Many of the MPs who have announced they will step down at the next election already have jobs outside of parliament.
High profile Conservatives Sajid Javid, Chris Skidmore and Graham Brady have all registered new ‘second jobs’ in the last few weeks, while half of the 24 MPs who’ve confirmed they’ll stand down already have outside work.
Stephen McPartland and Sir Mike Penning have taken on additional work outside of parliament in the last six months, while Matt Hancock set up a TV production company in January.
Half of MPs who’ve said they’ll step down have ‘second jobs’
Former chancellor Sajid Javid has taken up a role with the private investment firm Centricus Partners, a $40 billion fund which invests primarily in financial services, infrastructure, media and sports. Centricus submitted an unsuccessful bid to buy Chelsea Football Club last year.
Javid will be employed as a senior adviser for the firm, providing advice on global economic outlook, geo-politics and financial markets. He will be paid £300,000 per year, for between eight and 10 hours work, meaning his rate is almost £2,800 per hour.
Javid has also received payments for two speaking engagements in the last six months, worth a combined £66,000. He addressed internal executives at HSBC in September and gave a speech to clients of Deutsche Bank, his former employer, in October.
After resigning as Chancellor in 2020, Javid took up lucrative roles with investment firm JP Morgan and AI firm C3.ai. NationalWorld reported last month that last year C3.ai met with ministers at the Department for Health and Social Care after employing Javid, who quit the roles at JP Morgan and C3.ai to return to cabinet as the health secretary.
NationalWorld reported last week that Chris Skidmore, a former minister who recently chaired the government’s Net Zero Review, had taken a lucrative role with the Emissions Capture Company, an industrial decarbonisation firm. He will be paid £80,000 per year for up to 192 hours, or around two days per month.
Despite the clear link between his new employer and Skidmore’s previous role in government as a clean energy minister and his recent proximity to the Department for Business, Energy and Industrial Strategy as chair of the Net Zero Review, Skidmore did not have to consult Acoba, the appointments watchdog.
In addition to this role, Skidmore has been a non-executive director of the Oxford International Education Group, earning £40,000 per year for around one day’s work per month, and throughout 2022 was a senior research advisor for Public Policy Projects, a public policy institute, earning around £3,200 for between 24 and 40 hours per month.
Current chair of the 1922 Committee Sir Graham Brady will step down at the next election after more than 25 years in parliament. As of last week he is an adviser to the Global Banking School and Mategedu Apprenticeships, earning £3,000 per month for three hours work. He is also a member of Primary Access and Research’s advisory board, earning £6,000 per year for an hour every month, an adviser to Young Chef Young Waiter for two hours per month in exchange for £1,000, and chair of the Parliamentary Advisory Board for The House magazine. This role pays £26,000k per year for 10 hours per month.
At the end of this month, Sir Graham will leave his role as an adviser on communications and marketing strategy with Snowshill Allied Holdings, a software firm he has worked with since 2013. The role currently pays £2,500 per quarter, for three hours’ work.
Since resigning as Health Secretary in 2021, Matt Hancock has earned significant sums from speaking engagements, publishing and television appearances. His largest pay-day came from a spell on I’m A Celebrity… for which he earned £320,000. He netted a further £45,000 from an appearance on Celebrity SAS: Who Dares Wins, and was paid £48,000 for an interview and the serialisation of his book in the Daily Mail.
In January, Hancock set up a TV production company, Greenhazel LTD, and is thought to be looking for further opportunities in entertainment.
As of 31 October last year, Stephen McPartland has returned to a role he previously held with furniture retailer Furniture Village, after stepping down just a few months earlier in July and receiving a £5,000 bonus. Having returned as a non-executive director, he now earns £4,166 per month in exchange for ten hours’ work.
In October, former Home Office minister Sir Mike Penning took on a third ‘second job,’ as non-executive director of a CBD products company, Tenacious Holdings, earning £5,000 per month, for up to 18 hours’ work. He is also a non-executive director of JT Consultancy, a firm run by Conservative donor Jan Telensky, earning £2,916 for 10 hours per month, and a non-executive director of the Law Abroad legal company, which pays £500 per hour for one and a half hours each month.
More than 20 MPs confirmed they’ll step down at next election
Several of the Conservative MPs who’ve announced they will stand down have maintained second jobs for some time.
Since 1 April 2020, just a week or so after the first Covid lockdown was introduced, Mark Pawsey has been chairman of the Foodservice Packaging Association, working up to 32 hours per month for a fee of £30,000 per year.
Former minister Crispin Blunt is currently a director of the International Centre of Justice for Palestinians, working 12 hours per month for £25,000 per year, and a member of Stay Belvedere Hotels’ oversight board, which pays £15,000 for 128 hours a year.
Sir Gary Streeter, who was first elected in 1992 and served in government under John Major, is a non-executive director of the housing company Rentplus UK, earning £31,500 per year for around 20 hours per month.
Scottish Conservative leader Douglas Ross announced he would step down as an MP to focus entirely on his role as an MSP as he currently balances both roles. Ross is also a professional assistant referee and is regularly involved in officiating top-flight matches in the Scottish Premier League.
Throughout her time as a cabinet minister under Boris Johnson, Nadine Dorries maintained her work as a novelist, working 12 hours per week - in the last year she has earned just under £24,000.
Veteran backbencher Paul Beresford maintains his work as a dental surgeon working part-time at his own practice. He works up to 300 hours per year and takes earnings of £500 per month.
A handful of MPs who only entered parliament in 2019 have announced they will step down, including Dehenna Davison and Jo Gideon. Davison presented a weekly show on GB News between June 2021 and September 2022, earning £1,879 per month for 16 hours’ work.
Those also stepping down include Adam Afriye, who is facing bankruptcy proceedings and as a result could have been forced to step down as an MP anyway if the court rules against him.
Outspoken Conservative backbenchers William Wragg and Charles Walker have said they will not contest the next general election, as has key Boris Johnson ally Nigel Adams.