More than 100 MPs earn over £10,000 a year as landlords

Published

9 months ago

April 24, 2024

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More than 100 MPs have earned over £10,000 a year as landlords over the course of this parliament, research from Sky News has found.

A total of 83 Tories have declared they received the sizeable rental payments since the last election in December 2019, along with 18 Labour MPs, four Liberal Democrats and one member of the SNP.

But many more could be benefiting from a smaller income as landlords, as MPs only have to publish it on the register of interests if rent tops the £10,000 annual figure.

The numbers come as the long-awaited Renters’ Reform Bill returns to the Commons on Wednesday, with campaigners demanding stronger action to make the market fairer for those renting their homes.

The majority of the MPs found in Sky News’ research were landlords of residential properties – with 104 of them having a stake in over 217 homes.

But 12 also let out commercial properties, 12 make an income from renting their farms, and one even leases a fishery.

A total of seven cabinet members made the list, with Chancellor Jeremy Hunt clocking up the largest portfolio – seven flats in Southampton, 50% of a holiday home in Italy and 50% of an office building in London.

Three shadow cabinet members also have the additional income – though no more than the single property owned by shadow foreign secretary David Lammy in Tottenham, London.

Vested interest of landlords

However, the MP with the biggest list of rental incomes was the Conservative member for Sedgefield, Paul Howell, who lists two flats in County Durham, five houses in Durham, nine houses in Darlington and an apartment in Spain on his register of interests.

None of this breaks any rules for MPs, as long as they declare their interests.

However, the statistics come as a row rolls on between the government and campaigners over the influence of landlords on the Renters’ Reform Bill.

Research exclusively shared with Sky News last week showed almost one million private renters had been served a Section 21 since the Conservatives first promised to ban them in April 2019.

Yet, the government agreed to an indefinite delay to outlawing the mechanism, reportedly after a group of Conservative backbenchers – including some landlords – raised concerns the courts were not prepared for the legal cases that could replace them.

‘Colossal failure’

The chief executive of homelessness charity Shelter, Polly Neate said the legislation would be a “colossal failure” without the scrapping of no fault evictions at its heart.

“Tenants campaigned tirelessly to get this bill on the table, but this government has proven that renters’ safety and security is less important to it than bowing to the self-interests of a minority of landlord backbenchers,” she added.

“While ministers run scared of a few dozen of their own MPs, more than 500 private renters are slapped with a no-fault eviction notice every day.”

Speaking to broadcasters ahead of the legislation returning to parliament, Levelling Up Secretary Michael Gove could not guarantee Section 21s would be banned before the next election – which has to take place by January 2025.

He insisted his “determination” to end them was “iron clad”, but it would depend on opposition parties and the House of Lords supporting the whole bill.

“It’s important to stress that the overwhelming majority of landlords are providing a very valuable service,” said Mr Gove.

He added: “It’s vitally important that after 30 years without legislation to improve the private rented sector, and with the private rented sector constituting nearly a fifth of housing overall, that we do ensure that it works effectively.

“And it’s not about pitting landlord against tenant, nor is it about demonising MPs of all parties. It’s about making sure that we have the balanced package that makes sure the private rented sector works for everyone.”

Bill ‘abolishes Section 21s in name only’

However, a spokesperson for campaign group Generation Rent told Sky News: “Efforts to maintain landlords’ power in the bill will undermine improvements that would benefit renters and ultimately improve the reputation of the sector.”

The Renters Reform Coalition, made up of 20 charities, also warned that, as the bill stood, it “abolishes Section 21s in name only”.

They added: “This legislation is intended to give the impression of improving conditions for renters, but in fact it preserves the central power imbalance at the root of why renting in England is in crisis.”

But the chief executive of the National Residential Landlords Association, Ben Beadle, supported the bill, saying it provided stability for both landlords and tenants, and would keep rental homes in the market.

“Greater security for tenants will mean nothing if the rental homes are not there in the first place,” he added.

Sky News contacted the Conservatives, Labour and the three MPs named in the piece, but did not receive a response.

A Lib Dem spokesperson said: “Time and time again the Conservatives have failed renters and acted against people’s interests.

“Lib Dem MPs in parliament have long fought for renters’ rights and will continue to do so.”

Politics

Crypto deregulation under Trump: Promises vs reality

Published

12 mins ago

January 13, 2025

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Crypto deregulation under Trump: Promises vs reality

The incoming US president will have the authority to enact many policies favorable to crypto users after taking office next week.

