Mr Kwarteng was the architect of Liz Truss's ill-fated mini-budget. Photo: REUTERS
Kwasi Kwarteng, the former chancellor, has announced he will leave parliament at the next election.
Mr Kwarteng, an ally of Liz Truss and the architect of her ill-fated mini-budget, said he had briefed the decision association of his constituency on Monday. that he will not stand in the upcoming general election.
The Surrey MP for Spelthorne tweeted:
Yesterday I informed the chairman of my association of my decision not to stand in the next general election. It has been an honor to serve the people of Spelthorne since 2010 and will continue to do so for the remainder of my time in Parliament.
— Kwasi Kwarteng (@KwasiKwarteng) February 6, 2024
Mr Kwarteng was Minister for Business for more than a year under Boris Johnson before being appointed chancellor under Ms Truss, where he served for just 38 days.
The pound fell and interest rates rose due to the financial fallout. from a tax-cutting mini-budget chaired by Mr Kwarteng.
This is seen as one of the key reasons why Ms Truss's administration ended after just 49 days, making her the shortest-serving prime minister. minister in history.
Mr Kwarteng returned to the UK from Washington DC and was sacked by Ms Truss in her final days as No 10 in October 2022.
In an interview with The Telegraph last year, he said of his time at No. 11: “It’s a shame it ended the way it did. As I learned from some World War II veterans I knew, there was no problem that could be solved by panic. Stay calm and try to make a plan. I felt like that's what we should do.
“I wanted to stick it out. But I was not given such an opportunity. I was thrown under the bus, and she was hit by the next one. It was strange. Her head was not in the right place to take on this role.”
Mr Kwarteng has been MP for Spelthorne since 2010 and won a majority of 18,393 at the 2019 election.
During his time at Westminster, he also served as Business Secretary and Brexit Secretary.
This comes a week after Mike Freer, MP for Finchley and Golders Green, announced that he would not stand again due to threats to his personal safety.
Other Conservative MPs who will not stand again include Dominic Raab, the former foreign secretary, and Douglas Ross, the leader of the Scottish Conservatives.