London Daily

Focus on the big picture.
Tuesday, Aug 05, 2025

Kwasi Kwarteng: I'm not going anywhere, says chancellor

Kwasi Kwarteng: I'm not going anywhere, says chancellor

Chancellor Kwasi Kwarteng has insisted he is "not going anywhere", despite the market turbulence he admitted was caused in part by his policies.

Asked if he and PM Liz Truss would still be in their jobs this time next month, he said: "Absolutely, 100%."

Mr Kwarteng also sidestepped questions about whether he would U-turn on parts of his mini-budget, saying: "Our position hasn't changed."

He is facing growing calls from Tory MPs to rethink his tax-cutting package.

Discussions are under way between the prime minister and backbenchers about what her party can accept.

The mood among Tory MPs is angry and fatalistic. "It's checkmate, we're screwed," one told the BBC.

"There is no question in my mind, they'll have to junk loads of this stuff and U-turn," another said.

Some think the government's tax-cutting plans should be reversed, while others think the help with energy bills should be more targeted.

Other scenarios being discussed by Tory MPs include the chancellor resigning or the prime minister being ousted.

However, there is little agreement on what should happen next or who should replace Ms Truss if she is removed.

The government has already U-turned on its plan to scrap the top rate of income tax, but this only made up £2bn of the tax cuts announced by the chancellor last month.

He is under pressure to spell out how the remaining £43bn will be paid for, and how he will get the UK's national debt falling.

Mr Kwarteng is due to deliver a statement on 31 October, along with independent economic forecasts.

Pressed on whether there could be further U-turns on his mini-budget, Mr Kwarteng, who is in Washington for an IMF meeting, said there would be more detail on 31 October.

Asked about the possibility corporation tax could rise, Mr Kwarteng said he was "totally focused" on delivering his mini-budget.

Ms Truss has pledged to scrap a planned rise to the tax, which was set to increase from 19% to 25% in 2023.

On Wednesday, she said it would be "wrong" to raise corporation tax "when we are trying to attract investment into our country at a time of global economic slowdown".

In an interview with Sky News, former Home Secretary Priti Patel said the market would now "dictate" the prime minister's decision on corporation tax "primarily because we want to see stability".

The pound rose against the dollar as rumours emerged about a possible government U-turn.

However, it later fell back after stronger-than-expected inflation data from the US drove up the value of the dollar.

In an interview in the Daily Telegraph, when asked about the market response to the speculation of a U-turn on corporation tax, Mr Kwarteng said: "Let's see."

However, he added that he still thought ensuring "competitive" tax rates for businesses was a "great idea".

The chancellor's mini-budget on 23 September has caused turmoil in the financial markets and prompted the Bank of England to intervene to protect pension funds.

Mr Kwarteng acknowledged there was "some turbulence" after his mini-budget but said there was "a very dicey situation globally", with inflation, potential interest rate rises and energy price spikes affecting everybody.


Watch: I am not going anywhere - Kwasi Kwarteng


Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
×