Keir Starmer is set to become the next Prime Minister of UK.
The elections in the UK saw Labour registering a landslide victory and ending the Tories’ 14-year grip on power. Keir Starmer will replace Rishi Sunak as the Prime Minister after Labour won 410 of the 650 seats in the House of Commons, the most since Tony Blair’s 1997 landslide. The election will reshape the political landscape in the UK, with task cut out for the incoming Prime Minister. But how much will Mr Starmer be paid for the epic job?
According to UK Parliament, the Prime Minister is entitled to an annual salary of 172,153 pounds. His earnings are made up of 80,807 pounds for the role of Prime Minister, and an additional 91,346 pounds (revised on April 1, 2024) for being an MP.
However, out of the total amount, 75,440 pounds is actually claimed. As per the House of Commons website, MPs pay the same tax and national insurance as any other employed person across the country.
The job of a PM has never been astronomically well-paid compared with other professions of similar responsibility. According to an old by BBC News report, previous prime ministers have previously found themselves drowning in debt and requiring a bail-out from the monarchy.
A report in The Independent said that there has been a significant fall in the standard of living for UK Prime Ministers over the centuries. In the 18th century, William Pitt received 10,500 pounds per annum as first lord of the Treasury. The Marquess of Salisbury, incumbent PM at the turn of the 20th century, was on 5,000 pounds per annum – or a half a million pounds according today’s exchange rates.
By 1937, the prime minister’s annual pay was the equivalent of a modern 600,000 pounds.
The Public Duty Costs Allowance (PDCA), which was established following the resignation of Margaret Thatcher, allows former Prime Ministers to claim up to 115,000 pounds annually for the “necessary office costs and secretarial costs arising from their special position in public life”. These costs can be claimed for life.