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Wednesday, July 17, 2024

Tory MP Says He Stop £120,000 Ministerial Job As Could not Afford Mortgage Hike Categorical Instances

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A Conservative MP has revealed he give up his £120,000-a-year ministerial job final yr as a result of he couldn’t afford hovering mortgage prices.

George Freeman, who resigned as science minister in November, mentioned his repayments jumped from £800 a month to £2,000.

The MP for Mid Norfolk would have been receiving an annual wage of round £118,300.

As an MP, his wage is £86,584 – however he’s free to take up a profitable second job if freed from the ministerial work.

Mortgage charges have spiralled because the Financial institution of England hike rates of interest to curb inflation, whereas the Liz Truss’s disastrous stint as PM added a premium to mortgage woes.

In a Substack weblog submit final week, he wrote: “Why did I stand down?

“As a result of my mortgage rises this month from £800pcm to £2,000, which I merely couldn’t afford to pay on a Ministerial wage.

“That’s political economic system 2.0.

“We’re in peril of constructing politics one thing solely Hedge Fund Donors, younger spin docs and failed commerce unionists can afford to do.”

Freeman additionally instructed The New Statesman on Monday his funds “are usually not what they have been – in any respect”, having gone via “a really painful divorce” and with dad and mom “who’re each getting aged”.

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