Kwasi Kwarteng will not stand at general election after being humiliated when he was sacked by Liz Truss
KWASI Kwarteng, the former Chancellor who oversaw Liz Truss' disastrous mini budget, will stand down at the next election.
In a post on X today, Mr Kwarteng insisted he will "continue to serve" the residents of his Spelthorne constituency until the end of this parliament.
He said: "Yesterday I informed my Association Chair of my decision not to stand at the next General Election.
"It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament."
Mr Kwarteng rose to fame after being fired as Chancellor just 38 days into the job.
He is the second shortest-serving Chancellor in history, with his stint in No11 only being beaten by Iain Macleod's 30 days in 1970.
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The 48-year-old was largely responsible for the September 2022 mini budget, which sent mortgages soaring and the pound plummeting.
He later claimed ex-PM Truss ignored his warnings to “slow down” their doomed economic plans - and that she was “mad” to sack him.
The former Chancellor told TalkTV he regretted trying to do “too much, too fast” after unleashing a tax-cutting mini-Budget that sent the markets into meltdown.
He admitted there had been “no real tactical plan” and they should have adopted “a much more measured approach”.
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Today's announcement comes as Liz Truss is set to launch the latest Tory splinter group "Popcon".
Short for "Popular Conservatism", the faction of MPs will call on Rishi Sunak slash taxes and shrink the size of the state.
Popcon is backed by senior Tories including Sir Jacob Rees-Mogg and firebrand Deputy Tory Chairman Lee Anderson.