[Sephiroth]

https://www.telegraph.co.uk/politics...er-losing-job/

Angela Rayner could struggle to afford the mortgage on her £800,000 holiday home after having her salary heavily reduced, following her resignation from government office.

Ms Rayner also faces a hefty tax bill and possible “carelessness” penalty of more than £50,000 for failing to pay the correct stamp duty on the purchase of a flat that sparked her downfall.

In a further blow, Tories demanded she be stripped of her £16,876 severance payment owing to loss of office because in opposition she had voted to stop ministers under investigation getting a pay-off.

“If she has any integrity then surely she must decline any severance payment,” said Kevin Hollinrake, the Tory party chairman.

Ms Rayner’s salary will be cut from £161,409 to £93,904 – a drop of £67,505 – giving her little margin for error in making her monthly mortgage repayments.

Earlier this week, she admitted she had used her life savings to put a deposit down on the flat. She sold her 25 per cent stake in the family home in Ashton-under-Lyne in Great Manchester for £162,500 and used that to put down a £150,000 deposit on the Hove property.

Official documents show she has a £650,000 mortgage on the seaside flat through NatWest.

The scale of the loan will have left her with mortgage repayments as high as £4,000 a month while her salary against an income of £5,400 a month after tax. As deputy prime minister she was taking home £8,100.

Following her resignation, she will have just £1,400 a month left over with two teenage children to look after, covering food and clothing bills, gas and electricity, holidays and sundry other costs.

She also has a £40,000 tax bill to pay as well as a likely penalty of £12,000 plus interest on top of about £1,000 – a total bill of £53,000.

HMRC will have to decide if she should pay the excess for ‘carelessness’ in punishment for originally paying just £30,000 in stamp duty rather than £70,000 on the Hove flat.

Ms Rayner may now seek to boost her income through public speaking and other events as well as possibly a publishing deal. Her extraordinary back story – from being a single mother at 16 to rise to deputy prime minister – could result in a memoir which could easily outsell other political biographies.

Alternatively, Ms Rayner is among Labour politicians to have previously accepted donations for clothes from Lord Alli – worth £200m – and could turn to other donors for support now. Ms Rayner declared £3,550 worth of clothes from Lord Alli in November last year, before promising to stop accepting donations for her wardrobe.

She also faced criticism for using Lord Alli’s $2.5m Manhattan apartment for a holiday with her new partner, the former Labour MP Sam Tarry.

How ripe this is.