in Surrey, winning the seat in 2010.

Following Boris Johnson’s victory in the 2019 Conservative leadership election, he became Secretary of Business. He was named chancellor by Liz Truss when she became leader of the Conservative Party and prime minister.

Kwarteng, who supported Brexit, is to the right of the Conservative Party.

He wrote several books. In 2012 he co-authored Britannia: Unchained with his fellow new deputies, including Ms. Truss and Dominic Raab, who described British workers as “among the worst idlers in the world”.

During the race for the lead, Truss insisted that Raab, one of Rishi Sunak’s main supporters, had written that particular chapter.

According to Is Richard Vaughan, those who attended meetings with Kwarteng during his time as business secretary say he was described as “impatient” and intolerant of fools.

At 1.80m tall, he is considered one of the biggest brains of the Conservative Party. He writes Latin poetry for fun and also speaks German, Greek and French.

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your time in University Challenge saw him get into trouble while cursing twice saying f***, which was broadcast across the nation and earned the 19-year-old an early press appearance with The sun article entitled ‘Rudiversity Challenge’ detailing the oath note.

Kwarteng, who is described as “intensely private”, once had a relationship with former Conservative Home Secretary Amber Rudd.

In 2019, he married City Attorney Harriet Edwards. Their daughter was born in October 2021.

Source : zonadeprensard.com

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