George Freeman, MP for Mid Norfolk, said his monthly mortgage payments had risen from £800 to £2,000. Photo: David Rose
The former minister resigned partly because his salary could no longer cover the mortgage, he says.
Tory MP George Freeman said in a blog post that rising mortgage rates had contributed to his decision to leave. his position as science minister in November last year.
In his resignation letter to the Prime Minister, Mr Freeman said he wanted to “focus on his health, family well-being and life beyond the front bench.”
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His departure coincided with a reshuffle in the cabinet of ministers where he was located. he was succeeded by Andrew Griffith.
However, Mr Freeman's blog post on Friday said his mortgage payments had risen this month from £800 a month to £2,000, which he “simply could not afford to pay at the ministerial meeting”. salary.”
Mortgage rates have risen since the autumn 2022 budget. Research by Labor found that those who have since renewed their mortgage are paying an average of £150 more each week.
Government ministers are paid £31,680 a year, on top of the standard MP salary of £86,584.
Second jobs to supplement income
Government MPs are prohibited from taking a second job outside politics to supplement their income, but Mr. Freeman has the right to do so if
Resigning as minister gave Mr. Freeman “70 hours a week that I did not previously have,” he wrote.
He continued: “I started getting a wave of letters from people I didn’t know… thanking me and saying they wished I could stay.”
“It was a bit like announcing my death prematurely.” and finally discovering who cares.”
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Mr Freeman has represented Mid Norfolk since 2010, having previously worked in venture capital and founded four biomedical start-ups.
In his blog he added: “We are in danger.” make politics something that only hedge fund donors, young spin doctors and failed trade unionists can afford.”
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