Liz Truss and Kwasi Kwarteng are facing a parliamentary bid to dock their pay following their “gross mismanagement” of the economy.

The Liberal Democrats plan to table a censure motion in the House of Commons calling for the Prime Minister and the Chancellor to lose half of their additional salaries paid as part of their roles in Government.

Ms Truss would be expected to lose almost £38,000 and Mr Kwarteng around £33,750 under the proposal, according to recent data.

The basic annual salary for an MP is £84,144 and those in Government positions receive an additional salary – the latter of which the Lib Dems want to see docked.

In any other workplace, they would have been dismissed for gross incompetence

A House of Commons Library briefing states prime ministers have been entitled to receive an additional £79,936 per annum but claimed £75,440 while chancellors have received £67,505 of their £71,673 annual entitlement.

Ms Truss and Mr Kwarteng have come under fire in recent days for the market turmoil which erupted after the Government announced a £45 billion package of unfunded tax cuts alongside the commitment to cap energy bills for the next two years.

The Chancellor later dropped plans to abolish the 45% tax rate on earnings over £150,000, although remains committed to the rest of his mini-Budget.

Liberal Democrat MP Christine Jardine, the party’s Cabinet Office spokeswoman, said: “It is a kick in the teeth to struggling homeowners that Liz Truss and Kwasi Kwarteng are being rewarded with lucrative salaries after sending mortgage bills spiralling.

“In any other workplace, they would have been dismissed for gross incompetence.

“Given the billions of pounds worth of public money wasted on this fiasco, taxpayers shouldn’t be expected to fund their salaries in full. Frankly this out-of-touch Government has cost hard-pressed Brits more than enough already.

“The Conservatives delivered the worst budget in British history by announcing unfunded tax cuts for the richest companies in the middle of a cost-of-living crisis.”

Ms Jardine’s motion states: “That this House censures the Chancellor of the Exchequer and the Prime Minister, for their handling of the UK’s public finances, which has dramatically increased households’ mortgage costs and threatened pension funds; and believes the Government should halve the Chancellor’s additional ministerial salary, and halve the Prime Minister’s additional Prime Minister’s salary this year, as a result of this gross mismanagement of the public finances.”

The House of Commons returns from conference recess on October 11.

In November 2021, then-prime minister Boris Johnson survived a bid to reduce his salary and censure him over his conduct.

The SNP motion had called for Mr Johnson’s ministerial salary to be reduced by £41,567 per year.

But after a tetchy three-hour debate, described at one stage by Deputy Speaker Dame Rosie Winterton as a “slanging match”, MPs rejected the SNP motion by 321 votes to 214, majority 107.