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

MeNews · 2026-04-09T07:57:21+00:00

ME News report, April 5 (UTC+8): Kwasi Kwarteng, who briefly served as UK Chancellor for a few weeks in September 2022, warned that the UK is now caught in a “vicious cycle of fiscal wrongdoing,” where money spent is more than money collected in tax revenue, and the ever-increasing taxes will ultimately “crush the motivation behind economic activity.” He also criticized the widespread short-termism in both politics and the market. In addition, Kwasi Kwarteng said that during his time in office, “the Treasury and the Bank of England are aware of Bitcoin and digital assets, but their current level of attention toward them remains very low,” and he believes the UK is unwilling to embrace innovation. Kwarteng is currently involved in the operations of Stack BTC, a UK-based Bitcoin financial company whose balance sheet holds 31 Bitcoins, leader of the UK Reform Party.

MeNews

2026-04-09 07:57:21

ME News update, on April 5 (UTC+8), Kwasi Kwarteng, who briefly served as UK Chancellor of the Exchequer for a few weeks in September 2022, warned that the UK is now caught in a fiscal “vicious cycle,” spending more money than it collects in tax revenue, and that ever-increasing tax receipts will ultimately “choke the economy’s momentum.” He also criticized the widespread short-termism in politics and markets. In addition, Kwasi Kwarteng pointed out that during his tenure, “the Treasury and the Bank of England understood Bitcoin and digital assets, but their attention to them remains very low,” and he believes the UK is unwilling to embrace innovation. Kwarteng is currently involved in the operation of Stack BTC, a UK Bitcoin finance company whose balance sheet holds 31 bitcoins; UK Reform Party leader Nigel Farage holds 6% of the company. (Source: Foresight News)

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