Here, as promised, is the Shadow Cabinet Rich List published in today’s News of the World – reproduced with kind permission. You can read my introduction to the list here.
1: Lord Strathclyde: £10m
2: Philip Hammond: £9m
3: George Osborne: £4.3m
4: Jeremy Hunt: £4.1m
5: David Cameron: £3.2m
6: Dominic Grieve: £3.1m
7: Francis Maude: £3m
8: William Hague: £2.2m
9: Alan Duncan: £2.1m
10: Andrew Mitchell: £2m
11: David Willetts: £1.9m
12: Theresa May: £1.7m
13: Oliver Letwin: £1.5m
14: Caroline Spelman: £1.5m
15: Owen Paterson: £1.5m
16: Cheryl Gillan: £1.4m
17: Liam Fox: £1m
18: Grant Schapps: £1m
19: Michael Gove: £1m
20: Eric Pickles: £700,000
21: Andrew Lansley: £700,000
22: Peter Ainsworth: £700,000
23: David Mundell: £500,000
24: Chris Grayling: £500,000
25: Baroness Anelay: £500,000
26: Patrick McLoughlin: £250,000
27: Baroness Warsi: £130,000
28: Nick Herbert: nil
29: Theresa Villiers: nil
Lord Strathclyde
Leader of Opposition in House of Lords
Inherited wealth: £10 million
Lord Strathclyde is the majority shareholder in family estate management company Auchendrane Estates which was set up way back in 1945. The estate it represents is worth around £6 million. In turn this company owns Barskimming Estates Limited. This business is the estate’s trading arm and it largely develops and sells real estate and is asset rich to the tune of £2.7 million, although its latest accounts disclose an ongoing trading loss of £443,322. Strathclyde supplements his interest in this family company with paid directorships. These posts comprise hedge fund manager Trafalgar Capital, investment management company Galena, profitable Lloyd’s members agent company Hampden Associates. Salaries for these posts are not disclosed. In addition to them Strathclyde is a director os Scottish Mortgage Investment Trust, for which he was paid £21,000 in year ended 31 March 2008. This company holds stakes in a raft of companies including Gazprom in Russia, Tesco, e-Bay annd Amazon. According to the company’s latest annual report he holds 3,142 shares in the company worth around £14,000. Strathclyde is also holds a directorship of Marketform Group, another company linked to the Lloyd’s insurance market. The peer also co-owns £2 million house in Westminster.
Philip Hammond
Shadow Chief Secretary for Treasury
Business & Property: £9 million
Over the past five years, Hammond has enjoyed a £2.7 million dividend payment from his property company Castlemead – of which £1.7 was paid last year. This company owns the majority stake of Castlemead Homes, which builds properties. Castlemead Homes was worth £5.8 million as at 31 March 2007. Hammond’s share of this amounts to £4.9 million. In addition to his business interests, Hammond and his wife Susan own a house in Belgravia for which they paid £1,075,000 and which could now be worth as much as £1.5 million.. Prior business interests, include Clipper Wind Power and Consort Resources.
George Osborne
Shadow Chancellor
Inherited Wealth & Property: £4.3 million
Osborne’s father Sir Peter co-founded luxury wallpaper and fabrics company Osborne & Little, and his son benefits from a trust which has a 15% of the business.Osborne Junior stands to inherit a substantial share of this company. The business, which was once a publicly traded company, now conducts business as Interiors Acquistions. In 2003, Osborne and Little de-listed from the London stock Exchange and went private. At the time, it was valued at £12.9 million making Osborne Jnr’s stake worth just under £2 million. A family home in Notting Hill adds around £1.8 million. In addition the couple own a constituency property valued at around £500,000. On his wife Frances’s side, her father is life peer Howell of Guildford, a former Minister in Margaret Thatcher’s cabinet.
Jeremy Hunt
Shadow Secretary Culture, Media and Sport
Business & Property: £4.1 million
Hunt owns almost half of educational guide publisher Hotcourses. This company enjoyed sales of almost £9 million in 2006 and in the same year employed 114 staff. Hunt enjoyed a £245,181 dividend payment from the company in the same year, a slight increase on the £199,566 he received in 2005. The company could easily worth five times its annual profit of £1.3 million which means that Hunt’s stake would be valued at £3.25 million. Hunt also earns a wage from the Bristol Port Company, for whom he acts as a commercial advisor. He owns a property in Farnham Surrey, a house in Hammersmith and a half-share in a holiday house in Italy. Hunt bought his Farnham property for £184,000 in September 2003 and has owned his Hammersmith house since 1997.. In all these properties should be worth £500,000 at least.
