Former UK Chancellor warns of a "vicious cycle" in finance, criticizing the government for neglecting Bitcoin innovation

MeNews · 2026-04-09T05:23:48+00:00

Kwasi Kwarteng warns that the UK is caught in a vicious cycle of fiscal imbalance, with spending exceeding revenue, which could suppress the economy. He criticizes short-termism in politics and says there is insufficient attention to Bitcoin. Kwarteng is now involved in Stack BTC operations and holds multiple bitcoins.

MeNews

2026-04-09 05:23:48

Abstract generation in progress

ME News message, April 5 (UTC+8), Kwasi Kwarteng, who briefly served as UK Chancellor of the Exchequer for a few weeks back in September 2022, warned that the UK is now trapped in a fiscal “vicious cycle”—spending more money than it takes in through tax revenue—and that ever-rising taxes will ultimately “stifle the drive of the economy.” He also criticized the widespread short-termism in politics and the market. In addition, Kwasi Kwarteng pointed out that during his tenure, “the Treasury and the Bank of England understand Bitcoin and digital assets, but their level of attention toward them is still very low,” and he said he believes the UK is unwilling to embrace innovation. Kwarteng is currently involved in the operations of Stack BTC, a UK Bitcoin financial company whose balance sheet holds 31 Bitcoins; Nigel Farage, leader of the Reform Party, holds 6% of the company. (Source: Foresight News)

BTC-2.29%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.