Rishi Sunak has been chosen as the UK’s new Prime Minister, following Liz Truss’ humiliating resignation only 44 days after she took up the role.
Sunak’s financial situation has already been put under the microscope, following the scandal involving his wife’s non-dom status and his US green card. However, he is in line for a cash injection after taking up the role of Prime Minister.
But just how much is Sunak set to make in the role of Prime Minister - and what other benefits will he be entitled to? Here’s everything you need to know.
What is the UK prime minister’s salary?
As of 2022, the total annual salary which the prime minister is entitled to is £161,401. This is split between the salary for the role of prime minister, which is £79,496, while the remaining amount comes from their role as an MP.
Salary amounts can change from year-to-year. The job also comes with perks such as the right to live at 10 Downing Street and access to the prime minister’s official residence, Chequers.
In addition to this, former prime ministers are entitled to claim £115,000 per anum at a cost to the tax-payer, as part of the ‘Public Duties Cost Allowance’. Previous PMs such as Tony Blair, Gordon Brown and David Cameron have all claimed this as the former leader of the country.
However the public has voiced its opinion on Truss taking up the compensation after only serving less than 50 days as Prime Minister. A petition has gained almost 180,000 signatures at the time of writing, calling on the shamed PM to reject the money, or for the Cabinet Office to withhold the money.
How does salary of UK prime minister compare to other world leaders?
Despite being much higher than the ONS UK average wage of £31,285, the prime minister’s salary is actually lower than other world leaders.
Canada’s Justin Trudeau earns more than £200,000 annually, while the German Chancellor Olaf Scholz earns more than £280,000 each year. US President Joe Biden is one of the highest paid world leaders, with an annual salary of £300,000.
What is Rishi Sunak’s net worth?
Sunak has had the light shone on his wealthy lifestyle many times before in his political career. But the questions remains, just how much is the new Prime Minister worth?
According to The Sunday Times Rich List, Sunak and his wife, Akshata, are worth an estimated £730million. They even placed on the annual list at number 222.
The publication credits their fast fortune being gathered from work in “technology and hedge funds”. However, the couple also has powerful family connections.
Akshata is the daughter of billionaire Indian businessman N. R. Narayana Murthy, the founder of an IT systems company Infosys. The company, which Akshata owns a 0.93% stake in, is believed to have crossed the $100billion market capitalisation threshold.
Prior to his political career, Sunak joined Goldman Sachs after he graduated from university. He later joined hedge fund companies Children’s Investment Fund Management and Theleme Partners.
What is the salary of an MP?
As of April 2022, the annual salary for an MP in the UK is £84,000.
This was increased from £81,932 after members of parliament voted through a 2.7% pay rise in line with the average public sector pay rises. Alongside a healthy pay packet, MPs are also entitled to expenses for any costs they may incur to complete their job. This includes employing staff, travel and accommodation in London and costs of running an office.
Since 2010, the Independent Parliamentary Standards Authority has been responsible for administering expenses to MPs following the expenses scandal.