Kwasi Kwarteng read classics and history at Trinity College, Cambridge in England, and later attended Harvard University. He earned a PhD in economic history from the University of Cambridge in 2000. Following his election to the House of Commons in 2010, this Conservative politician became Parliamentary Private Secretary to the Chancellor of the Exchequer in 2017. Following the resignation of Boris Johnson as prime minister late in 2022, Liz Truss was elected to that position and swiftly appointed Kwarteng as her Chancellor of the Exchequer. He rapidly lost credibility throughout capitalist countries and was dismissed from that influential job on 14th October 2022. Before becoming a Member of Parliament, Kwarteng had worked as an analyst in financial services. The 2012 book "Britannia Unchanged" was written by 5 Conservative members of parliament including both Kwarteng and Truss. The text suggests that Britain has policy lessons to learn from a number of other countries that appeared to out-perform the United Kingdom, and sets out ways in which the UK should modify its strategy, Clearly, the book (mentioned in these lyrics) predates the Brexit referendum and also refreshed interest in the Thatcherite principles of reducing a government's tendencies to regulate free-market activities and moderate social inequalities.

The "team" referred to is the Cabinet of Ministers, a group of political allies selected, and occasionally sacked, by the prime minister of the time. The UK Cabinet usually follows a "doctrine of collective responsibility," although the pace at which initiatives evolve can truncate debate (or hamper the emergence of consensus) immediately following a change of PM, or the induction of several newcomers to Cabinet posts.