Kwarteng became an MP in 2010, representing the constituency of Spelthorne in south west London.
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In a statement on X, formerly Twitter, he said: “Yesterday (5 February), 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.”
Kwarteng held several ministerial roles from 2018, including under-secretary of state for exiting the European Union, minister for business, energy and clean growth, and secretary of state for business, energy and industrial strategy.
He was named chancellor by former prime minister Liz Truss, who made history as the shortest serving prime minister.
Kwarteng’s appointment was also short-lived, as he was dismissed after 38 days in the role on 14 October 2022, following his Mini Budget on 23 September 2022.
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The Mini Budget was responsible for briefly plunging the pound to its lowest ever level against the US dollar and for causing a meltdown in the liability-driven investment (LDI) market.
Kwarteng was then succeeded by current chancellor Jeremy Hunt.
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