David Cameron, 43
Leader of the Conservative Party
Education Eton College. Oxford University
Wealth £3.2m*
Expected to inherit million-pound legacies from both sides of his family, David Cameron comes from a long line of stockbrokers. A direct descendant of King William IV, he is the fifth cousin twice removed of Queen Elizabeth II, and reportedly got his first job in the Conservative Research Department after one of the Queen’s equerries intervened on his behalf. A former member of Oxford’s notorious Bullingdon Club, Cameron – who said that the large expenses claimed on his constituency home were an “inadvertent mistake” – was described by Norman Lamont as a “brilliant Old Etonian with a taste for the good life”.
* This and other wealth figures are estimates
George Osborne, 38
Shadow chancellor
Education St Paul’s School, London. Oxford University
Wealth £4.3m
George Gideon Osborne stands to inherit the Osborne baronetcy of Ballentaylor in County Tipperary, Ireland, as well as a substantial share of Osborne & Little, his father’s luxury wallpaper company. Not that he needs the money – he already benefits from a company trust fund, and as a backbencher commanded fees of up to £5,000 per article for the Spectator and Associated Newspapers. A former member of the Bullingdon Club, he is very much part of the old boy network, as shown by last year’s scandal involving Osborne, his old friend Nat Rothschild, Russian oligarch Oleg Deripaska and a yacht in Corfu.
Oliver Letwin, 53
Chairman of the Conservative Party’s Policy Review/Research Department
Education Eton College. Cambridge University
Wealth £1.5m
Despite earning £145 an hour for consultancy work at N M Rothschild & Son, Oliver Letwin claimed £2,000 in parliamentary expenses to replace a leaking pipe in his tennis court. He once said he would rather “go out in the streets and beg” than send his children to a London comprehensive, and during the 2001 election argued that the Conservatives should cut future public spending by £20bn a year relative to Labour proposals. His suggestion was so unpopular that he was forced to stay out of the public eye for the duration of the campaign.
Andrew Lansley, 53
Shadow health secretary
Education Brentwood School, Essex. Exeter University
Wealth £700,000
Andrew Lansley, who earns an extra £29,000 a year for 12 days’ work at a marketing agency, spent more than £4,000 of taxpayers’ money renovating his country home months before he sold it and flipped his expenses claim to his London flat, where he spent thousands more. Last year, Lansley caused outrage with a blog entry on the Conservative Party website arguing that a recession could be “good for us”, as people could “spend time at home with their families”. The potential future health secretary also has some insight into obesity, saying that “people who see more fat people around them may themselves be more likely to gain weight”.
David Willetts, 53
Shadow universities and skills manager
Education King Edward VI, Birmingham. Oxford University
Wealth £1.9m
David Willetts makes £80,000 a year from 40 days’ work as adviser to Punter Southall, and is also paid as chairman of Universal Sensors Ltd, but he still tried to claim £750 for a shed base and £175 for a dog pen on expenses last year.
Francis Maude, 56
Shadow minister for the Cabinet Office/ chancellor of the Duchy of Lancaster
Education Abingdon School, Oxfordshire. Cambridge University
Wealth £3m
Francis Maude, a former director of Morgan Stanley, juggles an array of non-executive financial positions. These bring him £68,600 a year, but luckily don’t require too many hours – Barclays pays him £36,700 for six days’ work. Maude, who has railed against the irresponsibility of mortgage lenders, banked £100,000-plus as director of a financial services group that profited from sub-prime mortgages. Despite owning four properties, he claimed almost £35,000 in two years for interest payments on a London flat just yards from his house.
Michael Gove, 42
Shadow schools secretary
Education Robert Gordon’s College, Aberdeen. Oxford University
Wealth £1m
A self-proclaimed neoconservative and former journalist, Michael Gove still writes a weekly column for the Times, which pays him £5,000 a month. Gove has boasted that it takes him an hour a week to write it. This makes his hourly wage more than £1,100 – 127 times higher than the average salary in his constituency, Surrey Heath. He tops this up through contributions to other titles, including Scotland on Sunday and Building Magazine. Gove is a signatory to the Henry Jackson Society, a “project for democratic geopolitics” that advocates a proactive approach to spreading democracy, by military intervention if necessary. Last year, he described the invasion of Iraq as “a proper British foreign policy success”.
