The Chancellor Kwasi Kwarteng is to deliver a mini‐budget this morning which is expected to introduce tax cuts and energy bills support.

On Thursday, Mr Kwarteng announced that the 1.25 percentage point rise in national insurance will be reversed from 6 November.

With the cost of living crisis biting, the spotlight will be on the Chancellor to see what he can do to help those struggling to make ends meet.

So who is Kwasi Kwarteng? Here’s what you need to know about the Chancellor.

What can we expect from the mini-budget?

As well as the above, measures could include cutting stamp duty for property purchases and scrapping a planned rise in corporation tax.

It is also expected that Mr Kwarteng will end the cap on bankers’ bonuses.

The Prime Minister Liz Truss has repeatedly pledged she will slash taxes to help drive growth.

On the reversal of the national insurance levy Mr Kwarteng has said:

“Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.

“Cutting tax is crucial to this – and whether businesses reinvest freed-up cash into new machinery, lower prices on shop floors or increased staff wages, the reversal of the Levy will help them grow, whilst also allowing the British public to keep more of what they earn.”

More on Kwasi Kwarteng

Who is Kwasi Kwarteng?

Mr Kwarteng was born in Waltham Forest, north-east London, in 1975, to an economist father and a barrister mother. His parents emigrated from Ghana as students.

After attending an independent prep school in London he won a scholarship to Eton College, where he was awarded the Newcastle Scholarship prize awarded to the highest performer in a week-long series of written exams.

He went on to read classics and history at Trinity College, Cambridge and was awarded a First in both subjects.

During his time there he twice won the Browne Medal awarded for Latin and Greek poetry. He was also on the winning team in University Challenge.

He attended Harvard University in the United States and then earned a PhD in economic history from the University of Cambridge in 2000.

There was a brief career as a columnist at the Daily Telegraph before he moved into finance working as an analyst for the likes of JP Morgan and other investment banks.

How did he break into politics?

After an early failed attempt to stand as a Conservative MP, he went on to be selected as the candidate for the Surrey seat of Spelthorne, winning the seat in 2010.

After Boris Johnson’s victory in the 2019 Conservative leadership election, he became Business Secretary. He was made Chancellor by Liz Truss when she became leader of the Conservative party and Prime Minister.

Mr Kwarteng, who backed Brexit, is on the right of the Conservative party.

He has written several books. In 2012 he co-authored Britannia: Unchained with his fellow new parliamentarians, including Ms Truss and Dominic Raab, which described British workers as “among the worst idlers in the world”.

During the leadership race, Ms Truss insisted that Mr Raab, a key Rishi Sunak supporter, wrote that particular chapter.

According to i’s Richard Vaughan, those who have sat in meetings with Mr Kwarteng during his time as business secretary, say he has been described as “impatient” and does not suffer fools.”

Standing at 6ft 5in, he is regarded as one of the biggest brains in the Conservative party. He writes poetry in Latin for fun and also speaks German, Greek and French.

His time on University Challenge saw him get into hot water as he swore twice saying f*** which was broadcast to the nation and earned the then 19-year-old an early appearance in the press with The Sun article headlined ‘Rudiversity Challenge’ detailing the swearing slip.

Mr Kwarteng, who is described as an “intensely private” person was once in a relationship with former Conservative Home Secretary, Amber Rudd.

In 2019, he married City solicitor Harriet Edwards. Their daughter was born in October 2021.

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