Former Tory minister Sir Sajid Javid has described his 'worst financial decision' as becoming an MP and taking a £98,588 salary. The ex-banker and former chancellor noted that despite being one of his 'best life decisions', entering parliament left him earning less, in real terms, than he did in the financial sector at age 21.
According to Parliament's website, MPs currently receive at least £98,588 annually. When Javid was elected as the member for Bromsgrove in 2010, the basic MP salary was £65,738, equivalent to approximately £103,000 in today's money. In contrast, the UK's median full-time salary stood at £39,039 in 2025, as reported by the Office for National Statistics.
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.'
He added: 'In politics, if done well, you can improve a lot of lives, and that is why I feel it was worthwhile.'
Before his political career, 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, rising to senior managing director and board member of Deutsche Bank International. While exact earnings were never disclosed, senior managing directors at major investment banks are believed to earn over £1 million annually in salary and bonuses. If accurate, Javid would have taken more than a 90% pay cut upon entering the Commons.
Javid's current wealth contrasts sharply with his upbringing. Born in Rochdale in 1969 to Pakistani immigrant parents, he spent most of his childhood in Bristol, where his parents ran a shop and often struggled financially. He has previously described growing up on Stapleton Road, once called Britain's 'most dangerous street', and has spoken about experiencing racism in his youth. In his memoir, he recalled living in cramped conditions and watching his parents struggle before becoming the first in his family to attend university.
In the same Telegraph interview, Javid also discussed meeting his wife while working at Commercial Union in Bristol and using his wealth to buy his parents a house.