Liam Fox, 48
Shadow defence secretary
Education St Bride’s High School, East Kilbride. Glasgow University
Wealth £1m
Fox, a former GP, may lambast the public sector for its inefficiencies and “bloated administration”, but he is not so thrifty himself. Despite earning £25,000 a year by lecturing for the medical educational firm Arrest Ltd (14 days’ work), he claimed almost £19,000 of taxpayers’ money for his mobile phone bill. A staunch Eurosceptic and strong believer in the “special relationship” with America, Fox said recently a Conservative government would be “sympathetic” to a request for thousands more troops in Afghanistan.
Andrew Mitchell, 53
Shadow international development secretary
Education Rugby School. Cambridge University
Wealth £2m
Mitchell, an ex-merchant banker racks up £43,500 every year for financial advisory and consultancy roles that involve a few hours’ work each week, as well as owning shares worth up to £180,000. But it’s obviously not enough – last year he claimed more than £21,000 for cleaning and redecorating his constituency home. In 2004 he asked the Commons Fees Office to pay him £2,000 a month from his MPs’ additional cost allowance “until it is exhausted”. Mitchell said last year that the recession was an “incredibly good moment” for the party.
Caroline Spelman, 51
Shadow communities and local government secretary
Education Herts and Essex Grammar School, Bishop’s Stortford, Essex. University of London
Wealth £1.5m
Caroline Spelman co-owns Spelman, Cormack & Associates, a food and biotechnology business, with her husband. They also own three properties, including a four-storey Georgian townhouse in London, with an estimated combined value of £5m. In 1997-98, she misused the parliamentary staffing allowance to pay her nanny. The expenses revelations this year showed that she received £40,000 for bills and cleaning for her constituency home, despite her husband claiming it was their main home. In 2005, she attacked proposals on revaluing council tax. Ironically enough, for the 2007-2008 financial year she overclaimed hundreds of pounds on her own council tax.
Lord Strathclyde, 49
Leader of the opposition in the Lords
Education Wellington College. University of East Anglia
Wealth £10m
The majority shareholder in the family estate management company Auchendrane Estates, worth roughly £6m, Lord Strathclyde holds down a plethora of paid directorships for hedge funds and investment companies. One of them is Galena, the investment management arm of Trafigura, a controversial oil trader recently found to be dumping toxic waste in Africa. He said that Trafigura’s other activities fell “well outside the terms of my remit”.
William Hague, 48
Shadow foreign secretary
Education Wath-on-Dearne Comprehensive School, Rotherham. Oxford University
Wealth £2.2m
Earning up to £10,000 for an appearance, Hague is a stalwart of the Conservative after-dinner speaking circuit. As a non-executive director of JCB, he was paid £50,000 a year and went on to a directorship at AES Engineering, receiving £25,000 a year. He has been paid up to £1,041 an hour for his consultancy work, a wage rate 113 times higher than the average among his constituents in Richmond, Yorkshire. Hague reportedly threatened to walk out when Cameron suggested forcing the shadow cabinet to give up second jobs.
Chris Grayling, 47
Shadow home secretary
Education Royal Grammar School, High Wycombe, Buckinghamshire. Cambridge University
Wealth £500,000
Chris Grayling, worth only half a million, is a real man of the people. The proprietor of four London homes, he still billed a £40,000 second-home refurbishment to the state. So in touch is the former BBC producer with the reality of life in Britain, that he compared the country’s streets to those of Baltimore on the US television drama The Wire, and came up with the idea of deterring young criminals by taking away their mobile phones.
Lord Ashcroft, 62
Conservative Party deputy chairman
Education Royal Grammar School, High Wycombe, Buckinghamshire. Mid-Essex Technical College
Wealth £1.1bn
Lord Ashcroft, the Tories’ fairy godmother, has donated millions to the Conservative Party since the 1980s, personally guaranteeing its overdraft when it was reportedly £3m in the red. He makes a habit of political donation, and has been accused of wielding undue political influence in Belize, where he has extensive business interests. He does not say whether he pays tax in the UK, and the Electoral Commission is investigating whether his company fits strict rules on overseas donations.
