kwasi kwarteng phd thesis title

Political thought of the recoinage crisis of 1695-7.

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Kwasi Kwarteng, UK Chancellor of the Exchequer, his PhD thesis was ‘Political thought of the recoinage crisis of 1695-7’. It is not public.

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Kwasi Kwarteng's failure was to ignore his own doctoral thesis

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October 17, 2022

Want to understand the mini-Budget? Just look at Kwasi Kwarteng's education

Kwasi Kwarteng’s mini-Budget, announced on 23 September, has sent shockwaves through the public and the economy alike. His Conservative list of policies saw the top rate of income tax completely scrapped, caps on bankers’ bonuses removed, and a presumable increase in the UK’s national debt, all in order to grow Britain’s economy and end the cost-of-living crisis.

The sterling plummeted; and Labour’s popularity skyrocketed. The general election on the horizon now looks like a fight between ideologically right- and left-wing positions for the first time in decades. Behind it all is the Conservative drive of Kwarteng himself. It is rooted in a lifetime of serious study, a long intellectual formulation of this laissez-faire approach. The economics editor of The Guardian called the mini-Budget a ‘schoolboy error’: whether it proves an error or a success, it clearly finds its beginnings in Kwarteng’s schooldays.

Britain's Chancellor of the Exchequer Kwasi Kwarteng walks out of Number 11 Downing Street on his way to unveil an anti-inflation budget plan in London on September 23, 2022

Kwarteng’s education was a serious and ambitious proposition from the outset. His parents, a leading barrister and a centre-left economist, moved him from his local state school in Waltham Forest, to board at West London prep school Colet Court aged eight. As the son of Ghanaian immigrants, he told The Times in 2014, he had a ‘slight pressure to do well but then you internalise that; I wanted to do well at studies, I quite liked winning prizes’.

More specifically, he was teased for his ‘funny name’: but, when ‘you found a skill, people let you get on with it,’ he said. His response was hard work, and standout academic success from the beginning. He won the Harrow History Prize, a national history competition, then won a King’s Scholarship to Eton College, and at Eton won the Newcastle scholarship (a prestigious school philosophy exam which Boris Johnson had also won).

An Eton contemporary remembers him as ‘definitely one of the stars of the year - supremely confident, a bit nerdy.’ Confident indeed: 6 foot 4 inches and a school prefect, he famously ended his Cambridge interview by kindly reassuring the nervous young tutor ‘Oh, don’t worry, sir, you did fine’. Again, this success is put down to an awareness of racial dynamics. ‘The school was hugely racist in those days, in a very casual way,' opines the contemporary, 'so the Black/Asian students who really made it and cut through tended to be absolutely indomitably assured figures.’

Eton College, Windsor, Berkshire

At Eton he was already a notable politico: Kwarteng and his friend Danny Kruger, the Conservative MP and son of Prue Leith, were loud supporters of laissez-faire economics even then, ‘in a way that was quite noticeably unusual, even though we were all quite into our politics at Eton in those days’. Kwarteng has recalled another good friend who had posters of Margaret Thatcher, then Prime Minister, all over his walls.

At Trinity College, Cambridge, Kwarteng stayed out of the political scene. He first hit the papers on University Challenge in 1995, when he buzzed, panicked, and went ‘Oh f**k, I’ve forgotten [...] Oh f**k!’’, which led to a Sun article entitled ‘Rudiversity Challenge’ - nevertheless, Kwarteng and his team won the competition.

He befriended Tristram Hunt, future Labour shadow minister, and joined the Pitt Club, Cambridge’s elite dining society. ‘Everyone loved him,’ a source says to Tatler ; ‘he was really popular, very easy-going and fun. He wasn’t a swot, he’s just so clever; he gets it instantly.’ He read classics and history, in which he got a double first, and still composes Latin poetry. His tutor, Professor Tim Whitmarsh, described him as a ‘bit of a young fogey’, remembered seeing Kwarteng ‘in full brown tweed bumbling around with a pipe in his mouth on a baking hot day.’

‘He’s very cerebral, he thinks everything through very carefully,’ continues the source. ‘Nothing is done on an ad-hoc basis; he will have used proper economic historical precedent to form the Budget. He hasn’t plucked this out of thin air: this is a result of decades of research, understanding, looking at precedents, and deep thought.’ It is certainly an economic risk; but it is deep and long-calculated.

The top offices of state have all gone to non-white men for the first time in history

UK Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, on September 23, 2022 in Northfleet, England

Economic history would later become Kwarteng’s speciality: after attending Harvard on a Kennedy Scholarship, he returned to Cambridge for a PhD on ‘the recoinage crisis of 1695-97’. Although he joined J. P. Morgan when he failed to win an academic fellowship, and joined the government in 2010, Kwarteng is a historian in all but (chief) profession. While an MP he wrote Ghosts of Empire and the economic history War and Gold , as well as treatises on Conservative policy including the controversial Britannia Unchained (co-authors included Liz Truss and Dominic Raab).

