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A previous government official stated that he resigned from his position due to being unable to manage his mortgage with a yearly salary of approximately £120,000.
George Freeman, who resigned from his position as science minister during Rishi Sunak’s reshuffle in November, stated that he was unable to continue making his monthly payments due to an increase from £800 to £2,000.
Members of Parliament receive an annual salary of £86,584, and ministers of state receive an additional £31,680.
This translates to an annual salary of £118,264 for Mr Freeman until his resignation.
However, despite his high income, the Conservative Member of Parliament stated on his blog that the significant rise in mortgage payments was a contributing factor in his decision to resign from his position.
Mr. Freeman expressed that he was extremely tired, overwhelmed, and saddened to the point where he was losing the unwavering determination for positivity, hard work, collaboration, and growth – all of which are essential components of human success.
He stated: “My mortgage is increasing from £800 per month to £2,000, and as a minister, I cannot afford to pay this amount.”
Mr Freeman lashed out at what he called “political economy 2.0”, saying Britain is “in danger of making politics something only Hedge Funder Donors, young spin doctors and failed trade unionists can afford to do”.
The MP will be able to pursue profitable opportunities outside of parliament after leaving their government position, as long as they are approved by the Acoba watchdog. The MP has previous experience in the life sciences and technology industries prior to joining parliament.
In September 2022, the UK experienced a sharp increase in interest rates after Liz Truss and Kwasi Kwarteng’s unsuccessful mini budget.
In an effort to manage rising inflation, the Bank of England has implemented a number of interest rate increases, which have contributed to the increase in prices.
Indicators of inflation reaching the Bank’s desired level and the possibility of interest rates decreasing this year have prompted several lenders to provide lower mortgage rates. However, individuals renewing their mortgages this year can expect to pay an average of £400 more per month compared to before.
Mr Freeman announced his resignation as science minister in November, citing the need to prioritize his health, family’s well-being, and personal life outside of politics.
The MP for Mid Norfolk stated that he has actively supported advancements in science and technology since being elected 13 years ago. He has held five ministerial positions under four different prime ministers.
In his Friday blog post, he promised to utilize the time leading up to this year’s general election to “share and educate” policymakers at Westminster who are working on the manifestos.
He expressed his intention to do so “with the expectation that the next administration (whichever party leads it) will be able to continue our achievements and take lessons from our mistakes in fulfilling this crucial task.”
In an interview with the New Statesman, Mr Freeman expressed his belief that it is highly probable for a Labour government to be elected after the upcoming election.
Source: independent.co.uk
