The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration.&nbsp;

The administration is expected to release an emergency budget on Thursday.&nbsp;

<a href="https://www.wionews.com/world/new-plan-by-uk-pm-sunak-and-jeremy-hunt-will-make-over-200000-britishers-to-pay-tax-533641">Also read |&nbsp;New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax</a>

Jeremy Hunt, the finance minister, warned that the damage will disproportionately be on the better off when he'll unveil the budget, Sky News reported. After Truss' tax-cutting budget sparked alarm in the financial markets, he said, "We're all going to be paying a bit more tax, I'm afraid."

He acknowledged that the country's economy is likely to be in recession due to the July-September quarter, "but we are a resilient country and we've faced much bigger challenges, frankly, in our history".

"We will be asking everyone for sacrifices."

The finance minister is currently looking for revising the income tax bands in order to increase money from incomes and by imposing strict curbs on government spending. he is seeking to collect £60 billion ($71 billion) in savings and extra revenue.

<a href="https://www.wionews.com/world/former-pm-liz-trusss-mini-budget-cost-the-uk-exchequer-35-billion-report-533680">Also read |&nbsp;Former PM Liz Truss's mini-budget cost the UK exchequer $35 billion: Report</a>

Hunt said that the increase in energy costs brought on by the Ukraine conflict cost the economy £140 billion.

Not just the energy prices, the country is also struggling with calming the medical professionals. Hunt recently denied a 17 per cent salary demand by the largest nursing union in the country, which decided to go on a strike for the first time since its existence. Hunt said that if the administration agrees to increase everyone's wage, then the inflation would continue.&nbsp;

Rishi Suank, the current prime minister, has committed to get the spiralling inflation under control.&nbsp;

(With inputs from agencies)

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The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration.

The new UK government issued a warning on Sunday (November 13) about the upcoming tax increase, particularly for the wealthy ones, as the administration aims to repair the economic damage caused by the Truss administration. The administration is expected to release an emergency budget on Thursday. Also read | New plan by UK PM Sunak and Jeremy Hunt will make over 200,000 Britishers pay tax Jeremy Hunt, the finance minister, warned that the damage will disproportionately be on the better off when he'll unveil the budget, Sky News reported. After Truss' tax-cutting budget sparked alarm in the financial markets, he said, "We're all going to be paying a bit more tax, I'm afraid." He acknowledged that the country's economy is likely to be in recession due to the July-September quarter, "but we are a resilient country and we've faced much bigger challenges, frankly, in our history". "We will be asking everyone for sacrifices." The finance minister is currently looking for revising the income tax bands in order to increase money from incomes and by imposing strict curbs on government spending. he is seeking to collect £60 billion ($71 billion) in savings and extra revenue. Also read | Former PM Liz Truss's mini-budget cost the UK exchequer $35 billion: Report Hunt said that the increase in energy costs brought on by the Ukraine conflict cost the economy £140 billion. Not just the energy prices, the country is also struggling with calming the medical professionals. Hunt recently denied a 17 per cent salary demand by the largest nursing union in the country, which decided to go on a strike for the first time since its existence. Hunt said that if the administration agrees to increase everyone's wage, then the inflation would continue. Rishi Suank, the current prime minister, has committed to get the spiralling inflation under control. (With inputs from agencies) WATCH WION LIVE HERE

UK Finance Minister Jeremy Hunt warns of tax hikes to cope with inflation after Truss fiasco

There is again a mad rush for the post of the Prime Minister of the United Kingdom, with intense lobbying and campaigns having started for the keys to 10 Downing Street, and why not, the chair brings along huge benefits.&nbsp; 
 
Just see, Liz Truss quit her post as Britain’s Prime Minister just 45 days into the job, but even such a short stint will enable her to claim expenses of up to £115,000 ($129,000) a year for the rest of her life, reports CNN. It’s a staggering amount anyways, and that too when she put the UK economy in the doldrums with her economically-suicidal measures which she had to revert within days in major embarrassing policy U-turns for the party. &nbsp; 
 
Truss, who presided over failed fiscal plans and a deeply polarized party in her disastrous six-week stint in office, also becomes the shortest-serving PM in British history after she announced her resignation on Thursday.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/irish-airline-ryanair-mocks-liz-truss-with-anywhere-as-destination-after-her-resignation-527409">Irish airline Ryanair mocks Liz Truss with ‘any’ as destination after her resignation</a> 
 
Her speech has triggered a leadership race that will lead to the appointment of the UK’s fifth Conservative prime minister in just over six years. 
 
Despite the shortness of her tenure, she is entitled to receive payments under the Public Duty Costs Allowance (PDCA), a government-regulated programme introduced in 1990 to “assist former Prime Ministers still active in public life”, reports CNN. 
 
The allowance reimburses former prime ministers for office and secretarial costs arising from their public duties. 
 
“Payments are made only to meet the actual cost of continuing to fulfil public duties,” says the UK government website.&nbsp; 
“All former Prime Ministers are eligible to draw on the PDCA,” it adds. 
 
The PDCA has been capped at £115,000 a year since 2011 and is reviewed annually by the sitting prime minister. 
 
