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I told Liz Truss she was going too fast, says Kwasi Kwarteng I told Liz Truss she was going too fast, says Kwasi Kwarteng
(32 minutes later)
Former chancellor Kwasi Kwarteng has said he warned Liz Truss she was going too fast with her ill-fated economic plans.Former chancellor Kwasi Kwarteng has said he warned Liz Truss she was going too fast with her ill-fated economic plans.
In his first interview since he was sacked by the then PM, Mr Kwarteng told TalkTV he had warned her to "slow down" after September's mini-budget.In his first interview since he was sacked by the then PM, Mr Kwarteng told TalkTV he had warned her to "slow down" after September's mini-budget.
He said he told her it was "mad" to fire him and she would only last "three or four weeks" if she did. He said he told her it was "mad" to fire him, and she would only last "three or four weeks" if she did.
"Little did I know it was only going to be six days," he added."Little did I know it was only going to be six days," he added.
Mr Kwarteng was dramatically fired by Ms Truss in October, two weeks after their tax-cutting mini-budget sparked turmoil on financial markets.Mr Kwarteng was dramatically fired by Ms Truss in October, two weeks after their tax-cutting mini-budget sparked turmoil on financial markets.
After abandoning almost all of the plan in a bid to stay in power, she announced her resignation a few days later after support from Tory MPs ebbed away. She then ditched almost all of the plan in a bid to stay in power, but announced her resignation a few days later after support from Conservative MPs ebbed away.
Speaking to TalkTV Mr Kwarteng said that he had warned Ms Truss about going at a breakneck speed with economic measures after the mini-budget.
"She said, 'Well, I've only got two years' and I said, 'You will have two months if you carry on like this'. And that is, I'm afraid, what happened."
He also said: "I think the prime minister was very much of the view that we needed to move things fast. But I think it was too quick."
The prime minister who resigned after just 45 daysThe prime minister who resigned after just 45 days
PM’s vision was right, says sacked chancellorPM’s vision was right, says sacked chancellor
Truss defends tax-cutting goals in farewell speechTruss defends tax-cutting goals in farewell speech
In the interview he acknowledged he had to "bear some responsibility" for the pace of the changes, which were "too quick". Speaking to TalkTV, Mr Kwarteng said that he had warned Ms Truss about going at a "breakneck speed" with economic measures after the mini-budget.
He also revealed he found out he was going to be sacked when he saw a journalist tweeting about it while he was in the car going to Downing Street, after being summoned back from a trip to the US. "She said, 'Well, I've only got two years' and I said, 'You will have two months if you carry on like this'. And that is, I'm afraid, what happened."
He said he had told her: "Prime ministers don't get rid of chancellors." He also said: "I think the prime minister was very much of the view that we needed to move things fast. But I think it was too quick."
The former chancellor said he did not think the prime minister could fire him "just for implementing what she campaigned on." Mr Kwarteng, a longtime political ally and friend of Ms Truss, revealed the then-PM was "distressed and emotional" when she called him in to be fired, after summoning him back from a trip to the US.
He also revealed he found out he was going to be sacked when he saw a journalist tweeting about it while he was in the car going to Downing Street.
He said he had told her: "This is mad. Prime ministers don't get rid of chancellors."
The former chancellor said he did not think the prime minister could fire him "just for implementing what she campaigned on" during her summer Tory leadership campaign.
Kwasi Kwarteng was appointed by Liz Truss after backing her tilt at the Tory leadership
In the interview, Mr Kwarteng acknowledged he had to "bear some responsibility" for the pace of the changes.
Asked whether he would like to apologise to homeowners facing higher mortgage costs after the mini-budget, he replied: "I don't want to relive the past, I just want to focus on where we are next week. There was turbulence, and I regret that".
He insisted he and Ms Truss were "still friends" - adding that they last spoke around a week ago. He revealed he had still not returned a missed call from her two days ago but added "I will call her back".
Ms Truss is yet to comment on her time in office since quitting Downing Street last month.
In a resignation speech outside No 10, she defended her lower-tax vision for the UK, insisting "We simply cannot afford to be a low-growth country where the government takes up an increasing share of our national wealth."
In an earlier interview, she said she took responsibility for going "too far, too fast" with the tax cuts in the mini-budget.