Brexiteer claims Remainers to blame for run on the pound

Kwasi Kwarteng grilled by Kuenssberg over tax cuts

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A Brexiteer has claimed Remainers are to blame for the recent run on the pound. The currency fell to a record low against the dollar following the announcement of the biggest tax cuts in half a century.

New Chancellor Kwasi Kwarteng said his statement provided the “biggest package in generations”.

He announced a £45billion package to help with the cost of living crisis.

After this, sterling fell close to $1.03 on Monday, before rising to $1.08.

Since this time, a blame game has ensued as to why the record low was hit.

Brexiteer Crispin Odey has insisted the run was caused by Remainers in the City of London who “hate” the Government.

He told the Telegraph: “I never felt the kind of hate that Friday stirred up for a long time.

“Amongst lots of friends of mine who are Remainers, they just decided that they hate this Government.

“Obviously Kwasi they hate now as well, and they think Liz Truss is useless.

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“They can’t stand poor Jacob Rees-Mogg.”

The businessman has been criticised over his fund’s decision to bet against sterling.

But he described the accusations levelled against him as “rubbish”.

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Mr Odey highlighted that his positions against UK assets were in place for months – long before Mr Kwarteng’s latest statement.

He said: “My love is grouse shooting. And we are in the middle of [the season] right now.

“The truth is that I didn’t do anything on Friday. I shot.

“I haven’t put a trade on for the last two months. I didn’t need to.

“This was easy to see from miles away and didn’t depend on Kwasi coming into Government or anything else.”

Guardian columnist Polly Toynbee described his comments as “enjoyable absurdity from grouse-shouting, pound-shorting, hedge funder – blaming Remainers!”.

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