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George Freeman resigned as Science Minister in November, but has only now revealed in a blog post that he is stepping down "because my loan increases this month from £800 to £2,000, which I couldn't afford a ministerial salary".
A Tory MP has resigned as a minister after his salary was not enough to pay off a £118,300 loan.
George Freeman resigned as Science Minister in November, but has only now revealed in a blog post that he is stepping down "because my loan increases this month from £800 to £2,000, which I couldn't afford a ministerial salary".
Downing Street, for its part, said it had no plans to change the approach to ministers' salaries.
MP for Norfolk since 2010, has held ministerial posts in successive Conservative governments.
He has a career of more than a decade in the life sciences and technology sectors before entering Parliament and will surely be able to make more money outside of government.
In addition to the MP's salary of £86,584, he is now free to do second jobs.
Recently many homeowners are facing steep increases in monthly loan payments due to non-fixed rate contracts.
Freeman also highlighted the toll his role as minister had had on him and his family.
"I was so exhausted and depressed that I was beginning to lose optimism, the desire for teamwork and progress, which are the foundations of human achievement," he said.
He added that his children "have paid a very high price" for his career choices.
"Modern politics is a wild playground," he said.
Freeman also told The New Statesman on Monday that his finances are "not what they used to be" after going through "a very painful divorce" and having parents "who are both getting old".
"It's time to move forward, to do the things I feel, the things I've had to neglect until now," he told the magazine.
"As my (second) wife said the other day, I'm not 26, 36 or 46. Now I'm 56. Almost 57. Three stone overweight, 30 years poorer," he continued.
He said he would stand for re-election in this year's general election, but said: "it looks like we will have a Labor government".
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