Conservative betting firm that employed Kwasi Kwarteng earns millions betting against the pound

Crispin Odey - who The Mirror previously revealed made £220m overnight after the Brexit vote - oversaw a raise 145% of his firm's main fund this year as Tory fury mounts over traders 'shorting' the pound

Conservative donor Crispin Odey's company has made millions betting against the pound (

Image: REX/Shutterstock)

A hedge fund boss who employed Kwasi Kwarteng as a political consultant more than a decade ago saw his company make millions by betting against the fall of the pound.

Tory donor Crispin Odey - who The Mirror previously revealed made £220m overnight after the Brexit vote - has overseen a 145% increase in his firm's main fund this year , sources said.

Mr. Odey, who has donated more than £75,000 to the Tories since 2017, and has also invested £10,000 in former Prime Minister Boris Johnson's leadership campaign, said his policy of betting against the pound had been "useful".

Tories are growing increasingly angry with investors in the city who are taking advantage of the fall of the pound by betting on high inflation.

It comes as the pound hit its lowest level on record after Mr Kwarteng's mini budget last week, which saw the new government propose £45billion in tax cuts while pledging to borrow at least £70 billion.

Kwasi Kwarteng worked as a paid consultant for Mr. Odey's company in 2011 (

Picture:

Getty Images)

Traders reap the rewards of "short selling" the pound by betting they can sell high before buying it back after its value drops.

Last week, Reuters reported that his company Odey Asset Management - which manages around £4 billion in assets - saw its main fund soar 145% by betting against government bonds as the inflation is skyrocketing.

According to the Members' Register of Interests, Mr Kwarteng was paid £10,000...