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Former UK Science Minister George Freeman blamed an impending jump in the cost of his mortgage for his decision to resign from his position, warning that politics had become an unaffordable profession.
Freeman, who resigned last November during a cabinet reshuffle by Prime Minister Rishi Sunak, said on the Substack blog that he could not afford his mortgage, which amounted to £2,000 a month from his previous ministerial salary of £118,300.
The MP for Mid Norfolk explained his justification for resigning: “Because my mortgage will rise this month from £800.” [per calendar month] To £2,000, which I simply cannot afford from my ministerial salary. This is political economy 2.0.”
Backbench MPs earn £86,584 a year but, unlike ministers, can earn additional money from outside interests including corporate advisory roles, journalism or law.
Sir Brandon Lewis, the former head of the Conservative Party, has had five roles with a total salary of around £500,000 a year on top of his job as an MP since resigning from the Cabinet. Lewis's most controversial job is advising LetterOne, a company 49 percent owned by two sanctioned Russian tycoons.
Boris Johnson took home £4.8m on top of his salary as an MP in the six months after he was forced out as Prime Minister.
Although critics questioned how Freeman could struggle to afford a £2,000 mortgage on a salary of nearly £120,000, the Conservative MP told the New Statesman on Monday that his finances were “not what they used to be” yet. “A very painful divorce.”
Freeman was disappointed by the November reshuffle, after he was rejected for a ministerial position that would have brought him £36,000 in extra pay.
Freeman's troubles mirror those faced by millions of homeowners across Britain when they exit fixed-rate deals in an environment of much higher interest rates. The rise in interest rates was driven by high inflation caused by Russia's invasion of Ukraine, although the Conservative government's “mini-budget” in September 2022 also exacerbated the problem.
Having worked in life sciences and technology before entering Parliament – and having spent years in life sciences, transport and science roles – Freeman is well placed to secure external work.
“We run the risk of making politics something that only hedge fund donors, young doctors and failed unionists can do,” he said.
Freeman, who received a majority of 22,594 votes in the 2019 election, has not yet indicated whether he will seek re-election.