David Cameron
Leader of Conservatives
Property and assets: £3.2 million
Cameron joined parliament in 2001. Prior to becoming an MP he was head of corporate affairs at Carlton Television. His only non-parliamentary post was with bar and club company Urbium plc for which he was paid around £25,000 per annum. The couple’s wealth is, however, in property and they own a £2.5 million London home and a £1 million constituency house. His wife earns an income for the family via her position as creative director of upmarket Bond Street stationers Smythson. She netted a six figure bonus, thought to be £300,000, after a takeover of the company. However, the Camerons real wealth is likely to be come at a later date via inheritance from both sides of their family. Samantha’s mother is Viscountess Astor. She is a successful business woman in her own right and holds a large stake in OKA Direct, a furniture and accessories company. Samantha’s father, Sir Robert Sheffield – from whom her mother was divorced in 1975 – is chairman and majority shareholder of Normanby Estate Holdings which is worth £5.2 million. David’s father and grandfather were both stockbrokers which should eventually contribute to the couple’s wealth.
Dominic Grieve
Shadow Home Secretary
Shareholdings and Property: £3.1 million
Grieve is a London-based barrister. In addition he is a former member of insurers Lloyds. His assets comprise shareholdings in a number of public limited companies. These shareholdings are declared in the latest Register of Members Interests as being worth more than £60,000 each. As his holdings number 15 this would value them at least £900,000. In addition, Grieve owns a £1.2 million property in Hammersmith and Fulham. As well as this family home, he owns a rental property in London and is part owner of building land in France. His wife also contributes to the family income via directorships with among others, damp and property restoration specialists Hutton + Rostron, for whom she has worked for more than 15 years.
Francis Maude
Shadow Chancellor of the Duchy of Lancaster
Business & Property: £3 million
Maude has a family home in West Sussex. In addition he has an investment property in France and generates extra income via a rental property he owns in South London. Maude holds a number of company directorships. He draws an unspecified salary from Barclays as a member of its Asia-Pacific Advisory Committee and is also currently a non-executive director of Mediasurface, The Mission Marketing Group and UTEK Corporation Inc. In addition he is chairman of the troubled Prestbury Group plc. He holds 283,141 shares in this company. These shares floated at 29p and were worth £1, as at 4 June. The company’s shares have been suspended by the London Stock Exchange because it has failed to produce an annual report for 2007. However, based on the closing price his holding is worth around £283,141 – a £200,000 profit on the £82,000 they were worth when the company floated.
William Hague
Shadow Foreign Secretary
Earnings & Property: £2.2 million
Hague has established himself as perhaps the best paid MP in parliament thanks to his popularity as an after dinner speaker. He is paid not less than £10,000 per speech and as much as £25,000 per engagement. The Register of Members Interests reveals that between November 2005 and June 2008 Hague’s earnings on the after dinner circuit could have reached £780,000. In addition over the same period Hague has been paid at least £220,000 by private companies for whom he is a director. These companies comprise the JCB Group, Terra Firma Capital Partners and Dunalastair Ireland – for whom salaries are declared; as well as AES Engineering and AMT-SYBEX for whom no salary details are disclosed. In addition Hague has a contract with Harper Collins to write a book about William Wilberforce. Writing earned him as much as £100,000; while his private company Canyon Research holds almost £300,000 in liquid funds. Hague’s valuation is based on his current earnings and is likely to rise as he continues both his political and corporate careers. Property interests in London and his constituency add at least £1 million.
Alan Duncan
Shadow Secretary for Business, Enterprise and Regulatory Reform
Business & Property: £2.1 million
Alan Duncan is the long time owner and operator of Harcourt Consultants. This company is not a publicly registered business and it is therefore not possible to examine earnings that Duncan may have drawn from it. He is said to have earned ‘millions’ from the oil and gas industries on which the company advises about strategies to sell Middle East and Russian oil. In addition to Harcourt, Duncan draws an income from directorships with Californian company Catalytic Solutions and Arawak Energy – an oil and gas company with interests in Russia. Duncan is not required to declare an income for these posts in the Register of Members Interests. Duncan’s key assets are his properties. They comprise his London home and a rental property in the capital.
Andrew Mitchell
Shadow Secretary for International Development
Property & Business: £2 million
Mitchell own a properties in Islington. The London home could be worth as much as £1.5 million. Mitchell was a merchant banker with Lazards before becoming an MP in 2001. He retains his post at Lazards. Its main UK company is Lazard & Co Holdings and it paid its directors and former directors – Mitchell belongs to the former group – £5 million in total last year. As well as his income from Lazards, Mitchell draws a £40,000 per annum income as a senior strategy adviser to Accenture. In addition, he has shareholdings in two property investment companies and a film finance company. These shares are worth a minimum of £60,000 per holding and a total of £180,000.
