Liz Truss Salary – What does the next prime minister earn? –

As Foreign Secretary, Liz Truss is entitled to an annual salary of £155,817.
This is the same pay band as when she was International Trade Secretary, but above that which she earned as Chief Secretary to the Treasury.
Her current salary is just below the £164,080 to which the prime minister is entitled.
Liz Truss’ earnings are made up of £71,673 for her role as Foreign Secretary (of which she only claims £67,505), and an additional £84,144 for being the Conservative MP for South West Norfolk.
As Foreign Secretary, Ms Truss also has the use of Chevening Hose, a 115 Grade I countryside mansion near Sevenoaks in Kent.
The salary paid to the Foreign Secretary places her in the top 1% of earners in the UK.
However, her salary is less than a twentieth of the median take home pay of the Chief Executives of the UK’s top FTSE 100 Companies (estimated at £3.61 million per year in 2020).
Liz Truss may be a well known figure, but her substantial earnings, nevertheless appear even more miniscule when compared to those of other well known celebrities. For example, her salary is little more than a “seventieth” of that earned by Manchester United footballer and political campaigner, Marcus Rashford (£10.4 million).
Liz Truss’ salary as an MP is set by the Independent Parliamentary Standards Authority (IPSA).
Should Elizabeth Truss now be successful in her battle against Rishi Sunak to gain the Conservative leadership, she would be eligible for a pay rise. On moving into Downing Street, Ms Truss would be entitled to a 5.3% pay rise taking her to £164,080.
The real earnings potential for prime ministers does though appear to come after they have left office.
All of Boris Johnson’s recent predecessors as Prime Minister have been able to command substantial sums for speaking engagements. Indeed the going rate for a lecture by a recent former Prime Minister is said to be in excess of £100,000. Since leaving office, Theresa May is said to have earned well from a number of such lucrative engagements including her speech to the Ivy League University, Brown, in Rhode Island, America.
In addition to these speaking engagements, a former Prime Minister can expect to sign a lucrative book deal, and be courted for a number of advisory style appointments.
A former Prime Minister’s earnings are also likely to be influenced by their international recognition and longevity in the job. A highly recognisable figure around the world, this should bode well, for Boris Johnson.
It is suggested that Tony Blair has been the highest earning former Prime Minister in British history. He has previously been fated as the highest earning public speaker in the world. After leaving Downing Street, Blair secured well paid advisory roles with Zurich Financial Services and JP Morgan Chase. Back in 2014, Tony Blair was keen to insist that at that point, that his net worth was though less than £20 million.

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