Liz Truss will be entitled to claim up to £115,000 (Rs 1, 07, 30,464.95 at current exchange rates) each year from the UK taxpayer despite having the shortest tenure of any British prime minister in history.
Public Duty Costs Allowance (PDCA) was established to assist former prime ministers who are still active in the public sphere. According to government policy, payments are only made to cover the actual costs of fulfilling public duties, according to the Independent report.
Margaret Thatcher resigned in 1990, and her successor, John Major, announced the allowance in March of the following year.
During Truss’ lifetime, taxpayers will pay more than £800,000 in allowances, joining six other living former prime ministers.
A term that has come to an end
In August, 172,000 Conservative Party members voted to choose Truss to succeed Boris Johnson, who had been embroiled in scandal. Truss is a libertarian who believes in small government and free markets.
In many ways, Truss was the antithesis of Johnson, a populist. On the campaign trail, Truss, who was then foreign secretary, pledged to cut taxes and red tape “from day one,” boost investment, and turn around Britain’s faltering economy. As a speaker, she called herself a “disruptor,” ready to upend existing economic “orthodoxy.”
Conservatives backed her with a 57% majority over rival Rishi Sunak, a former Treasury chief who argued against radical tax cuts. In her style of dress and poses on Instagram, Truss echoed former Prime Minister Margaret Thatcher, whom she admired — and sometimes emulated.
To boost the U.K.’s competitiveness, she said she was not afraid to make “unpopular” decisions – such as removing the cap on banker bonuses – in the first days of her premiership.
Treasury chief Kwasi Kwarteng unveiled on Sept. 23 the Truss government’s growth plan: 45 billion pounds ($50 billion) in tax cuts that will help create jobs and raise living standards, according to the government. Investors, however, were concerned that public borrowing would balloon out of control because the so-called mini budget did not explain how the government would pay for the tax cuts.
In an instant, the market delivered a devastating verdict.
As a result, the pound plummeted against the U.S. dollar, government borrowing costs soared, and the Bank of England had to buy government bonds to prevent a wider financial crisis.
As the cost of everything from heating to groceries soared, many questioned Truss’ political judgment for slashing taxes for Britain’s top earners.
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