Socialist Worker

Tory-Lib Dem cabinet of the rich for the rich

Issue No. 2202

You don’t have to be a millionaire to be in the Tory-Lib Dem cabinet—but it helps.

Toff prime minister David Cameron went to Eton, then Oxford university. He has a fortune of £3.2 million.

In fact, two thirds of the new ministers in Cameron’s government went to private schools. And, incredibly, the majority of the new cabinet are millionaires.

  • Lord Strathclyde
    Wealth: £10 million
    Leader of the House of Lords
    He is the richest person in the cabinet and director of numerous hedge funds and investment firms including Galena the investment arm of toxic waste dumping firm Trafigura.
  • Philip Hammond
    Wealth: £9 million
    Transport minister
    Hammond’s wealth includes £5 million of shares in property firm Castlemead.
  • George Osborne
    Wealth: £4.3 million
    Chancellor
    Trust-fund kid Osborne is in line to inherit a big share of his father’s firm, and a baronetcy.
  • Jeremy Hunt
    Wealth: £4.1 million
    Culture secretary
    Owns almost half of the publishing company Hotcourses who pay him £1,000 a month for two hours of “business advice”.
  • Francis Maude
    Wealth: £3 million
    Paymaster general
    Maude has “investment properties” in south London and France. He is a paid adviser to Barclays bank—but the amount is kept under wraps.

And let’s not forget the Lib Dems.

  • Nick Clegg
    Wealth: more than £1 million
    Deputy prime minister
    Clegg went to Westminster private school and Cambridge university. He is descended from aristocrats and his father was a banker.
  • David Laws
    Wealth: more than £1 million
    Chief secretary to the treasury
    Former investment banker, ex managing director of JP Morgan and key force behind the Lib Dems’ “Orange Book” free market wing.


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Tue 18 May 2010, 17:44 BST
Issue No. 2202
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