Dominic Grieve, 53
Shadow justice secretary and shadow attorney general
Education Westminster School, London. Oxford University
Wealth £3.1m
A barrister and QC, Dominic Grieve supplements his income with shareholdings in 13 firms, most notably with £240,000 worth of shares in companies operating in Zimbabwe. Apparently £3.1m doesn’t go very far towards keeping a second home – Grieve was forced to bill the government £18,668 in maintenance costs last year. A traditionalist who has voted against bills promoting gay rights, he has praised the Victorian era for its “sense of moral values”.
Philip Hammond, 53
Shadow chief secretary to the Treasury
Education Shenfield School, Brentwood, Essex. Oxford University
Wealth £9m
Hammond enjoys a lucrative directorship at Castlemead Property, in which he has shares worth £4.9m, but that didn’t stop him claiming £23,075 – £8 short of the maximum – for his second home in London. He now promises to oversee swingeing cuts in public spending in an emergency post-election budget. He has said it is “absolutely not the case” that public-sector workers are dreading cuts, feeling instead a “sense of liberation”.
Owen Paterson, 54
Shadow Northern Ireland secretary
Education Radley College. Cambridge University
Wealth £1.5m
Paterson, married to the 4th Viscount Ridley’s daughter, owns a large country estate in his North Shropshire constituency (he voted strongly against the hunting ban). He is a member of the Cornerstone Group, which published a report describing the NHS as “Stalinist” and calling for it to be replaced.
Jeremy Hunt, 42
Shadow culture, media and sport secretary
Education Charterhouse School. Oxford University
Wealth £4.1m
Hunt is paid £1,000 a month for two hours of business advice to Hotcourses Ltd, an educational guide publisher, and enjoyed a £245,181 dividend payment from the company in 2006. He still felt hard-pressed enough to submit an invoice for 1p for a 12- second mobile phone call.
Gregory Barker, 43
Shadow minister for energy and
climate change
Education Steyning Grammar School, West Sussex. Royal Holloway, University of London
Wealth £3.9m
Gregory Barker, a former adviser to the Russian billionaire and Chelsea FC owner Roman Abramovich, reportedly made millions when he sold his stake in a recruitment advertising firm, and continues to rake in cash as director of Flare View, a property investment company, and as an adviser for Pegasus Capital Advisors. He made a £320,000 profit in just over two years by using the second-home allowance
to buy and sell a house in the exclusive borough of Chelsea, in central London.
Philip Dunne, 51
Conservative whip/deputy chairman
Education Eton College. Oxford University
Wealth £5m
Dunne, a super-rich backbencher has had a 20-year career spanning investment banks in London, New York and Hong Kong, as well as Ottakar’s bookshop, which he co-founded. The son of Sir Thomas Dunne, the Lord Lieutenant of Hertfordshire, he has done all this while looking after the family farming estate.
Brooks Newmark, 51
Conservative whip
Education Bedford School, Bedfordshire. Harvard University. Oxford University
Wealth £3.2m
Yet another Conservative MP with a high-flying background in the world of finance, Brooks Newmark held a senior role at Lehman Brothers, and spent eight years at a British merchant bank. He now owns the investment firm Telesis Management and has shares in two other investment firms, from which he gets undisclosed payments.
Zac Goldsmith, 34
Conservative parliamentary candidate
Education Eton College (expelled). Cambridge Centre for Sixth-Form Studies
Wealth £300m
Son of Sir James Goldsmith and his third wife, Lady Annabel Vane-Tempest-Stewart, Frank Zacharias Robin Goldsmith is an environmentalist and socialite. An odd combination, perhaps, but both grandfathers were Conservative MPs, so he is walking a well-trodden path.
Michael Spencer, 53
Conservative Party treasurer
Education Worth Abbey, West Sussex. Oxford University
Wealth £250m
A close friend of Cameron’s, Spencer owns a 21 per cent stake worth £474m in the money broker Icap, which he set up in 1986. He was caught up in controversy last year when it emerged he had pledged his stake in the investment bank Numis as security for a loan, a legal grey area. When he did sell his shares, he made only £16m – a third of what he would have gained in 2006 when shares were at their peak. It’s a hard life.
Research by Samira Shackle, Stephanie Hegarty and George Eaton
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