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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 |
| (about 1 hour 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. |
| 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. | 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. | 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." | "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." | 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." |
| 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. | 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 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." | 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. | 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. |
| Analysis | |
| By David Wallace Lockhart, political correspondent | |
| Liz Truss and Kwasi Kwarteng once looked like a dream combination to lead a Conservative government: freedom-loving tax cutters who wanted to prioritise growth, who also happened to be long-term friends. | |
| But we know it didn't work out that way. And now Mr Kwarteng has pointed the finger of blame firmly at his former boss. He claims to have told her to take her foot off the gas after the mini-budget. | |
| This may raise some eyebrows, given that Mr Kwarteng told the BBC a few days after cutting taxes that there was "more to come". That may not have helped investor confidence. | |
| He insists that he remains friends with Ms Truss. But in this interview he does reveal elements of private conversations during his sacking that Ms Truss may well have preferred had stayed within the walls of Downing Street. | |
| He once toured TV studios insisting she would make a great prime minister. It doesn't feel like they're on as good terms now as they once were. | |
| And what next for Mr Kwarteng? It doesn't sound like he's going to be an awkward backbencher: he's pledging complete loyalty to Rishi Sunak. | |
| There was lots of detail in this interview, but it's important to remember that this is only one side of the events that took place as Ms Truss's premiership began to crumble. When will she break her silence? | |
| In the interview, Mr Kwarteng acknowledged he had to "bear some responsibility" for the pace of the changes. | 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". | 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". | 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". |
| The prime minister who resigned after just 45 days | |
| PM’s vision was right, says sacked chancellor | |
| Truss defends tax-cutting goals in farewell speech | |
| Ms Truss is yet to comment on her time in office since quitting Downing Street last month. | 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 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. | In an earlier interview, she said she took responsibility for going "too far, too fast" with the tax cuts in the mini-budget. |