IT Firm Co-Owned by Rishi Sunak’s Wife Rakes in £7 Million from Public Sector Invoices
Significant Increase in Public Sector Work
An IT firm part-owned by Akshata Murty, wife of Chancellor Rishi Sunak, received a staggering £7 million in public sector invoices last year. Ms. Murty holds a substantial £619 million stake in Infosys, a company co-founded by her father. The firm witnessed a notable surge in its public sector work, with figures from Tussell for LBC showing a nearly 50% increase from £4.7 million in 2022.
Diverse Range of Contracts
The influx of invoices included payments from various government bodies such as over £250,000 from the Government Property Agency (GPA), £27,000 from the Care Quality Commission, and a substantial £2 million from the London Borough of Brent. Infosys secured contracts totaling £1.5 million for “Information Communication Technology,” £1.1 million for “Consultant fees,” and £868,000 for “IT Consultancy” across different tiers of government.
In Line for More Government Funding
Revelations by the Sunday Mirror indicate that Infosys stands to gain additional government funding as it is on an “approved list” of suppliers for public sector contracts exceeding £750 million. This development has raised concerns, with Labour’s Jonathan Ashworth urging transparency and accountability in the awarding of contracts. Ashworth emphasized the need for a detailed explanation surrounding the circumstances of these lucrative deals.
Calls for Accountability
Amidst growing scrutiny, a spokesperson from the Cabinet Office assured that all contracts undergo a thorough and impartial evaluation process. They emphasized that ministers do not play a role in selecting winning bidders, highlighting the importance of transparency and fairness in procurement practices.
Recent Developments and Financial Disclosures
Recently, Ms. Murty relinquished her shares in a childcare company following increased public attention. The decision to donate her stake in Koru Kids to charity aimed to address concerns of potential conflicts of interest. Meanwhile, Chancellor Sunak and Ms. Murty have come under the spotlight for their substantial wealth, with Sunak disclosing earnings exceeding £2.2 million in the previous financial year. His tax returns revealed payments of £508,308 in income tax and capital gains tax in the UK.
Tax Rates Comparison
Despite paying a significant amount in taxes, Sunak’s effective tax rate of 22.8% on his income of £2.2 million sparked comparisons to ordinary workers. Analysis from Tax Justice UK revealed that his tax rate closely aligns with that of a teacher earning an average salary of £41,604. This rate is marginally higher than the 21% effective tax rate paid by a nurse with a typical income of £37,000.
FAQs
1. How much did the IT firm co-owned by Rishi Sunak’s wife receive in public sector invoices last year?
The IT firm received a substantial £7 million in public sector invoices in the previous year.
2. What is the significance of Akshata Murty’s stake in Infosys?
Akshata Murty holds a significant £619 million stake in Infosys, a company co-founded by her father.
3. Which government bodies were among the clients of Infosys for their services?
Infosys received payments from various government bodies, including the Government Property Agency (GPA), the Care Quality Commission, and the London Borough of Brent.
4. What types of contracts did Infosys secure across different government levels?
Infosys secured contracts for services such as “Information Communication Technology,” “Consultant fees,” and “IT Consultancy” across various levels of government.
5. Why did Akshata Murty decide to give up her shares in a childcare firm?
Ms. Murty decided to donate her shares in Koru Kids to charity due to concerns of potential conflicts of interest.
6. How much did Chancellor Sunak disclose earning in the last financial year?
Chancellor Sunak revealed earnings exceeding £2.2 million in the previous financial year.
7. What was Chancellor Sunak’s effective tax rate on his income?
Chancellor Sunak’s effective tax rate on his £2.2 million income was 22.8%.
8. How does Chancellor Sunak’s tax rate compare to that of a teacher and a nurse?
Chancellor Sunak’s tax rate is close to that of a teacher earning £41,604 and slightly higher than a nurse with an income of £37,000.
