Minister quit £120k-a-year job because he 'couldn't afford mortgage hike' from £800 to £2,000 a month

29 January 2024, 16:25 | Updated: 29 January 2024, 16:28

George Freeman's mortgage went from £800 to £2000 a month
George Freeman's mortgage went from £800 to £2000 a month. Picture: Getty
Kieran Kelly

By Kieran Kelly

A Tory MP has revealed he quit his £120,000-a-year ministerial job because he could not afford his mortgage repayments soaring from £800 to £2,000 a month.

Listen to this article

Loading audio...

George Freeman, the MP for Mid Norfolk, said the mortgage hike was the primary reason behind his departure from Rishi Sunak's Government during the November reshuffle.

Mr Freeman complained about the current state of politics, arguing that it had become a place for "hedge fund donors, young spin doctors and failed trade unionists".

The MP, who has held number of ministerial posts in multiple Conservative governments, received £7,920 in severance when he quit Boris Johnson's government in July 2022.

Former Minister for Science, Research and Innovation George Freeman
Former Minister for Science, Research and Innovation George Freeman. Picture: Alamy

He then returned as science minister under Sunak's premiership four months later.

Now he is no longer a minister, Mr Freeman could take on a second job, as long as it is approved by the Advisory Committee on Business Appointments.

Read More: Labour's housing 'revolution': Rachel Reeves proposes 25-year mortgages in boost for first-time buyers

Read More: People with mental health issues ‘more likely to have cut back to pay mortgage’

The salary of an MP will rise to £92,731 in April, which he could supplement with the second job.

"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," the MP complained in a Substack post.

"Government is a cruel mistress. Modern Politics is a savage playground," he added.

It comes after research shows more than a million Brits face a hike of £1,800 in their mortgage payments this year.

The Resolution Foundation warned that 2024 will mark the first time that British households will be poorer at the end of a parliament than when it began.

More Latest News

See more More Latest News

Prince Harry

Al Qaeda 'called for Prince Harry to be killed,' court filing claims, as he loses challenge over taxpayer funded protection

Breaking
French authorities are said to be handling the situation.

Bodies of three suspected migrants found in Channel as urgent search and rescue operation launched

This super speedy acceleration makes "not an especially nice noise", with the journalist saying it is "bowel loosening".

Jeremy Clarkson brands supercars 'too difficult' after driving new £308k vehicle

Aerial view of mansions still standing along a cliff after a portion of the cliffside (L) tumbled to the Pacific Ocean following days of heavy rains earlier this month on February 27, 2024 in Dana Point, California

Multi-million dollar mansions left teetering on cliff edge after landslides, but authorities say there's 'no threat'

Christian Horner has been cleared of inappropriate behaviour

Red Bull F1 boss Christian Horner cleared of inappropriate behaviour as 'grievance dismissed' after investigation

Joe Biden

Joe Biden set for his annual physical examination

Black audience-only performances, also known as Black Outs, aim to get Black people into the theatre - an otherwise white-dominated space.

West End play criticised over 'Black Out' performances, which protects theatre goers from 'the white gaze'

Nigeria Shell Sale

Activists urge Nigeria to delay Shell’s £1.89bn sale of assets in Niger Delta

Christian Horner

Geri Halliwell's husband Christian Horner set to be cleared of misconduct after 'inappropriate behaviour' allegations

Five people died when the Titan submersible suffered a 'catastrophic implosion'

Mystery banging noises that sparked hope in desperate search for missing Titan submersible released for first time

Emma Caldwell was killed in 2005 and her body was found in woods 40 miles from Glasgow

Predator to spend life behind bars after strangling woman to death and dumping her naked body in woods

Former Miner Steve Fergus (left) and Easington Colliery's Front Street, 40 years on from the miners' strike (right)

Miners' strike 40 years on: East Durham pit workers accuse successive governments of 'levelling down, not up'

Ja Rule has been blocked from entering the UK

Rapper Ja Rule 'told he can't enter UK' ahead of British concerts because of his criminal record

The Pope leaves hospital

Pope taken to hospital in Rome following weekly audience

Mr Khan has been threatened by both far-right and Islamist extremists, the source also claims.

Sadiq Khan 'facing death threats from Islamists and needs round-the-clock police protection'

The Pantex complex

Wildfires prompt shutdown of nuclear weapons facility in Texas