In the last parliamentary session alone, 42 Conservative MPs earned more than a million pounds sterling for a second job, which threatens to be banned in the House of Commons.
Exclusive New statesman An analysis of MPs’ income from the ruling party for the six months from May 1 to October 31 shows that a total of £ 1,088,036 was generated from political advice or similar advisory functions that Boris Johnson wants to ban.
After protracted and painful scandal due to the fact that the former Minister, and then the MP from the Conservative Party, Owen Paterson, broke the rules of the commons in consulting, the Prime Minister frightened his opponents that tweeted on November 16 to “MPs are prohibited from acting as paid political consultants or lobbyists.”
V letter sent on the same day Lindsay Hoyle, Speaker of the House of Commons, Johnson wrote that no MP should be paid to “act as political or parliamentary advisers or advisers.”
On November 17, MPs voted to ban parliamentary consultation or consultation work. This will to the Standards Committee provide details of such a ban.
If there were a ban on political and parliamentary advisory work and similar roles of advisers or directors on the board of directors, it would mean that Conservative MPs as a whole have been worse off by more than £ 1 million over the past six months:
Schedule by Nicu Calce…
All of these MPs were contacted for comment. Paterson is now a former MP.
Not all deputies have been working in the last six months. For example, MP Sajid Javid stepped down as a £ 150,000-a-year consultant at JP Morgan (80-96 hours of work) in June when he was reappointed to cabinet.
Others have revised their external earnings in the wake of the latest scandal.
Member of Parliament Andrew Bridgen did not and will not receive payment for his role as a consultant to Mere Plantations, a teak growing company in Ghana that could have earned him £ 12,000 a year for 96 hours of work and was therefore not included in our calculations (although the register interests have not yet been replenished with this development).
V New statesman understands that Andrew Percy, MP, decided a few weeks ago to step down from his position on the advisory board of the Iogen Corporation, a Canadian clean energy company that makes £ 3,000 in six hours a month. He was included in our calculations of what he earned in the current session, although we note that his work there has since ended.
Richard Fuller, MP who makes £ 20,000 a year for two hours a month as an advisory director for the venture capital firm Investcorp Securities (including advising portfolio companies on the impact of Covid-19) commented: “I am not involved in parliamentary or political consultations. I am the advisory director of a venture capital fund that helped set up in 2001 before I entered parliament. “
MP Jonathan Janogli, who earns £ 30,000 a year in 32 hours of work as head of the Pembroke VCT venture capital fund, commented: “Jonathan Janogli is the chairman of the Pembroke VCT plc venture capital fund, which invests in the companies.
“In terms of external revenues, Jonathan Janoglu’s position has always been that it is beneficial for parliamentarians to remain in the world outside of parliament in order to maintain their existing skills and gain maximum experience.”
Newly discussed changes to the rules for the second job of MPs have raised concerns among some Conservative MPs, who in most cases provide advice on the side.
V New statesman has heard from a number of Conservative MPs who are trying to decide whether their second job is at stake – the definition of political or parliamentary advisory work is not yet clear to them.
One says the prime minister’s definition of what counts as political advice causes confusion among guardians: “Some complain that it is too narrow and others too broad.” Another is disappointed that the “utterly gruesome government mishandling” of the Paterson case defamed MPs who “followed the rules and did the right thing” with the same brush.
The ban will also affect politicians from other parties.
Liberal Democratic Leader Ed Davey, political and political advisor to Herbert Smith Freehills, receives £ 60,000 in 72 hours and earns an additional £ 18,000 in 48 hours a year on Next Energy Capital’s advisory board.
Labor MP Khalid Mahmood earns £ 25,000 a year from 180 hours as a consultant to the Policy Exchange.
Labor leader Keir Starmer has recently been criticized for considering taking on an advisory role in 2017 to Mishcon de Reya, a law firm that has sued the government under Article 50 (which he rejected after conflict of interest warnings).
SNP leader in Westminster Ian Blackford earned over £ 3,000 a month for eight hours of work per quarter as chairman of the Golden Charter Trust Limited funeral plans fund until March 31 of this year. Number SNP deputies have other incomebut they don’t seem to fit the definition of political consulting.
The MPs expect that such work will be banned until the end of January next year.
To determine how much MPs earn from such jobs, we scraped off all employment and income records submitted by MPs in Register of financial interests of participants, issue dated November 1, 2021-22.…
Of the 1,910 records we have collected, only a small fraction is advisory. MPs make money from a wide variety of sources such as speaking, writing articles, renting out property and, for one group, speaking within parliamentary rock band…
In an initial attempt to identify revenue that would fit the definition of “consulting,” we searched the records for a number of keywords such as “consultant”, “counselor / advisor” and “director”.
However, not all entries include these descriptions, and some are split across multiple entries – for example, the highest paid MP on our list, John Redwood (who earns royalties of £ 48,222 per quarter from Charles Stanley’s Investment Committee; plus a one-time bonus of £ 35,000 from the same employer on a separate line).
Instead of this New statesmanA team of data journalists (Afik Fitri, Catherine Swindells, Michael Goudier, Miguel Roca, Nicu Calce and Patrick Scott) analyzed each entry individually and identified those that could be considered political consultants.
The analysis was limited to MPs who held such positions between May 1 and October 31 – six months starting on May 11, when parliament opened for the 2021-2022 session.
We then extracted the GBP amounts and payout frequency for each entry, calculating how much each Conservative MP earned from their job during that period. In cases where MPs left office after May 1, we have adjusted their total income to include only the months in which they were in office.
Additional reporting: Afik Fitri, Catherine Swindells, Michael Goudier, Miguel Roca and Patrick Scott.…