Kwasi Kwarteng has delivered his first “mini-budget” as chancellor, outlining tens of billions in further spending and tax cuts as a part of plans to spice up financial progress.
The 47-year-old is a longtime ally of prime minister Liz Truss, who appointed him to the position on 6 September.
Unveiling what the federal government dubbed its “growth plan” in parliament on Friday, the chancellor axed the cap on bankers’ bonuses and scrapped the 45p revenue tax fee paid by Britain’s highest earners.
It comes at a time when the UK faces a cost-of-living disaster, recession, hovering inflation and climbing rates of interest.
Prime minister Liz Truss admitted the nation was going through “really tough times” forward of the announcement – formally known as a fiscal occasion.
Here’s all the pieces you might want to know concerning the new chancellor:
Kwasi Kwarteng, full title Akwasi Addo Alfred Kwarteng, was born within the east London borough of Waltham Forest on 26 May 1975.
His mom is a barrister and his father an economist who each emigrated from Ghana as college students within the Nineteen Sixties.
He is an solely baby and commenced his training in a state main faculty however was later despatched to the unbiased prep faculty Colet Court in southwest London on the age of eight. It was right here he received the celebrated Harrow History Prize in 1988.
The new chancellor started his early profession as a journalist earlier than changing into a monetary analyst
(Rob Pinney/Getty Images)
Mr Kwarteng went on to Eton College earlier than finding out classics and historical past at Trinity College, Cambridge, the place he gained a double first.
He additionally attended Harvard University on a Kennedy Scholarship earlier than finishing a PhD in financial historical past at Cambridge in 2000.
Mr Kwarteng appeared on BBC quiz present University Challenge in 1995. His group from Trinity College went on to win, however he made headlines after swearing twice on the programme.
The politician started his early profession as a journalist, working as a columnist for the Daily Telegraph. He has additionally authored a number of books, together with one concerning the British Empire.
Mr Kwarteng then moved right into a profession as a monetary analyst at JPMorgan Chase amongst different funding banks.
Mr Kwarteng’s political profession started in 2005 when he ran as Conservative Party candidate within the constituency of Brent East however he got here in third behind the profitable Liberal Democrat and second place Labour.
Five years later, in 2010, he ran for the seat of Spelthorne in Surrey and received.
Mr Kwarteng first grew to become an MP in 2010 when he ran for the seat of Spelthorne in Surrey and received
During his maiden speech in Westminster, he demanded Labour apologise for the monetary crash of 2008.
Since being elected, Mr Kwarteng has served on the Transport Select Committee, the Work and Pensions Select Committee and as a member of the Public Accounts Committee.
In 2015 he was appointed as parliamentary personal secretary to the Leader of the House of Lords, and in 2017 he grew to become parliamentary personal secretary to the chancellor of the exchequer.
He changed Suella Braverman as minister within the Department for Exiting the European Union in 2018.
The following 12 months, he was appointed minister of state on the Department for Business, Energy and Industrial Strategy and added to the Privy Council after Boris Johnson grew to become prime minister in 2019.
In 2021, he made historical past because the UK’s first black secretary of state when he was appointed as secretary of state on the Department for Business, Energy and Industrial Strategy.
One of the few survivors of Mr Johnson’s cupboard, Mr Kwarteng was promoted from enterprise secretary to chancellor of the exchequer on 6 September and unveiled his first “mini budget” on 23 September.
Mr Kwarteng was as soon as in a relationship with Amber Rudd, who was dwelling secretary between 2016 and 2018.
He married solicitor Harriet Edwards in December 2019 after proposing in Derbyshire. He welcomed his first baby, a daughter named Ida, with Ms Edwards in October 2021.