According to recent reports, 47% of UK workers are looking to side-hustle to cope with the cost of living. But new data suggests the best way to find lucrative secondary income might be running for office.

Moneyzine.com can reveal official earnings figures from UK MPs’ ‘side hustles’ - and they cast considerable light on the incentives driving today’s political elite.

Conservative MPs top earnings list

Debates over politicians’ financial incentives are nothing new. But with a looming recession - these questions may be about to come back to the fore.

A clear trend has emerged from this data: Tory MPs are by far the highest earning ‘side hustlers’, with 8 of the top 10 MPs serving as Conservatives. Of the top 25 who collectively earnt 15 million since 2019, 16 are Conservative - joined by 7 Labour MPs and 2 Lib Dems.

Part of this may be explained by the ‘PM premium’. The experience of occupying No. 10 appears to translate into earning power - each of the (many) PMs the UK has had since 2019 feature in the top 10 earners. Equally, Conservative MPs may be more likely to be involved in private businesses or come from high-powered backgrounds which facilitate future earning - such as Rishi Sunak’s well-publicised background as a partner at two Hedge Funds.

MP's With The Highest Extra Income 2019-2023

Method matters

Much of the backlash against these figures will be generalised anger. But it’s worth considering the specific means through which MPs earn.

Boris Johnson’s £1.2 million was earned primarily through speeches; one report suggests this worked out at roughly £31,000 per hour. Similarly, Theresa May’s earnings were buffered by a speech given in Saudi Arabia - a country she had previously criticised amidst the murder of a journalist during her tenure as Prime Minister. This may be seen as hypocritical, especially given the six-figure payment she received for the talk.

While there is obviously no question about the legality of these earnings, it might be argued that insufficient media attention to potential conflicts of interest - which leads to a permissive atmosphere and perpetuates the cycle.

These figures really put the current economic crisis into perspective. There’s nothing wrong with earning, but this data should prompt tougher questions about whether MPs’ apparent dedication to public service is compatible with such vast private gains.

Jonathan Merry, CEO of Moneyzine.com

Boris Johnson and Matt Hancock’s additional earnings

Boris Johnson:

Throughout 2022, Mr Johnson received additional earnings predominantly through royalties from his published books and conferences he attended as a speaker. According to the publicly available Westminster Accounts database, he received a total of over £1,080,700 from four speaking engagements. His hourly rate averaged £31,797, which is 3,051 times higher than the national living wage.

We broke this down by individual speaking engagements additionally:

Ballymore Group - Speaking Engagement

Over £7,140 per hour or 685x national living wage

Centerview Partners - Speaking Engagement

Over £30,850 per hour or 2,961 x national living wage

Council of Insurance Agents & Brokers - Speaking Engagement

Over £32,400 per hour or 3,109x national living wage

Hindustan Times - Speaking Engagement

Over £29,900 per hour or 2,869x national living wage

Televisao Independente - Speaking Engagement

£26,900 per hour or 2,581x national living wage

2023

Parallel Chain Lab - Speaking Engagement

£28,200 per hour or 2,706 x national living wage

Matt Hancock:

Between 2021 and early 2023, Mr Hancock received a total of £426,000 in additional earnings from various sources, ranging from entering a reality TV show to penning a newspaper article. His hourly rate averaged £2,350, which is 226 times higher than the national living wage. Most recently, Mr Hancock was approached by the activist group Led By Donkeys masquerading as a consulting firm in Korea, and disclosed his daily rate of £10,000, which is 120 times higher than the national living wage (assuming he works 8 hours a day).

ANMFS Ltd (Mail Group) - newspaper article

£333 per hour or 32x x national living wage

Biteback Publishing - interview and serialisation of his book in the Daily Mail and the Mail on Sunday

£9,600 per hour or 921x national living wage

Blemain Finance - speaking engagement

£2,500 per hour or 240x national living wage

DMG Media (Publisher of the Mail on Sunday) - newspaper article

£667 per hour or 64x national living wage

Lifted Entertainment - I’m a Celebrity..Get Me Out of Here

£444 per hour or 43x national living wage

Minnow Films - for appearing on Celebrity SAS: Who Dares Wins

£563 per hour or 54x national living wage