A group of MPs have filed a motion in an attempt to dock the pay of Prime Minister Liz Truss and Chancellor Kwasi Kwarteng, due to their “gross mismanagement” of the economy.

The Liberal Democrats plan to table a censure motion to make the pair lose half of their additional salaries paid as part of their roles in Government.

If successful this would cause Ms Truss to lose around £38,000 and Mr Kwarteng to lose around £33,750, according to recent data.

The basic annual salary for an MP is £84,144, but those in Government positions get an additional salary on top of that which is what the Liberal Democrats are aiming at.

Bradford Telegraph and Argus: Truss and Kwarteng could lose half their additional salaries if the bid is successful (PA)Truss and Kwarteng could lose half their additional salaries if the bid is successful (PA)

Both the Prime Minister and the Chancellor have come under heavy criticism in the last week due to their mini-budget which caused chaos in the economy, as borrowing rates skyrocketed and mortgage rates were set to rapidly increase also.

There had also been a plan to abolish a 45% tax rate on earnings over £150,000, but the Chancellor did fall back on that.

Liberal Democrat MP Christine Jardine, the party’s Cabinet Office spokeswoman described the actions as a "kick in the teeth to struggling homeowners" and it wasn't fair that Ms Truss and Mr Kwarteng were being rewarded with "lucrative salaries".

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She said: "In any other workplace, they would have been dismissed for gross incompetence."

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, so it will not be discussed until next week.