David Willetts
Shadow Secretary for Innovation, Universities, and Skills
Property & Business: £1.9 million
The Willetts have been resident in their Shepherds Bush home for twenty years. Over this period they are likely to have seen the value of their house more than double. A neighbouring property sold for £1.3 million last year. As well as the London home the couple also own a property in Hampshire, worth around £250,000. In addition Willetts owns an investment property from which he draws a rental income. He has generated extra-parliamentary income during his tenure as an MP. He is a frequent author and is currently on the payroll of Punter Southall, a firm of actuaries who pay him £80,000. He is also a director of Project Bluesky Investments and Cawood Scientifc and holds 275 shares in their parent company Sensortec. His wife is successful professional artist Sarah Butterfield, daughter of the late life peer Lord Butterfield. Her paintings are collected by Trust House Forte, Wimbeldon Lawn Tennis Museum, TrinityCollege, Cambridge; and HRH Prince of Wales.
Theresa May
Property: £1.7 million
May holds declares no outside earnings in the latest Register of Members Interests. However, she does enjoy a discount card for a shoe shop and also free website maintenance design. She has been an MP since 1986. Before entering parliament spent six years working for the Bank of England. Her husband Frank is a computer programmer. He contributes to the family income via his directorship of private company Vycom. He owns a property in London for which he paid £500,000 in 2001. In addition, May owns a lavish home in Berkshire.
Oliver Letwin
Property & Employment: £1.5 million
Letwin has worked for blue-chip merchant bank NM Rothschild since 1986. He rose to became a director of the bank in 1991 and continued as such until 2005. He retains a non-executive role at the bank and is a director of NM Rothschild Corporate Finance Limited. His post with Rothschild predates his 1997 election to parliament and is likely to have generated a significant income over the years. He owns a constituency home in Somerset for which he paid £430,000 in January 2001. In addition, Letwin and his wife Isabel have owned a property in Kennington since 1987.
Caroline Spelman
Conservative Party Chairman
Property: £1.5 million
Spelman and her husband Mark co-own Spelman Cormack Associates, a company she describes in the latest Register of Members Interests as a “family business specialising in food and biotechnology.” At latest count, the company was £9,941 in the red. Spelman’s husband Mark contributes to the couple’s income via his directorships at Accenture Development Partnerships and Accenture Properties. The couple own a consitutency home in Dorridge which they bought in 1998 and for which they hold no motgage. In addition they also own a £1 million property near Westminster.
Owen Paterson
Shadow Secretary Northern Ireland
Property £1.5 million
Paterson is the owner of a large country estate in his constituency of North Shropshire and, before entering politics, was a director of the British Leather Company. He supplements his parliamentary salary by renting out buildings and agricultural land at Banbury and Spurstow, Cheshire. He also rents out buildings near his Shropshire home. He has aristocratic connections via his marriage to Rose Ridley, daughter of the 4th Viscount Ridley.
Cheryl Gillan
Shadow Secretary Wales
Property: £1.4 million
Gillan has been an MP since 1992. Aside from a long-term post as marketing consultant for accountants Pannel Keer Forster, for which she was paid as much as £15,000 per annum, she has had no extra-parliamentary sources of income. Her husband John Leeming works for her at parliament as a part-time office manager/researcher. The couple have managed to acquire three properties. One, in Battersea London, was bought in 1996. They also own a property in Epsom and one in Amersham – which have been in their possession since 1985 and 1991 – thereby predating Cheryl’s entry into parliament. Neither of the last two properties have a mortgage outstanding.
Liam Fox
Shadow Secretary for Defence
Property: £1 million
Fox reportedly owns Central London property worth around £450,000 and also detached house in Somerset for which he paid £680,000 in November 2006. Fox draws an extra-parliamentary income from Arrest Limited, a medical education company. This firm, however, appears to be a modest company. Its latest accounts are for the year ended 31 December 2007 and they show that as at this date the firm, in which he holds a 60-percent stake was worth just £9,993.
Grant Shapps
Shadow Housing Minister
Property & Business: £1 million
Shapps became an MP in 2005. He combines his role as an MP with a successful business career outside parliament. He and his wife Belinda co-own a company together called How To Corp which was worth a modest £45,690 as at 31 March 2007. Shapps’ other business, Print House Corporation, is more successful. As at 31 December 2006, it was worth £392,939. Shapps owns 75-percent of the business – which is a commercial design, print and web development company. His stake in this company is worth at least £300,000. In addition to these corporate assets the couple own a £760,000 property in leafy Brookman’s Park.
Michael Gove
Shadow Secretary for Children, Schools and Families
Property: £1 million
Gove supplements his parliamentary income through journalism from which he has most recently earned £70,000. The latest Register of Members Interests, which discloses the payments to Gove, reports that he is also an associate editor of the BBC’s House Magazine; and has a contract with publishers Weidenfield & Nicolson for book Celsius 7/7. Gove’s properties are a house in Kensington and a detached cottage in Godaming, Surrey. He has a mortgage on both houses. He paid £430,000 for the London property in 2002 and £395,000 for his country home in 2006. These properties have increased in value and now have a combined worth of £1 million.
