Former Science Minister Resigned Because He Could Not Afford Mortgage Rise

George Freeman resigned as Minister of State for Science, Research and Innovation last year in part because he could not afford to pay for an increase in his mortgage on his ministerial salary.

Freeman, who has been the Conservative MP for Norfolk since 2010, has held a number of ministerial roles – most recently serving as a science minister in Boris Johnson and Rishi Sunak's governments. 

He resigned from his ministerial role in November last year during a cabinet reshuffle, announcing his intention to "focus on my health, family wellbeing and life beyond the front bench". He was succeeded by Andrew Griffith.

However, in a blog posted on 26 January, Freeman went into more detail as to why he had stepped back, claiming that he would struggle to afford a large increase in his mortgage.

"Why did I stand down?... Because my mortgage rises this month from £800pcm to £2,000, which I simply couldn’t afford to pay on a Ministerial salary," he wrote.

"That’s political economy 2.0. We’re in danger of making politics something only Hedge Funder Donors, young spin doctors and failed trade unionists can afford to do."

Huge mortgage payment hikes are one of the biggest challenges facing UK homeowners in 2024 as the cost of living crisis continues to bite. In particular, households coming off fixed term deals this year face sharp increases in monthly repayments.

Labour warned in December 2023 alone 170,000 homeowners were hit by higher mortgages as their fixed term deals come to an end – typically having to pay £240 more a month in repayments.

Freeman does not have plans to stand down as an MP: he recently told the New Statesman he is planning to stand for re-election. Outside of government, he would be free to take on second jobs, on top of