Kwasi Kwarteng to step down as MP after making everyone’s mortgages rise

“After making a bonfire of the economy and saddling us all with enormous mortgages, Kwasi taps out.”

Former chancellor Kwasi Kwarteng has announced that he is stepping down as an MP at the next general election.

The MP for Spelthorne posted on X that it had been an ‘honour to serve the residents of Spelthorne since 2010’.

Kwarteng was sacked as chancellor by Liz Truss after their disastrous mini-budget of £45bn of unfunded tax cuts crashed the economy and sent the pound plunging in value, leading to a spike in interest rates and the near-collapse of the UK’s pensions industry, while also adding hundreds of pounds to people’s mortgage bills.

He lasted just 38 days in the role, before he was sacked as chancellor.

Kwarteng said on X: “Yesterday I informed my Association Chair of my decision not to stand at the next General Election.

“It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament.”

Reacting to the news of him stepping down, Labour MP Jess Phillips posted on X: “Kwasi Kwarteng made everyone mortgages rise, his tenure as chancellor a dangerous embarrassment. I was stood next to him when I received news that my cat had been hit by a car and forever this association for which he is (as best I know) blameless is what I associate with him.”

Nels Abbey said: “After making a bonfire of the economy and saddling us all with enormous mortgages, Kwasi taps out. End of an era. Adios @KwasiKwarteng, satirists and banks thank you for your service.”

Basit Mahmood is editor of Left Foot Forward

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