Politics

Starmer says Treasury will be ‘ruthless’ in cutting spending amid market turmoil

Published

12 mins ago

January 13, 2025

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Starmer says Treasury will be 'ruthless' in cutting spending amid market turmoil

Sir Keir Starmer has said the Treasury will be “ruthless” in cutting government spending as market turbulence continues.

Responding to a question about the economic situation from Sky News’ political editor Beth Rigby, he said: “The number one mission of this government is economic growth.

“And that was run through the budget, but there’s much more that we’re doing on economic growth, pulling those levers of change.”

Both long-term 30-year and the benchmark 10-year government borrowing costs were up on Monday morning, with the 30-year effective interest rate (the gilt yield) reaching a new high of 5.47% – a rate not seen since mid-1998.

The 10-year borrowing cost reached 4.86%, below the 2008 high recorded last Thursday but at the same levels last seen around the global financial crash.

Politics latest: Chancellor urged to hold emergency bank summit

That pushes up costs for the government, with the chancellor put in a position where she could have to break her self-imposed fiscal rules by failing to bring debt down and balance the budget.

Sterling, which can reflect investors’ confidence in the UK and overall economic health, was also down to a low not seen since October 2023, with £1 buying $1.21.

Money blog: Traders bet on pound dropping 8%

The dismal economic outlook has prompted warnings mortgage rates could rise in the coming weeks as lenders respond to the turmoil.

In what could be seen as further misery for the British people, the prime minister refused to rule out government spending cuts as he said the Treasury was right to be “ruthless” in cutting spending.

A spending review, due later this year, is expected to require government departments to make efficiency savings worth 5% of their budgets.

Sir Keir told a news conference: “We will be ruthless, as we have been ruthless in the decisions that we’ve taken so far.

“We’ve got clear fiscal rules, and we’re going to keep to those fiscal rules.”

He said the government had “inherited a real mess” of an economy from the Conservative government.

But, he said the government is “going to stick to the fiscal rules”.

“That is a very important thing,” he said.

“We’re determined to bring about that economic stability. And that’s why the fiscal rules are absolutely, absolutely central to what we do.”

Sir Keir also twice avoided answering whether Rachel Reeves will still be chancellor by the next election in 2029 in the wake of the dismal economic outlook.

“Rachel Reeves is doing a fantastic job,” he said, but would not say if she would remain in post.

“She has my full confidence, she has the full confidence of the entire party.

“She took the tough decisions.”

The Conservatives jumped on Sir Keir failing to confirm if Ms Reeves would still be in the job at the end of this parliament.

Leader Kemi Badenoch said: “The prime minister just refused to back his chancellor staying in her job.

“Keir Starmer and Rachel Reeves have driven Britain’s economy into the ground. The markets are in turmoil and business confidence has crashed, yet the chancellor is nowhere to be seen.

“Labour promised stability and instead the City minister is mired in corruption investigations and the chancellor is hanging on by her fingernails.”

Politics

Scotland’s former first minister Nicola Sturgeon splits from husband

Published

7 hours ago

January 13, 2025

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Scotland's former first minister Nicola Sturgeon splits from husband

Scotland’s former first minister Nicola Sturgeon has announced she has split from her husband, Peter Murrell.

Ms Sturgeon and Ms Murrell met via the SNP and first became a couple in 2003. They later married in July 2010 at Oran Mor in Glasgow.

In a statement posted to Instagram stories, she wrote: “With a heavy heart I am confirming that Peter and I have decided to end our marriage.

“To all intents and purposes we have been separated for some time now and feel it is time to bring others up to speed with where we are.

“It goes without saying that we still care deeply for each other, and always will.

“We will be making no further comment.”

Ms Sturgeon unexpectedly announced she was stepping down as Scotland’s first minister and SNP leader in February 2023 after succeeding Alex Salmond following the independence referendum in 2014.

Mr Murrell, who had been SNP chief executive since 2001, resigned from his post the following month after taking responsibility for misleading the media over party membership numbers amid the leadership race, which Humza Yousaf went on to win.

At the time, he said: “While there was no intent to mislead, I accept that this has been the outcome.”

In April 2023, Mr Murrell was arrested as part of a probe into the SNP’s funding and finances. He was later charged with embezzling SNP funds in April last year.

Ms Sturgeon and ex-party treasurer MSP Colin Beattie have also been arrested and released without charge as part of Police Scotland’s long-running Operation Branchform.

The probe, which has been ongoing since July 2021, is linked to the spending of around £600,000 raised by SNP supporters to be earmarked for Scottish independence campaigning.

Ms Sturgeon continues to deny any wrongdoing. In an interview last month, the Glasgow Southside MSP said she knew “nothing more” about the inquiry and was getting on with life “as best I can at the moment”.

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