British-born Ghanaian and MP for Spelthorne, Kwasi Kwarteng, is in pole position to become the first black UK chancellor of the exchequer (as Britain’s leading finance minister is called) if Foreign Secretary, Liz Truss wins the Prime Minister race.
The duo are reportedly very close as they have been friends for more than a decade, entered Parliament the same year and also live in the same neighbourhood.
“They have been friends for more than a decade and became neighbours earlier this year when Kwasi Kwarteng upped sticks to the same Greenwich street as Liz Truss. The move, which those who know them say is a sign of their close relationship, could be a dress rehearsal for when the foreign secretary becomes prime minister as predicted. Kwarteng and Truss, both 47, are said to have drawn up a pact to make him chancellor if she wins the Tory leadership election in just over a fortnight,” The Times reports.
According to the Washington Post, the chemistry between the two will mark the dawn of a departure from the sometimes frosted relationship between Britain’s past Prime Ministers and chancellors.
“They are so ideologically aligned that they co-wrote a pamphlet, “Britannia Unchained,” together with two other members of their 2010 cohort, Dominic Raab and Chris Skidmore.
“Their partnership would be a stark contrast to the poor relations between Number 10 (the prime minister’s office) and Number 11 (the chancellor’s) of the past few years. Rishi Sunak balked at Boris Johnson’s indifference to balancing the books, Sajid Javid resigned when Johnson claimed the right to nominate his advisors, and Theresa May and Philip Hammond were barely on speaking terms. If Kwarteng becomes chancellor, we will see a return to the more amicable days of David Cameron and George Osborne,” Washington Post adds.
Even though there is a rife report that Kwasi Kwarteng will be chancellor, Liz Truss’s campaign team says no decision has been made yet.
“As one of Ms Truss’ earliest backers, it is widely thought Mr Kwarteng will be handed one of the more senior cabinet positions, should she win.
“Reports have suggested he could become the next chancellor, but Ms Truss’ campaign team insist no decisions have been made yet,” BBC reports.
What Kwasi Kwarteng brings on board
Kwasi Kwarteng, who is currently the business secretary, will come in at a time when the cost of living in the UK is rising with energy bills also soaring high.
He has attributed this to Russia’s invasion of Ukraine adding however that measures will be implemented to bring relief to families once a new PM takes office.
“However, while our energy supplies are secure, no country is immune from rising prices – least of all Britain.
“I understand the deep anxiety this is causing. As winter approaches, millions of families will be concerned about how they are going to make ends meet. But I want to reassure the British people that help is coming.
“Right now, work is happening across government to assess all the options at our disposal to mitigate the worst effects of the gas crisis.
“And in just over two weeks’ time, our next prime minister will walk into 10 Downing Street ready to hit the ground running and deliver.
“On day one, the new prime minister will have the full information and analysis before them, allowing them to work up the best package measures that will help deal with the issue,” he wrote to The Mail on August 20.
The British-born Ghanaian has been hailed as possessing the right qualities to steer the affairs of UK as chancellor under right leadership.
“As business secretary, Kwarteng has matured and adopted more pragmatic views. Although he’s hardly a born-again supporter of industrial policy, he recognizes that governments can play a positive role in laying the groundwork for economic activities and in coping with externalities such as setting targets for net zero emissions.
“Everything will depend on what sort of leadership Liz Truss provides and what sort of Cabinet she creates. Will she recognize that new times demand new policies? Or will she simply serve up reheated Thatcherism? Will she create a Cabinet in which guiding assumptions are tested and different voices heard? Or will she follow Boris Johnson’s example of appointing a Cabinet of lightweights?
“Placed in the right context, Kwarteng’s obvious qualities — his powerful intellect and his big personality — could become a valuable asset,” The Washington Post reported on September 1.
Truss, who Kwasi Kwarteng backed in the UK PM race, looks to replicate the feat of former UK PM Margaret Thatcher has vowed to cut down on taxes to stimulate growth in the country’s economy.
Kwasi Kwarteng, in backing Liz Truss told ‘The Sun’ that “We have had a lot of tax rises and we can’t tax our way to prosperity.
“No country has ever done that. She [Liz Truss] is very much focused on wealth creation. What we can’t do is simply load our economy with lots of different taxes.
“I think there has to be a reset and there has to be a new path. Liz’s basic instinct on tax is right.
The UK PM race is being strongly contested by Liz Truss and former Chancellor Rishi Sunak with the winner set to be announced on September 5.
Liz Truss is seen as favorite to replace Boris Johnson.