Kwasi Kwarteng named as new chancellor

Kwasi Kwarteng has been appointed chancellor of the Exchequer by Liz Truss, following her appointment as prime minister on 5 September. 

Kwarteng was previously secretary of State at the Department of Business, Energy and Industrial Strategy between 8 January 2021 and 6 September 2022.

Before becoming a member of parliament, Kwarteng worked as an analyst in financial services.

In his new role as chancellor, his responsibilities cover:

• fiscal policy (including the presenting of the annual Budget)
• monetary policy, setting inflation targets
• ministerial arrangements (in his role as Second Lord of the Treasury)
• overall responsibility for the Treasury’s response to Covid-19

According to The Times, the new chancellor has now “embarked on a charm offensive” with the City of London, telling executives that the government wants to boost the financial services sector with reforms described as similar to Margaret Thatcher’s deregulation.

Kwarteng reportedly used his first day in the role to hold talks with the bosses of the City’s biggest lenders, insurers and asset managers to discuss future reforms.

He has also met with the governor of the Bank of England, Andrew Bailey, and said the Bank’s independence is “sacrosanct as we work together to overcome cost of living challenges”.

In his new role, he has reinstated regular, bi-weekly meetings with Bailey to “coordinate our ongoing response”.