Kwasi Kwarteng is a British politician who has held top roles including Chancellor of the Exchequer and Business Secretary.
Biography
Akwasi Addo Alfred Kwarteng was born on 26 May 1975 in London to parents who came from Ghana. He went to Eton College, one of the top schools in Britain. Later, he studied classics and history at Trinity College, Cambridge. He earned a PhD in economic history around the year 2000. Before entering politics, he worked as a financial analyst and wrote articles.
Career
Kwarteng became Member of Parliament for Spelthorne in 2010 and kept that seat until May 2024. Over time, he took on ministerial roles. In November 2018 he was made Parliamentary Under-Secretary for Exiting the European Union. Under Prime Minister Boris Johnson, he became Minister of State for Business, Energy and Clean Growth, and later Secretary of State for Business, Energy and Industrial Strategy (from January 2021 to September 2022).
When Liz Truss became Prime Minister in September 2022, she made Kwarteng Chancellor of the Exchequer. In that role he introduced a “mini-budget” with major tax cuts and changes. But markets reacted badly: the pound fell, interest rates rose, and confidence weakened. After just 38 days, Truss dismissed him as Chancellor in October 2022. He did not stand again for Parliament in the 2024 election.
Personal Life
Kwarteng is known as a private person. Before marrying, he was in a relationship with a public figure. In December 2019, he married Harriet Edwards, who works in law. Their daughter was born in 2021. He has lived in London and also bought a home in Greenwich. He is a member of private social clubs and tends to keep his family life out of the public eye.
Net Worth
Estimates say Kwasi Kwarteng’s net worth lies between £800,000 and £1.5 million. His income sources include his salary as an MP, payments for ministerial posts, royalties from books, and possible income from past work in finance and consulting.
