David Cameron to endure huge pay reduce as he agrees to sacrifice Lords bills

David Cameron is about to endure a large pay reduce after sensationally returning to frontline politics as Rishi Sunak’s new Foreign Secretary.

At this afternoon’s press briefing, the Prime Minister’s spokesman confirmed that David Cameron will likely be paid the usual Lords wage for a Secretary of State of £104,360.

They additionally specified he received’t declare the House of Lords’ comfortable £315-a-day bills allowance.

However Parliamentary guidelines state {that a} member of the Lords serving as a minister isn’t entitled to this allowance in any respect.

Questions had been raised about whether or not Mr Cameron would proceed to assert the allowance granted to all former Prime Ministers to run their workplace.

The allowance runs to £115,000 a yr.

Records present that David Cameron has virtually maxed out this allowance yearly since no less than 2019.

Research by the Institute for Government revealed the Prime Minister claimed £111,457 in 2019, falling to £108,312 in 2022/23.

While Mr Cameron’s new taxpayer-funded wage of £104,360 is over thrice increased than the typical UK pay packet, it represents a large pay reduce for the previous Prime Minister.

In his seven years away from frontline politics, Mr Cameron took up numerous highly-paid jobs, not least as an advisor to the now-collapsed finance agency Greensill Capital.

Mr Cameron’s position with the agency backfired when an inquiry concluded he had proven a “significant lack of judgement” in lobbying for the corporate.

Despite the lobbying scandal, it was revealed David Cameron was paid over $1 million a yr for his position (£722,000).

It was additionally claimed Mr Cameron made round $10 million (£7 million) from Greensill Capital earlier than the agency collapsed.

According to a BBC Panorama investigation, paperwork confirmed the previous PM obtained the sum from cashing in shares he held within the firm price round £3.3 million in 2019.

During a gruelling quizzing from MPs in 2021 across the scandal, Mr Cameron refused to disclose his annual wage, however conceded he was “paid a generous annual amount – more than I was paid as Prime Minister”.

After leaving politics, Mr Cameron additionally took up numerous different jobs, although his remuneration for the roles is unknown.

In 2016 he grew to become Chairman of the Patrons on the National Citizen Service, and have become President of Alzheimer’s Research UK.

He additionally suggested numerous companies, concentrating on monetary and medical tech.

In 2023 Mr Cameron joined New York University Abu Dhabi as a politics lecturer.

Speaking to the BBC’s Chris Mason this afternoon, Mr Cameron promised he can be dropping his different roles.

“Today I resigned from all of those things, from all of the business I’ve been helping, all of the other things I’ve been doing including a professor at NYU; that all stops.

“I now have one job, as foreign secretary of the United Kingdom and I’m very proud to work with our Prime Minister to make sure that our country can be as secure and as prosperous as possible.”