Support 100 years of independent journalism.

  1. Politics
  2. Media
9 March 2017

George Osborne cut disability benefits by £1,560 a year – now he earns 19 times that a week

The former Chancellor’s extracurricular salary is revealed.

By Media Mole

It’s a beautiful thing when a politician leaves the frontbench – taking their knowledge, experience and benevolence from public service to absolutely caning the private sector. Your mole almost admires their dedication to the stereotype.

And George Osborne had gone above and beyond the call of duty. The Mirror has calculated that he will put away at least £1.5m in his first year out of government office. That figure comes from:

  • His £650,000 salary from global hedge fund BlackRock, for which he has to do four days of work per month. Four days.
  • £786,450 in private speeches.
  • £120,212 for a year’s work with a McCain Institute project.
  • And that’s not even counting his MP’s salary of £74,962.

Compare this figure with his decision while Chancellor to cut £30 a week in the disability benefit Employment Support Allowance.

That’s a loss of £30 a week to claimants – around £1,560 a year. So Osborne will earn more than nineteen times more in a week (around £29,936, if we don’t even count his basic MP’s salary) than will be cut in ESA in a year.

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
I consent to New Statesman Media Group collecting my details provided via this form in accordance with the Privacy Policy

Content from our partners
How industry is key for net zero
How to ensure net zero brings good growth and green jobs
Flooding is a major risk for our homes