A Tory former minister has revealed that 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.
My mortgage rises this month from £800pcm to £2,000, which I simply couldn’t afford to pay on a Ministerial salary
His decision to quit did not draw much attention at the time but he has since said his resignation was due to financial pressures, namely the spike in his mortgage payments.
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.
After 13yrs working to champion Science, Research, Technology & Innovation as Minister of the Crown in 5 roles under 4 Prime Ministers, I decided in the summer it was time to move on at the next reshuffle.
— George Freeman MP (@GeorgeFreemanMP) November 13, 2023
An honour & privilege to be able to serve.🙏🇬🇧 pic.twitter.com/kZUkKzmG8w
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.
Government is a cruel mistress. Modern politics is a savage playground
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.
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.”
