Kwasi Kwarteng admits he and Truss ‘blew it’ and got ‘carried away’ with economic reforms
Former chancellor Kwasi Kwarteng has admitted he and Liz Truss “blew it” and got “carried away” with bringing in sweeping economic reforms.
The Tory MP said the low-tax, small-state plans they had were “very exciting” and he was fully behind them but accepts that the way they were executed was their downfall.
Mr Kwarteng announced his “mini” budget just 17 days after his good friend Ms Truss became PM and made him chancellor, which caused the markets to crash and him to be sacked – before Ms Truss was also forced to step down.
“It was very exciting, you felt you were part of a project,” he told the FT Weekend Magazine.
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As soon as she became PM, Ms Truss said she did not want any opinion polling as she felt politicians were obsessed with “optics”.
Despite advisers warning her and Mr Kwarteng that their plans would be seen as a “budget for the rich”, they were ignored.
Mr Kwarteng added: “People got carried away, myself included. There was no tactical subtlety whatsoever.”
He still believes the goal was correct but admitted: “Where we fell woefully short was to have a tactical plan.”
As the economic turmoil continued, despite the government U-turning on some of the recently announced policies, Mr Kwarteng went to IMF meetings in Washington as he did not want to cause more panic by not attending.
But he was called back early after, he and his allies believe, Cabinet Secretary Simon Case managed to persuade Ms Truss she had to reverse some of the measures to avoid economic ruin.
Mr Kwarteng was sacked by Ms Truss less than a month after the mini-budget. Pic: AP
When Ms Truss told him he could no longer be chancellor on 14 October, he says he told her: “I know, I’ve seen it on Twitter.”
Mr Kwarteng said he warned her he was a “firebreak” and getting rid of him would “make her weaker, not stronger”.
“She said she was doing this to save her premiership,” he told the FT.
Last month, Mr Kwarteng said he and Ms Truss are still “friends”.
But, he added: “My biggest regret is we weren’t tactically astute and we were too impatient.
“There was a brief moment and the people in charge, myself included, blew it.”
A 53-year-old man has been charged after a car was driven into a crowd at Liverpool FC’s trophy parade.
Paul Doyle, from the West Derby area of Liverpool, has been charged with seven offences, Merseyside Police said.
The businessman, who is a father-of-three, is accused of two counts of unlawful and malicious wounding with intent to cause grievous bodily harm, and two counts of causing unlawful and malicious grievous bodily harm with intent to cause grievous bodily harm.
Paul Doyle
Doyle is also accused of two counts of attempted unlawful and malicious grievous bodily harm with intent to cause grievous bodily harm, and one count of dangerous driving.
He is due to appear before Liverpool Magistrates Court on Friday.
The charges relate to six people, including two children. A wounding charge and an attempted grievous bodily harm charge relate to a child.
A police car was outside Doyle’s four-bedroom detached family home in the West Derby area on Thursday morning.
According to his social media, he has travelled extensively including Japan, Fiji, India and Australia. Doyle has posted pictures of himself competing in triathlons, and climbing Mount Kilimanjaro.
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New Liverpool incident footage
Thousands of fans were gathered in Liverpool city centre on Monday to celebrate the Premier League champions’ title win when a car struck a crowd on Water Street.
Police said a total of 79 people were injured in the incident, with the youngest aged nine, and the oldest being a 78-year-old.
Seven people remain in hospital in a stable condition.
Forensic officers at the scene in Water Street. Pic: PA
‘Huge volume of evidence’
Chief crown prosecutor for the CPS Mersey-Cheshire, Sarah Hammond, told a news conference on Thursday that the investigation was at an early stage and a “huge volume of evidence” was being reviewed.
“This includes multiple pieces of video footage and numerous witness statements. It is important to ensure that every victim gets the justice they deserve.
“The charges will be kept under review as the investigation progresses.”
Police ‘working tirelessly’
Also at the briefing where the charges were announced was Assistant Chief Constable of Merseyside Police, Jenny Sims, who said: “I fully understand how this incident has left us all shocked and saddened, and I know many will continue to have concerns and questions.
“Our detectives are working tirelessly, with diligence and professionalism, to seek the answer to all of those questions. When we are able to, we will provide further information.”
The youngest victim injured in the Liverpool parade crash on Monday is nine years old, police have said.
They added that the oldest is 78, with all 79 people injured understood to be British. Seven remain in hospital in a stable condition.
Merseyside Police declined to say what drug the 53-year-old man arrested over the incident is alleged to have taken.
“We wouldn’t go into this detail at this stage of the investigation,” the force said.
Police at the scene in Liverpool. Pic: AP
Forensic officers in Water Street. Pic: PA
Police are still questioning the driver and were granted further time to do so on Wednesday.
Officers have until Thursday evening to question the man from West Derby.
He is in custody on suspicion of attempted murder, dangerous driving and drug driving.
Police believe the car which struck pedestrians was able to follow an ambulance crew attending to someone suffering a heart attack after a road block was temporarily lifted.
Hundreds of thousands of Liverpool fans had turned out to celebrate their team’s Premier League title when the incident unfolded on Water Street just after 6pm on Monday.
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‘My boy in his pram, got bounced’
‘The best day of my life turned into worst’
Sky News interviewed a lifelong Liverpool fan who said his five-month-old son was “bounced” 15ft (4.6m) in his pram after they were hit by the vehicle.
The child was not counted in the police’s injury tally.
Daniel Eveson, 36, also said his partner had been driven over.
“The best day of my life turned into [the] worst,” Mr Eveson said.
He added: “Me and my partner were flat on the roof, on the bonnet… we were just both trying to hold on for dear life with Ted next to us.
“And my partner went under the wheels of the car, of the front of the car, and it rolled over her leg, and I just bounced off to the side, but my boy and his pram got bounced totally in the opposite direction – about 15ft down the road.”
Read more:
How the parade crash unfolded
Police given more time to question Liverpool suspect
Why police released ‘unprecedented’ details
Prime Minister Sir Keir Starmer travelled to Liverpool to meet with police chiefs and the local metro mayor.
He said he was being kept informed of developments, adding: “The scenes on Monday were just awful, to see how incredible joy at an amazing achievement turned to horror in a moment.”
Messages of support have been sent to the people of Liverpool, including from the King who said: “I know that the strength of community spirit for which your city is renowned will be a comfort and support to those in need.”
The Prince and Princess of Wales said they were “deeply saddened” by the incident.
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