United Kingdom

Kwarteng urged to reject £17k ‘golden handshake’ for 38 days as chancellor

KWASI Kwarteng has been urged to refuse a £17,000 golden handshake after being sacked as chancellor.

SNP MP David Linden has written to the former chancellor, calling on him to refuse the ministerial severance payment after serving in the role for just 38 days.

By law, any minister is entitled to a quarter of their annual salary if they are not given a new role within three weeks of being removed from post, and Mr Kwarteng’s severance payment could be around £16,876, despite him being the second shortest serving UK chancellor in history.

The Glasgow East MP has urged the former finance chief to “do the right thing and refuse to accept the ministerial severance payment” as households across the country struggle to make ends meet during the cost-of-living crisis.

In his letter, Mr Linden said: “It is hard to express in writing just how much damage your mini-budget did to the finances and livelihoods of my constituents in Glasgow’s East End – many of whom are already living on the breadline before your disastrous statement spooked the markets and sent the value of the pound through the floor, as well as mortgage payments through the roof.

“Given that you served in the Treasury for just 38 days, and hold the record of the shortest serving Chancellor of the Exchequer, I feel I must ask you whether you will do the right thing and refuse to accept the ministerial severance payment.

“If I understand this correctly, despite being sacked for literally trashing the economy, you stand to receive more than double in severance payment than what you actually earned while Chancellor of the Exchequer.”

Mr Linden said: “Liz Truss and Kwasi Karteng’s mini-budget caused untold damage to the finances and livelihoods of my constituents in Glasgow – many of whom were already living on the breadline before his disastrous statement spooked the markets, tanked the pound, put pensions at risk, and sent mortgage payments through the roof.

“Given that he served in the Treasury for just 38 days, and was sacked for literally trashing the economy, it would be wrong for him to accept the Ministerial severance payment, which would be more than double than what he actually earned while Chancellor.

“I look forward to hearing back from him with confirmation that he will not be accepting the golden handshake for taking a sledge-hammer to the economy during a cost-of-living crisis.”



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