PANews reported on April 5th, citing Coindesk, that Kwasi Kwarteng, who briefly served as UK Chancellor of the Exchequer for several weeks in September 2022, warned that the UK is now caught in a fiscal "vicious cycle," with spending exceeding tax revenue. He argued that rising taxes will ultimately "stifle the economy," and criticized the pervasive short-sightedness in politics and markets. Furthermore, Kwarteng pointed out that during his tenure, "the Treasury and the Bank of England understood Bitcoin and digital assets, but currently there is still very little focus on them," suggesting that the UK is unwilling to embrace innovation.