UK’s Economic Crisis and Kwasi Kwarteng
by Vennisa Owusu-Barfi
Impending Recession
Source: The Guardian
With the British economy on the brink of a recession, one man has stood in the middle of the crossfire and has been described as a scapegoat for the poor economic policies of the government headed by Prime Minister Liz Truss. With the Bank of England pedicting 5 successive quarters of recession leading up to the end of 2023, this is the UK’s worst economic performance in 50 years.1
Background
Born in London to Ghanaian immigrant parents, Kwasi Kwarteng slowly rose through the ranks to become the UK’s first black finance minister (or officially, Chancellor of the Exchequer). After earning his PhD in economic history from University of Cambridge, he earned his reputation as a rising star to his seat on Truss’ cabinet in September of 2022.2
In less than 3 months however, Kwarteng was fired from his position amid swift actions taken by the prime minister to restore investor confidence in the UK stock market and also voter confidence in her government.3
Source: www.forbes.com
Reactions
The reactions from Africans and the African diaspora have been rather mixed. There are some who believe that Kwarteng is being treated as a scapegoat by Truss while others believe that his economic policies are wholly responsible for the collapsing British economy. Many have countered this belief, citing that these same policies were proposed by Truss in her campaign before her appointment of Kwarteng.
Other groups go as far to paint racial undertones in Truss’ decision and have sparked discussions on race in UK politics and society.4
Sources:
The British economy is headed for a perfect storm - prospect magazine. (n.d.). Retrieved October 17, 2022, from https://www.prospectmagazine.co.uk/magazine/the-british-economy-is-headed-for-a-perfect-storm-recession
Child, D. (2022, September 22). UK's first black chancellor inherits 'once-in-a-lifetime' crisis. Politics News | Al Jazeera. Retrieved October 17, 2022, from https://www.aljazeera.com/news/2022/9/22/who-is-kwasi-kwarteng-and-what-is-his-plan-for-the-uks-economy
BBC. (n.d.). Truss confirms new tax U-turn and insists she will stay as PM. BBC News. Retrieved October 17, 2022, from https://www.bbc.com/news/live/uk-politics-63221738
Ongore, V. (2022, October 16). Did a mixture of incompetence and racism lead to Liz Truss's firing of exchequer Kwasi Kwarteng? The Standard. Retrieved October 17, 2022, from https://www.standardmedia.co.ke/opinion/article/2001458235/was-british-exchequer-kwasi-kwarteng-fired-because-of-skin-colour-or-incompetence