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

MeNews · 2026-04-09T18:10:18+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, stating there is insufficient focus on Bitcoin. Kwarteng is now involved in Stack BTC operations and holds multiple bitcoins.

MeNews

2026-04-09 18:10:18

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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, Kwasi 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)

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