Tory donor and Kwasi Kwarteng’ ex-boss profits after pound plummets

Odey’s firm has been betting that the cost of government debt would increase, which is exactly what has happened following the government’s mini-budget on Friday.

kwasi kwarteng

A Tory donor and the former boss of now chancellor Kwasi Kwarteng is among the hedge fund managers who have profited from the current financial crisis.

Crispin Odey is among those who have made a profit as millions struggle and as investors take flight on fears over the sustainability of the country’s public finances.

Odey’s  firm has been betting that the cost of government debt would increase, which is exactly what has happened following the government’s mini-budget on Friday.

Reuters had previously reported that Odey Asset Management was up 145% in 2022, thanks to its bet against bonds. On Tuesday, Odey described his lucrative bets against government bonds amid the crashing economy as “the gifts that keep on giving”.

Odey has also been brutally mocked for claiming this week that the current financial crisis was triggered by ‘remainers’ in the city. He told the Telegraph that the ‘historic rout in the wake of Kwasi Kwarteng’s tax cuts was triggered by Remainers in the City who “hate” the Government.’

Mike Galsworthy tweeted: “Odey has just argued that “the historic rout in the wake of Kwasi Kwarteng’s tax cuts was triggered by Remainers in the City who “hate” the Government”

“So global trade is run by UK Remainers now? Well! I never thought we had such supernatural powers…”

Basit Mahmood is editor of Left Foot Forward

As you’re here, we have something to ask you. What we do here to deliver real news is more important than ever. But there’s a problem: we need readers like you to chip in to help us survive. We deliver progressive, independent media, that challenges the right’s hateful rhetoric. Together we can find the stories that get lost.

We’re not bankrolled by billionaire donors, but rely on readers chipping in whatever they can afford to protect our independence. What we do isn’t free, and we run on a shoestring. Can you help by chipping in as little as £1 a week to help us survive? Whatever you can donate, we’re so grateful - and we will ensure your money goes as far as possible to deliver hard-hitting news.

Comments are closed.