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Kwasi Kwarteng, 47, was named as head of the British Treasury. He is tasked with pulling the badly damaged UK‘s economy out of a serious cost of living crisis.
Kwasi Kwarteng, 47, was named as head of the British Treasury. He is tasked with pulling the badly damaged UK‘s economy out of a serious cost of living crisis.
He is the country’s first black Chancellor of the Exchequer and takes over from Nadhim Zahawi, an Iraqi-born Kurd, who himself succeeded Rishi Sunak of Indian origin, who lost in the prime ministership race.
He is the son of Ghanaian immigrants who came to the U.K. in the 1960s. He was the minister for enterprise, industry, and energy in the earlier dispensation and is described as a true liberal, an advocate of low taxes, and a free market economy to be described as a militant Thatcherite.
The new finance minister co-authored the book “Britannia Unchained” in 2012 including Liz Truss, the present Prime Minister. The book created controversy by calling the British workers the worst slackers in the world. His immediate task is to implement the tax cuts promised by Liz Truss to put money back into people’s pockets so that businesses can revive an economy on the brink of recession. There is a criticism that the measures proposed by the new dispensation will largely benefit the wealthy and large companies. He also has to take the British labour on his side by giving them relief by reducing the cost of living.
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Mr. Kwarteng is brilliant, very confident, and affable as his friends and associates describe.
