Kwasi Kwarteng: “What a day. It has been tough…no more distractions, we have a plan and we need to get on and deliver it.”#CPC22 
KK: “With economic growth everybody benefits and I mean everybody.”
KK: “the path we were on was clearly unsustainable. That’s why we’re cutting taxes for working people.”
Kwarteng: “I know the plan put forward ten days ago has caused a little turbulence.” Some awkward laughs in the audience. Given the chaos in the mortgage markets I wonder if by the end of the day that understatement will not only be on every news bulletin but feel ill judged.
Chancellor then says govt approach will be “backed by an iron clad commitment to fiscal discipline.” Which a) does not align with growth package last week which is anchored in unfunded tax cuts b) is another hint of departmental spending cuts to come.
Still remarkable to hear a Conservative Chancellor, after 12 years of Conservative government talking about rejecting the idea of “slow managed decline”
Kwarteng’s biggest applause is for pledging to “replace and repeal EU law which is holding our country back.”
Kwarteng: “I am unashamedly a pro-business Conservative.”
The speech showed that the government still isn’t willing to accept that its actions prompted much of the market unrest in the wake of the mini-budget. As a result of that it leads to comments like the “bit of turbulence line”- thereby prolonging political pain.
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