Tory MP Agrees With Public Anger Over Funded Mortgages

It has been reported in the Daily Mail today that Sir John Stanley the senior Tory MP for Tonbridge and Maling in Kent is in agreement with the vast majority of the electorate over the issue relating to MPs expenses and the purchase of their property.  In a letter to the Committee on Standards in Public Life, which is reviewing the expenses system, he claimed the availability of taxpayer-funded mortgages to MPs had produced ‘disastrous consequences for the public confidence and trust in MPs.  In a quote from the Daily Mail he has said today that,

‘Over the years a significant number of MPs – only a few have so far been reported in the press – have made hundreds of thousands of pounds, net of capital gains tax, over and above their Parliamentary salaries in this way.’

Sir John who is ranked 633 out of all MPs for the total amount of money he has spent in 2007/2008 rents his property in London spending £22,252 in 2007/2008.  Under the current system if Sir John had owned his flat in London he could have claimed interest on his mortgage payments which would have likely come to the same cost but he would have been able to sell the flat and then keep the profit.  Sir John is one of the few MPs who actually rent a property in London.

The Committe on Standards in Public Life which will report back on MPs expenses is due to report back at the end of October.



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