Eric Pickles
Shadow Secretary Communities and Local Government
Property: £700,000
Pickles and his wife Irene have been the long term residents of a detached Essex property, within the boundary of his Brentwood & Ongar constituency. The Pickles bought the house in 1993 and although they have a mortgage the house is certain to be many times the amount they paid for it; with neighbouring properties sold for between £500,000 and £750,000 – the most recent of which was in 2005. Pickles earns a modest £10,001-£15,000 as a parliamentary advisor to the Royal British Legion and is paid an undisclosed amount by International Property Awards, for whom he is a non-executive director.
Andrew Lansley
Shadow Secretary for Health
Property: £700,000
Lansley is career politician having joined the Department of Industry in 1979. As such he has largely had no outside earnings and appears depend to have depended on his parliamentary income alone. His second wife Sally is a policy analyst and together they own a flat in Pimlico. They bought it in 2001 for £270,000. They own the leasehold and freehold of the property and it is now likely to be worth around £700,000. As well as the London flat Lansley had until recently drawn a rental income from a house in Cambridge.
Peter Ainsworth
Shadow Secretary for Environment, Food & Rural Affairs
Property: £500,000
Former investment banker Peter Ainsworth has no outside interests to declare in the Register of Members Interests. His last external directorship ended in October 2005 and he now holds unpaid posts with Plantlife International and the Elgar Foundation. His wife Claire still works in the City and is a structured financier. Her current directorships are with TP70 2008 (III) VCT and Mega Herz Trading. The couple are likely to own a constituency home and are long time residents in Wandsworth, South London. The absence of other visible assets pegs the couple at a modest £500,000.
David Mundell
Shadow Scotland Secretary
Property: £500,000
Mundell is a former MSP who became an MP at Westminister in 2005. Before entering politics we worked for BT in Scotland for eight years ending his career with the company in 1999 having reached the post of head of National affairs for Scotland. He has no extra-parliamentary interests but does own a flat in Edinburgh from which he draws a rental income.
Chris Grayling
Shadow Secretary Works & Pensions
Property: £500,000
Grayling became an MP in 2001. Prior to this he worked in television and public relations – in which profession he was MD at Burson-Marstellar. While in the TV sector he appears to have had his own production company – Grayling Productions. The London property for which he is on the electoral role is not owned by him. However, he does own two terrace houses in London from which he draws a rental income. His wife Susan works for him as is his executive secretary.
Baroness Anelay
Chief Whip in the Lords
Property: £500,000
Joyce Anelay became a peer in 1996 and is a teacher by profession. She supplements her parliamentary income with a salary from World Travel Market. They have owned their home in Woking since 1973. Houses recently sold on their road have gone for between £400,000 and £850,000. A lack of other visible assets pegs Anelay at around the £500,000 mark.
Patrick McLoughlin
Conservative Chief Whip
Property: £250,000
McLoughlin has been an MP since 1986. He has working class credentials and is the son and grandson of miners. In additon to these family ties to the coal industry, McLoughlin has previously been both an industrial representative for the National Coal Boad and a member of The National Union of Mineworkers. His visible assets comprise a constituency property. His wife Lynne helps out with his political work and is employed by him as his executive secretary and office manager.
Baroness Warsi
Property and Inheritance: £130,000
At 37, Sayeeda Warsi is currently the youngest member of the House of Lords. She is a qualified solicitor who acted as a special adviser to former Conservative Party leader Michael Howard. She is active in the charity sector, and is chairman of women’s empowerment charity Savayra Foundation. Her extra-parliamentary earnings comprise an annual salary for part-time development work for the Shire Bed Company – a business she describes as a ‘family firm.’ In addition Warsi owns 16-percent of the company. Latest accounts for the business are for the year ended 30 April 2007. They report that as at year end the business was worth £269,495 making Sayeeda’s stake worth around £40,000. In addition to this asset she owns a modest property in Dewsbury which she bought in May 2000 for £89,000.
Nick Herbert
Shadow Secretary Justice
Nil
Surprisingly, Herbert’s £850,000 central London apartment appears to be a rental. He is on the electoral roll, but the property belongs to someone else. There appears to be no constituency home, as yet, and he has no extra-parliamentary earnings. He has a background in public affairs and, before being elected to parliament in 2005, he was a director of the think tank Reform, and is also the former chief executive of the anti-Euro campaigning group Business for Sterling.
Theresa Villiers
Shadow Secretary Transport
Nil
Villiers has no property assests – living in a rented house in Shepherds Bush. Villiers is a former MEP and became an MP in 2005. She declares no extra-parliamentary earnings.
Comments