Former Chancellor Kwasi Kwarteng delivers talks about his 49 days in the Treasury in this interview with Mark. He discusses why the UK is trapped in a doom loop of high taxes and low growth, shares his thoughts on Brexit's benefits and explains why panic killed his economic reforms. He gives his thoughts on Trump's policies, Britain's energy crisis, and what it really takes to succeed in business and politics. KEY TAKEAWAYS Kwasi shares how a network of unelected civil servants and...
Former Chancellor Kwasi Kwarteng delivers talks about his 49 days in the Treasury in this interview with Mark. He discusses why the UK is trapped in a doom loop of high taxes and low growth, shares his thoughts on Brexit's benefits and explains why panic killed his economic reforms. He gives his thoughts on Trump's policies, Britain's energy crisis, and what it really takes to succeed in business and politics.
KEY TAKEAWAYS
- Kwasi shares how a network of unelected civil servants and regulatory bodies has accumulated enormous power over the past 25 years, often working against elected government policies and maintaining the status quo regardless of which party is in power.
- The UK is trapped in a vicious cycle where high government spending forces higher taxes, which kills growth, leading to even higher taxes. The government now spends £1 trillion annually, all ultimately funded by the private sector.
- Kwasi admits three critical mistakes of the mini budget, moving too fast, cutting taxes without reducing spending and panicking when markets reacted negatively. The energy price intervention alone cost massive amounts in a brief discussion.
- Public sector spending cannot drive economic growth since it's funded by taxing the private sector. Real growth comes from encouraging entrepreneurship and commercial activity, not government investment.
- Brexit provides essential flexibility, despite implementation challenges, leaving the EU gives Britain the freedom to negotiate independent trade deals and avoid being bound by policies designed for 27 other countries with different economic needs.
- Net zero policies have made UK energy prices among the world's highest, killing industrial competitiveness. The windfall tax on North Sea oil and gas is particularly damaging to energy security and investment.
- Both in business and politics, success demands unwavering optimism and self-belief. Leaders must project confidence and energy, as people won't follow those who expect failure or constantly blame external factors.
BEST MOMENTS
"We went too far, too fast, and I think the worst thing you can do when things start going wrong... is when we started to panic."
"I said to the officials, I said, look, we've gotta be able to take 50 billion out of the spending. If I said to anyone in this room, you've gotta reduce your spending by 5%... most people should be able to do that."
"Our national debt in 2005... was 500 billion. 20 years ago it was 500 billion and now it's 2.7 trillion. It's completely nuts."
"The private sector pays for the public sector... someone, ultimately, many people in this room, I imagine, has to pay for it."
"If you don't believe in yourself, why should anyone else believe in you?"
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: Markhomer@progressiveproperty.co.uk
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
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