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Daily Record
Daily Record
Politics
Peter Davidson

Kwasi Kwarteng urged to reject £16k golden handshake after being sacked as Chancellor

Kwasi Kwarteng has been urged to reject a severance payment he is entitled to after being spectacularly sacked by Liz Truss as Chancellor of the Exchequer.

The MP for Spelthorne, who was replaced by Jeremy Hunt, was given his marching orders by the embattled Prime Minister last Friday after his unfunded mini-budget sent the markets into turmoil.

SNP MP David Linden has written to Kwarteng to ask him to refuse to take the one-off payment after he served only 38 days in Number 11 Downing Street.

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.

Kwarteng's golden goodbye could be worth around £16,876 (a quarter of £67,505) despite him being the second shortest serving Chancellor in history.

Linden, MP for Glasgow East, urged the former finance chief to "do the right thing and refuse to accept the Ministerial severance payment".

He wrote: "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 thirty-eight days, and hold the record of the shortest serving Chancellor of the Exchequer (second only to Ian McLeod who died in office just a month after being appointed), 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."

Former Prime Minister Boris Johnson was granted a one-off golden handshake of £18,860 after he resigned from office earlier this year.

The Daily Record has contacted Kwasi Kwarteng for comment.

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