Lady Swire called Kwarteng ‘essentially an academic' in Diary of an MP's Wife , and as a historian and a thinker, he is clearly a serious talent. In government, however, he has set out to be a pragmatist, not an ideologue: his mantra is ‘MSH’ (Making Sh*t Happen). Whether the laissez-faire ideas he formed in these hallowed institutions will work in practice as well as he finds they do in theory remains to be seen. It might be his riskiest intellectual experiment yet.

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The Rt Hon Kwasi Kwarteng

Kwasi Kwarteng was previously appointed Chancellor of the Exchequer from 6 September 2022 to 14 October 2022.

He was Secretary of State at the Department of Business, Energy and Industrial Strategy between 8 January 2021 and 6 September 2022.

He was previously Minister of State at the Department of Business, Energy and Industrial Strategy.

Kwasi was Parliamentary Under Secretary of State in the Department for Exiting the European Union from 16 November 2018 to 24 July 2019.

Kwasi read classics and history at Trinity College, Cambridge, and then attended Harvard University on a Kennedy Scholarship. He earned a PhD in economic history from the University of Cambridge in 2000.

Before becoming a Member of Parliament, Kwasi worked as an analyst in financial services.

Kwasi was elected the Conservative MP for Spelthorne in 2010. From 2010 until 2013 he was a member of the Transport Select Committee, and in 2013 he joined the Work and Pensions Select Committee where he was a member until 2015.

In October 2016 Kwasi joined the Public Accounts Committee, where he was a member until May 2017.

In 2015 Kwasi was appointed as Parliamentary Private Secretary to the Leader of the House of Lords, and in 2017 he became Parliamentary Private Secretary to the Chancellor of the Exchequer.

Personal life

Kwasi’s passions include history, music and languages. He has lived in and around London for most of his life. He has authored several books, including Ghosts of Empire, War and Gold and Thatcher’s Trial.

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Who is Kwasi Kwarteng and why is he quitting British politics?

The Conservative MP is best known for the financial chaos he unleashed during 38 days as chancellor of the exchequer.

This week, controversial UK Conservative Member of Parliament Kwasi Kwarteng announced his decision to step down from politics and will not be standing at the next general election which has to take place by January 28, 2025, but could be held this year.

Kwarteng, 48, has served as the member of Parliament for Spelthorne, Surrey, since 2010 and has also held senior cabinet positions in government. He is likely to be best remembered for the financial chaos he unleashed during his 38 days as chancellor of the exchequer in 2022.

“Yesterday I informed my Association Chair of my decision …” he wrote on X. “It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament.”

His post sparked a mixture of taunts and criticism from commentators and left-wing legislators, among them satirical congratulations for having managed to “wreck the economy” of a country in less than three weeks.

Who is Kwasi Kwarteng?

Kwarteng’s election to Parliament as a Conservative member for Spelthorne in the 2010 UK general election coincided with his party’s return to power after 13 years of Labour rule.

As then-Conservative Party leader David Cameron became prime minister in a Conservative-led coalition government with the Liberal Democrats, the London-born Kwarteng was just about to turn 35 and his future looked bright.

But other than having been born to highly accomplished immigrant parents from Ghana – his father was an economist and his mother a barrister – Kwarteng arrived in the House of Commons at Westminster with a CV typical of many Conservative politicians.

Indeed, like many of those who have taken high positions in a Conservative government before him, he was educated at the elite private school, Eton College, which he attended on a scholarship, and then at the University of Cambridge. A year as a Kennedy Scholar at Harvard University followed, and then a return to Cambridge where he completed a PhD in economic history in 2000.

Ten years later, and following spells as a financial analyst in the City of London and as a columnist for the right-wing newspaper, The Telegraph, Kwarteng, who has been married to solicitor Harriet Edwards since 2019, was elected to one of the oldest legislatures in the world.

Why was his time as chancellor so short and controversial?

By the time he was picked to be chancellor by then-Prime Minister Liz Truss in September 2022, Kwarteng, the first Black Briton to occupy this lofty office of state, had cut his teeth in other ministerial roles. Under the previous prime minister, Boris Johnson, he was secretary of state for business, energy and industrial strategy.

However, his time at the helm of the nation’s finances took a disastrous turn when the free-market champion presented a mini-budget to Parliament, which included 45 billion pounds ($56.85bn) of unfunded tax cuts for the rich, sending the financial markets into a meltdown.

Tim Bale, politics professor at Queen Mary University London, recalled that Kwarteng’s plans “crashed the pound, put pension funds under pressure and sent interest rates shooting up, costing anyone with a mortgage far more than before and shredding the Conservatives’ reputation for economic competence”.

As a result, Truss, who had been part of the 2010 Conservative Party intake, sacked her chancellor just 38 days after first appointing him.

