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

MeNews · 2026-04-09T12:52:18+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 political short-termism and says there is insufficient attention to Bitcoin. Kwarteng is now involved in Stack BTC operations and holds multiple bitcoins.

MeNews

2026-04-09 12:52:18

Abstract generation in progress

ME News Report, April 5 (UTC+8), Kwasi Kwarteng, who briefly served as the UK Chancellor of the Exchequer for a few weeks in September 2022, warned that the UK is now caught in a fiscal “vicious cycle,” where spending exceeds tax revenue, and the rising taxes will ultimately “stifle economic momentum.” He also criticized the widespread short-termism in politics and markets. Additionally, Kwarteng pointed out that during his tenure, “the Treasury and the Bank of England are aware of Bitcoin and digital assets, but their attention to them remains very low,” indicating that the UK is reluctant to embrace innovation. Kwarteng is currently involved in the operation of Stack BTC, a UK-based Bitcoin financial company that holds 31 Bitcoins on its balance sheet. Nigel Farage, leader of the UK Reform Party, owns a 6% stake in the company. (Source: Foresight News)

BTC1.11%

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.