Former Tory minister Sir Sajid Javid has described his decision to become an MP and accept a salary of £98,588 as the worst financial move of his career. The ex-banker and former chancellor noted that while entering politics was one of his best life decisions, it left him earning less in real terms than he did at age 21 in the financial sector.
MP Salary Context
According to Parliament’s website, MPs currently earn at least £98,588 per year. When Javid was elected as the member for Bromsgrove in 2010, the basic salary was £65,738 — equivalent to roughly £103,000 today. In comparison, the UK’s median full-time salary stood at £39,039 in 2025, based on Office for National Statistics data.
Javid's Own Words
Speaking to the Telegraph, Javid said: “My worst financial decision, but one of my best life decisions, was leaving the City for politics. I gave up significant income. What I earned as an MP was less in real terms than when I started in banking at 21, but I have no regrets. In politics, if done well, you can improve a lot of lives, and that is why I feel it was worthwhile.”
Banking Career Before Politics
Before entering politics, Javid spent nearly two decades in finance. After studying economics and politics at the University of Exeter, he joined Chase Manhattan Bank in 1991. By age 25, he had become a vice president at the bank, primarily working in Latin American markets. He later moved to Deutsche Bank, where he rose to senior managing director and board member of Deutsche Bank International. Although exact figures were never disclosed, senior managing directors at major investment banks are believed to earn over £1 million annually in salary and bonuses. If accurate, this would mean Javid took a pay cut exceeding 90% upon joining the Commons.
Humble Beginnings
The son of Pakistani immigrants, Javid’s current wealth contrasts sharply with his upbringing. Born in Rochdale in 1969, he spent most of his childhood in Bristol, where his parents ran a shop and often struggled financially. Javid has previously spoken about growing up on Stapleton Road — once dubbed Britain’s “most dangerous street” — and experiencing racism during his youth. In his memoir, he recalled living in cramped accommodation and watching his parents struggle before becoming the first in his family to attend university.
Personal Reflections
In the same Telegraph interview, Javid also discussed meeting his wife while working at Commercial Union in Bristol and how he used his wealth to buy his parents a house. He emphasized that despite the financial sacrifice, his political career allowed him to make a meaningful impact on people’s lives.
