KWASI Kwarteng should turn down a potential £16,000 golden handshake after serving only 38 days in office and “trashing the economy”, the SNP have said.
The former Chancellor could receive the payout under rules which mean ministers are entitled to receive a quarter of their annual salary as severance pay unless they are given a new role within three weeks of leaving their post.
Based on the current salaries of government members, this means Kwarteng could be entitled to around £16,876 - more than he earned for being Chancellor.
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Kwarteng became the second shortest-serving Chancellor after he was sacked by Liz Truss last week, lasting eight days more than Conservative MP Iain Macleod, who died 30 days after he was appointed in 1970.
The SNP's David Linden has now urged Kwarteng to "do the right thing and refuse to accept the ministerial severance payment".
The Glasgow East MP said that households across the country are struggling to make ends meet during the “Tory made cost-of-living crisis”, which has been made worse by the former Chancellor's actions.
He 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 what he actually earned while Chancellor [on top of his MP wage].
“I look forward to hearing back from him with confirmation that he will not be accepting the golden handshake for taking a sledgehammer to the economy during a cost-of-living crisis.”
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Kwarteng was dramatically sacked last week in an attempt by Truss to restore credibility in the wake of his controversial mini-Budget.
He was replaced by Jeremy Hunt, who moved quickly to rip up Truss’s and Kwarteng’s economic agenda, taking to the airwaves to criticise their mistakes and warning of tough decisions ahead on tax and spending.
On Monday, Hunt reversed almost all of the tax cuts his predecessor Kwarteng announced in an attempt to reassure the markets over the UK Government’s approach to the public finances.
Kwarteng’s office has been approached for comment.
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