Former leaders are also entitled to claim an allowance toward their staff pension costs, which is limited to 10% of the PDCA.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/liz-truss-resigns-as-british-prime-minister-amid-growing-economic-concerns-527114">UK set for another leadership contest after Liz Truss quits as Prime Minister</a> 
 
From 2020 to 2021, former prime ministers Theresa May, David Cameron, Gordon Brown, Tony Blair and John Major were all reimbursed by varying amounts, according to the Cabinet Office’s Annual Report and Accounts 2020-21, as per CNN. 
 
However, opposition politicians and trade unions are urging Truss to decline the publicly funded annual allowance, as Britons grapple with a cost-of-living crisis resulting from soaring energy prices and inflation at a 40-year high. 
 
When asked about Truss’ entitlement to the allowance, Keir Starmer, leader of the opposition Labour Party, said “she should turn it down.” 
“She’s done 44 days in office,” he told ITV’s “Good Morning Britain” on Friday. 
“She’s not really entitled to it, she should turn it down and not take it.” 
 
On Twitter, one user wrote: “While people are struggling to pay the bills and keep the lights on, Liz Truss will receive a cushy £115,000 yearly allowance – for the rest of her life, and funded by the taxpayer – for 6 weeks of disaster as PM.” 
 
Downing Street had not responded to CNN’s request for comment on whether Truss will accept the allowance. 
 
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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There is again a mad rush for the post of the Prime Minister of the United Kingdom, with intense lobbying and campaigns having started for the keys to 10 Downing Street, and why not, the chair brings along huge benefits.

There is again a mad rush for the post of the Prime Minister of the United Kingdom, with intense lobbying and campaigns having started for the keys to 10 Downing Street, and why not, the chair brings along huge benefits. Just see, Liz Truss quit her post as Britain’s Prime Minister just 45 days into the job, but even such a short stint will enable her to claim expenses of up to £115,000 ($129,000) a year for the rest of her life, reports CNN. It’s a staggering amount anyways, and that too when she put the UK economy in the doldrums with her economically-suicidal measures which she had to revert within days in major embarrassing policy U-turns for the party. Truss, who presided over failed fiscal plans and a deeply polarized party in her disastrous six-week stint in office, also becomes the shortest-serving PM in British history after she announced her resignation on Thursday. ALSO READ | Irish airline Ryanair mocks Liz Truss with ‘any’ as destination after her resignation Her speech has triggered a leadership race that will lead to the appointment of the UK’s fifth Conservative prime minister in just over six years. Despite the shortness of her tenure, she is entitled to receive payments under the Public Duty Costs Allowance (PDCA), a government-regulated programme introduced in 1990 to “assist former Prime Ministers still active in public life”, reports CNN. The allowance reimburses former prime ministers for office and secretarial costs arising from their public duties. “Payments are made only to meet the actual cost of continuing to fulfil public duties,” says the UK government website. “All former Prime Ministers are eligible to draw on the PDCA,” it adds. The PDCA has been capped at £115,000 a year since 2011 and is reviewed annually by the sitting prime minister. Former leaders are also entitled to claim an allowance toward their staff pension costs, which is limited to 10% of the PDCA. ALSO READ | UK set for another leadership contest after Liz Truss quits as Prime Minister From 2020 to 2021, former prime ministers Theresa May, David Cameron, Gordon Brown, Tony Blair and John Major were all reimbursed by varying amounts, according to the Cabinet Office’s Annual Report and Accounts 2020-21, as per CNN. However, opposition politicians and trade unions are urging Truss to decline the publicly funded annual allowance, as Britons grapple with a cost-of-living crisis resulting from soaring energy prices and inflation at a 40-year high. When asked about Truss’ entitlement to the allowance, Keir Starmer, leader of the opposition Labour Party, said “she should turn it down.” “She’s done 44 days in office,” he told ITV’s “Good Morning Britain” on Friday. “She’s not really entitled to it, she should turn it down and not take it.” On Twitter, one user wrote: “While people are struggling to pay the bills and keep the lights on, Liz Truss will receive a cushy £115,000 yearly allowance – for the rest of her life, and funded by the taxpayer – for 6 weeks of disaster as PM.” Downing Street had not responded to CNN’s request for comment on whether Truss will accept the allowance. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

A 44-day stint as PM, putting UK economy into turmoil, entitle Liz Truss to $129,000 a year

UK PM Liz Truss has resigned after losing two key ministers and crashing the markets with her "mini-budget". Priyanka Sharma brings you the series of events that led to her ouster.

Gravitas: The events that led to Liz Truss' ouster

Liz Truss resigns as the United Kingdom's Prime Minister after 45 days in office. 'I cannot deliver the mandate on which I was elected by the Conservative Party' Truss said in a statement outside 10 Downing Street. Tory Leadership contest is set to take place next week.

Tory Leadership contest to take place next week as Liz Truss resigns as UK PM

Liz Truss resigns as the United Kingdom's Prime Minister after 45 days in office. 'I cannot deliver the mandate on which I was elected by the Conservative Party' Truss said in a statement outside 10 Downing Street. Labour party leader has demanded immediate general election.

Labour party leader demands immediate general election after UK PM Liz Truss' resignation

Liz Truss resigns as the United Kingdom's Prime Minister after six weeks in office. Speaking outside the door of her Number 10 Downing Street office, Truss accepted that she could not deliver the promises she made when she was running for Conservative leader, having lost the faith of her party.

UK PM Liz Truss resigns after 45 days of taking charge