Ex-Welsh Secretary to net almost £200k from second jobs with private investment firms
A former Welsh Secretary is set to net almost £200,000 from his second jobs.
John Redwood, the Tory MP for Wokingham in Berkshire, earns twice as much from the lucrative roles with private investment firms than he does from representing his constituents.
All MPs in Westminster receive a basic annual salary of £81,932 each year. They also get expenses to cover the costs of running an office, employing staff, accommodation, as well as for travelling between Parliament and their constituency.
But according to analysis by the i, Redwood is set to rake in almost £200,000 over the next year.
He will earn almost £193,000 over the next year as chair of the investment committee of wealth management firm Charles Stanley.
For this wage he is expected to contribute only 50 hours’ work each month. in June he received a £35,000 bonus from the company on top of his substantial annual salary.
As a member of the advisory board of Epic Private Equity, he also earns £5,000 a year for just one hours’ work each month.