It's not just David Cameron who has been making a mint from his time in No. 10. The BBC's revelations yesterday that the Old Etonian earned around £7 million from Greensill came just days after Theresa May's eponymous company published its first set of accounts since being incorporated in November 2019.
Cameron's successor has chosen to focus her efforts on public speaking – an interesting choice perhaps given her infamous 2017 conference coughing fit. While the pay on the after-dinner circuit doesn't quite match up to the stratospheric dividends of Greensill lobbying, May will take comfort from the fact she can at least expect to command high fees for years to come – something her tainted predecessor might now struggle to do.
According to Companies House, the Office of Theresa May Limited had £1.1 million in cash at bank and in hand at the end of March, with £313,204 in creditor's amounts – a total equity of £848,215. Since then May has continued to make speeches, declaring another £239,800 in speaking fees in her most recent entry to the register of members' interests.
— Theresa May (@theresa_may) April 1, 2019
I am determined to end low pay and ensure workers get a fair day’s pay for a fair day’s work.That’s why I’m pleased that today, the biggest ever increase to the National Living Wage comes into effect, boosting the incomes of 1.8 million people. pic.twitter.com/Ju7JLCvhmj
Her entry also revealed that she takes a £85,000 yearly salary from the company for 24 hours a month alongside her MPs wage of £81,932. The two person company is based in Chamberlain Square, Birmingham – an appropriate location given her onetime advisor Nick Timothy's admiration for 'Radical Joe' after whom the square was named. Sadly for Steerpike, as a small company May's office opted not to file the statement of comprehensive income. What a pity.
Fortunately, accounts do show the company paid some £198,398 in corporation tax up until April – a tax which May's government cut to 19 per cent when she was in office. No wonder the former PM was so critical of Rishi Sunak's budget which hiked the rate up on businesses with profits of more than £250,000 up to 25 per cent from next year.
Still, given her premiership saw plenty of talk about the need to tackle low wages and close the gender pay gap, Steerpike is glad to see May is still doing her bit to rectify these issues with a strong and stable set of returns.