A Tory former minister said he quit the role last year because he could not afford rising mortgage repayments on a ministerial salary of nearly £120,000.
George Freeman resigned as science minister in November amid Rishi Sunak’s Cabinet reshuffle.
In a Substack blog post last week, he wrote: “Why did I stand down?
“Because my mortgage rises this month from £800pcm to £2,000, which I simply couldn’t afford to pay on a Ministerial salary.
“That’s political economy 2.0.
“We’re in danger of making politics something only Hedge Fund Donors, young spin doctors and failed trade unionists can afford to do.”
Mr Freeman, who has been the MP for Mid Norfolk since 2010, would have been receiving an annual salary of around £118,300.
He held a number of ministerial posts in successive Conservative governments and pocketed severance payments after departing.
He received £7,920 when he quit Boris Johnson’s government in July 2022, before returning to his role as science minister under Mr Sunak 16 weeks later, according to Labour analysis.
Ministers under the age of 65 are entitled to a loss-of-office payment amounting to a quarter of their ministerial salary if they leave their role and are not appointed to a new one within three weeks.
Mr Freeman, who spent more than a decade in the life sciences and technology sectors before entering Parliament, will be able to make more money outside of Government.
On top of his MP’s salary of £86,584, he is free to take on lucrative second jobs, subject to approval by the anti-corruption watchdog the Advisory Committee on Business Appointments.
Fixed-rate deals
Many homeowners are facing steep increases in monthly mortgage payments as they come off fixed-rate deals.
It comes after mortgage rates soared and the value of the pound tumbled in the wake of Liz Truss’s disastrous mini-Budget in September 2022.
They had already been on the rise after a string of rate hikes by the Bank of England to curb inflation.
Mr Freeman also highlighted the toll his ministerial role had taken on him and his family.
“I was so exhausted, bust and depressed that I was starting to lose the irrepressible spirit of optimism, endeavour, teamwork & progress which are the fundamentals of human achievement,” he said, adding that his children “have paid a very high price” for his career choice.
“Government is a cruel mistress. Modern politics is a savage playground.”
My finances “are not what they were”
Mr Freeman also told The New Statesman on Monday his finances “are not what they were – at all”, having gone through “a very painful divorce” and with parents “who are both getting elderly”.
“It’s time to… (prioritise) the things that I feel, rather painfully personally, that I’ve had to neglect,” he told the magazine.
“As my (second) wife said the other day, I’m not 26, 36, or 46. I’m now 56. Nearly 57. Three stone overweight, 30 years poorer.”
He said he will stand for re-election at the general election this year, but said: “It looks very like that we’re going to have a Labour government.”
The Conservative Party has “been through a volcanic period of turmoil” and “has not looked like a party of unified commitment to purposive renewable,” Mr Freeman said.
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