Kwarteng’s replacement as chancellor, Jeremy Hunt, reversed most of his predecessor’s mini-budget, but the damage to Truss’s reputation also proved politically fatal. The crisis prompted her to fall on her sword after just 44 days in office, making Truss the shortest-serving prime minister and Kwarteng one of the shortest-serving chancellors in British political history.

How have people reacted to his decision to step down as an MP?

Kwarteng, likely aware that his announcement on X would prompt many Britons to robustly remind him of his inglorious past as head of the UK Treasury, opted to disable the reply function on his post.

But that did not stop the pile-on elsewhere, with opposition politicians quick to recall Kwarteng’s time as chancellor in 2022.

Jess Phillips, a member of Parliament from the opposition Labour Party, was scathing.

“Kwasi Kwarteng made everyone’s mortgages rise, his tenure as chancellor a dangerous embarrassment,” she wrote on X.

Other Britons on social media were equally mocking, including author Otto English who posted on X: “Kwasi Kwarteng leaves a remarkable legacy. And I have every faith that his achievement will live on for decades to come. After all, not many people can claim to have wrecked the economy of a major economy in under three weeks.”

Is Kwarteng the only Conservative MP to announce he is quitting at the next election?

Far from it. Kwarteng, who, despite it all, remains widely admired for his high intellect, is just one of more than 50 Conservative parliamentarians who have decided to bail out at the next UK general election.

According to Professor Bale, recent opinion polls indicating that the opposition Labour Party will electorally wipe out the Conservatives, have made many of the party’s sitting legislators all too aware of “which way the wind appears to be blowing”.

“Many of them prefer to jump before they’re pushed by their voters – it’s easier on the ego and means they get a head-start in the post-Westminster job market, which is never as big as many assume,” said Bale.

He added, “Opposition in the UK political system is a pretty thankless task – you’ve virtually zero influence on policy and, until you look like winning again, even those journalists who used to take you out for lunch all the time lose interest in anything you have to say.”

Kwasi Kwarteng's rise and fall, from Eton scholar to chancellor

Political reporter @alixculbertson

Saturday 15 October 2022 11:04, UK

Kwasi Kwarteng's stint as chancellor was perhaps as short as his rise to the top of politics was swift.

Mr Kwarteng was promoted to chancellor by Liz Truss on 6 September from his previous post as business secretary under Boris Johnson.

Within 38 days he had been sacked, his downfall set in motion by the economic turmoil unleashed by his mini-budget .

Kwarteng returns to backbenches - politics updates

He insisted his tax-cutting mini-budget was the best way to encourage growth, saying the turmoil in the UK economy was part of global pressures caused by the Ukraine war and the pandemic recovery.

But after open revolt among Tory MPs and a surge in the polls for Labour forced U-turns on two of his major policies, the prime minister decided it was time for him to go.

Mr Kwarteng is not used to failure, rising up the political ranks fairly quickly after becoming an MP in 2010 - although that did take a few attempts.

More on Kwasi Kwarteng

Former chancellor Kwasi Kwarteng to stand down as MP at next election

Liz Truss resignation honours revealed as Kwasi Kwarteng and cabinet miss out

From Sir Keir Starmer's glitter to Margaret Thatcher's vow: 11 conference moments that made headlines

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• Kwasi Kwarteng

He is also no stranger to causing controversy and sticking to his guns.

There are multiple reports of him clashing with the Treasury - he vocally backed Owen Paterson during the lobbying scandal that engulfed the former MP, and he has come in for criticism for defending visiting foreign autocratic regimes, saying it was better than "shouting from the sidelines".

Although he won his seat on a David Cameron/George Osborne ticket, he upset his bosses by advocating cutting the VAT rate to 15% by adding the charge to children's clothes and food, and also criticised the chancellor's Help to Buy housing scheme as inflationary.

But his close friendship with Ms Truss - with the pair even becoming neighbours on the same street in Greenwich - secured him a spot not only in the Treasury, but in history as the first black chancellor of the UK.

Eton to the City

Mr Kwarteng was born in 1975 in Waltham Forest, east London to Alfred and Charlotte, who had emigrated from Ghana to the UK as students in the 1960s and became an economist and barrister respectively.

An only child, he attended a state primary school before his parents sent him to a private school.

He then won a scholarship to Eton College before heading to Trinity College, Cambridge where he achieved a first-class degree in classics and history - and was also a member of its winning University Challenge team.

After Cambridge, he won another scholarship to Harvard University then returned to Cambridge to study for a PhD in economic history.

His first career was as a journalist, writing columns for the Daily Telegraph, before he headed to the City where he worked as a financial analyst for big companies such as JP Morgan.

He ran for the seat of Brent East in the 2005 general election but came in third.

Mr Kwarteng then moved to chair one of the oldest think tanks in the UK, the Bow Group and in 2008 made the Conservative list of candidates for the London Assembly in 2008, but didn't manage to secure a place.

In 2010, he secured a comfortable 22,000 majority in Spelthorne, Surrey, and had been on the rise since.

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