Angela Rayner may struggle to maintain her £800,000 Hove property following a significant reduction in her salary after resigning from her government position. Angela Rayner faces financial struggles after resignation, and the former deputy PM is facing challenges in managing her monthly mortgage repayments due to a loss of Overover £67,000 in annual income.
Tax Bill and Penalties
Rayner has also been hit with a tax bill exceeding £50,000 for unpaid stamp duty, a misstep that has marked the beginning of her professional decline. In light of the financial struggles she faces, Conservative Party officials have called for her to forfeit a severance payment of £16,876, citing her previous votes to deny payouts to ministers under investigation.
Impact on Monthly Finances
Her salary will decrease from £161,409 to £93,904, leaving her with approximately £1,400 a month to support herself and her two teenage children. Previously, her take-home pay was around £8,100 per month, highlighting the depth of her financial struggles after resignation.
Mortgage Details
Rayner secured a £650,000 mortgage through NatWest, with expected repayments of £4,000 monthly. With her current income post-resignation, Angela Rayner faces financial struggles compounded by an additional £40,000 tax bill and a possible penalty of £12,000.
Future Options
While she has the option to rent a flat in London through MPs’ expenses, Rayner still needs to manage her Hove property, which is now under scrutiny due to vandalism that has labelled it a “tax evader” site.
Experts warn that unexpected tax bills can often lead to severe financial distress, although there is currently no indication that Rayner will face bankruptcy. However, given that Angela Rayner faces financial struggles after resignation, she may need to adjust her lifestyle significantly.
Potential Income Sources
To bolster her finances, Rayner might consider opportunities in public speaking or writing a memoir about her journey from being a single mother to deputy prime minister. She has previously accepted clothing donations from Lord Alli and may seek further support as she navigates her current challenges.
