Kwasi Kwarteng Wiki
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Who is Kwasi Kwarteng?
Kwasi Alfred Addo Kwarteng is a British Conservative Party politician who has served as Secretary of State for Business, Energy and industrial Strategy since 2021. He has been a Member of Parliament for Spelthorne since 2010.
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Business Secretary Kwasi Kwarteng (left) struck a different tone
Kwasi Kwarteng risked stoking tensions with Rishi Sunak today as he insisted that tax increases are not “inevitable” to achieve Net Zero’s goals.
The commerce secretary took a different tone after a Treasury assessment warned that new taxes will be needed to cover the costs of the transition.
Sunak department analysis
He also said he did not “accept” that electric car subsidies were a bummer to the wealthy, as the Sunak department analysis suggested.
And Mr. Kwarteng dismissed recent “useless” Treasury briefings against him over bailouts for energy-intensive companies.
The comments, in a round of interviews this morning, come amid signs of growing friction between Sunak and Boris Johnson’s allies.
Government cannot Borrow to Finance
Alongside the prime minister’s strategy to decarbonize Britain by 2050 yesterday, the Treasury released a stern assessment warning that the government cannot borrow to finance the costs of the transition.
He warned that tax increases would be needed to fund state investment and that a way will have to be found to fill in the remaining black hole as 37 billion pounds of fuel tax revenue disappears.
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Quick and Facts
- Kwasi Kwarteng has insisted it is not ‘inevitable’ taxes will rise due to Net Zero after Treasury highlighted risk
- Boris Johnson is gambling on turning Britain green – despite fears the bill could hit more than £1 trillion
- Unveiling a new ‘Net Zero’ strategy yesterday, he said Britain would ‘lead the charge’ against climate change
- Treasury is warning that sprint to go green has hefty price tag and could lead to inflation and higher taxes
- Heating bills are likely to rise – possibly by more than 50 per cent – as households ditch gas boilers
