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Topic Originator: wee eck
Date: Mon 29 Jan 17:11
George Freeman has said he resigned last year as a government minister because he could not afford rising mortgage repayments on a ministerial salary of nearly £120,000, PA Media reports.
Freeman resigned as science minister in November amid Rishi Sunak’s cabinet reshuffle. In a Substack blogpost last week, he wrote: “Why did I stand down?Because … 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 and because my mortgage rises this month from £800pcm to £2,000, which I simply couldn’t afford to pay on a ministerial salary. We’re in danger of making politics something only Hedge Fund Donors, young spin doctors and failed trade unionists can afford to do.”
Freeman, who has been the MP for Mid Norfolk since 2010, would have been receiving an annual salary of around £118,300. He held a number of ministerial posts in successive Conservative governments and pocketed severance payments after departing. He received £7,920 when he quit Boris Johnson’s government in July 2022, before returning to his role as science minister under Sunak 16 weeks later, according to Labour analysis.
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Topic Originator: jake89
Date: Mon 29 Jan 17:36
£800 to £2000?
On a rate of around 2% a £800 payment would be for a mortgage of 150-200k. Even with the slightly higher rates last year, I doubt it reached £2000 unless he borrowed more.
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Topic Originator: Buspasspar
Date: Mon 29 Jan 18:03
Unless his 5 year fixed rate ended jake ?
We are forever shaped by the Children we once were
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Topic Originator: parsfan
Date: Mon 29 Jan 18:16
My last deal came to an end about the same time. The default one they were offering would have increased my monthly by less than 20%.
If he`s that bad with money we`re probably better off with him out if it.
~~~~~~~~~~~~~~~~~~~~~~~~
The universe is ruled by chance and indifference
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Topic Originator: jake89
Date: Mon 29 Jan 19:42
Quote:
Buspasspar, Mon 29 Jan 18:03
Unless his 5 year fixed rate ended jake ?
£800 at 1% would be a 210k mortgage. For it to reach 2k pm it would have to have gone up to 11%.
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Topic Originator: wee eck
Date: Mon 29 Jan 19:50
George must have asked the Chancellor for financial advice.
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Topic Originator: Tad Allagash
Date: Mon 29 Jan 20:17
Perhaps he was on an interest-only mortgage - i.e. leveraged up to the hilt.
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Topic Originator: wee eck
Date: Mon 29 Jan 23:46
According to the Guardian :-
Up to 1.5m households are expected to come to the end of cheaper deals in 2024, leading to an average increase in annual housing costs of about £1,800, according to an analysis by the Resolution Foundation thinktank following Liz Truss’s mini-budget in September 2022.
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Topic Originator: jake89
Date: Tue 30 Jan 07:44
Quote:
Tad Allagash, Mon 29 Jan 20:17
Perhaps he was on an interest-only mortgage - i.e. leveraged up to the hilt.
Must be.
It shows how out of touch the Tories are though. Complaining that £120k (almost 3x the average wage) isn`t enough money because interest rates and cost of living rose...because of THEIR Prime Minister.
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Topic Originator: Wotsit
Date: Tue 30 Jan 16:12
He`s aware that he can make a nutritious meal for four for 30p, right? He can ask his mate Lee for advice.
He also might want to think about how much he spends on frivolities such as heating and clothes. For example he can wear an extra charity shop jumper rather than turning the central heating on and, on especially cold days, he can get an oil-filled radiator which will allow him to only heat one room.
"Who you are and what you feel comes not just from inside you, but from where you are in the power structure"
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Topic Originator: wee eck
Date: Tue 30 Jan 16:44
He`s still an MP so presumably he`s been able to find a second job which will raise his total income to a level considerably in excess of what he was earning as a Cabinet Minister? It won`t be working for Uber or Deliveroo.
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