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

MeNews · 2026-04-09T01:58:18+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 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 01:58:18

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ME News update, April 5 (UTC+8). Kwasi Kwarteng, who briefly served as the UK’s Chancellor of the Exchequer for a few weeks in September 2022, warned that the UK is now trapped in a fiscal “vicious cycle.” Money spent is more than tax revenue, and ever-increasing taxes will ultimately “stifle the economy’s momentum.” He also criticized the pervasive short-termism in politics and in the markets. In addition, Kwasi Kwarteng said that during his time in office, the Treasury and the Bank of England understood Bitcoin and digital assets, but that at present their attention to them is still very low, which he believes shows 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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