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| Why would Boris Johnson need an £800,000 loan? | Why would Boris Johnson need an £800,000 loan? |
| (about 11 hours later) | |
| When Boris Johnson was prime minister, he was offered a loan of up to £800,000 to top up his income. | When Boris Johnson was prime minister, he was offered a loan of up to £800,000 to top up his income. |
| We found this out last week, when details of the loan, and allegations the BBC's chairman, Richard Sharp, was involved in arranging it, surfaced following a report by the Sunday Times. | We found this out last week, when details of the loan, and allegations the BBC's chairman, Richard Sharp, was involved in arranging it, surfaced following a report by the Sunday Times. |
| Mr Sharp denies being involved in any loan, while Mr Johnson says his financial interests have been properly declared. | Mr Sharp denies being involved in any loan, while Mr Johnson says his financial interests have been properly declared. |
| But why would Mr Johnson need a loan this big in the first place? | But why would Mr Johnson need a loan this big in the first place? |
| Those who know Mr Johnson say they weren't surprised by the size of it. | Those who know Mr Johnson say they weren't surprised by the size of it. |
| One source who worked with Mr Johnson in Downing Street said the former prime minister was not an "extravagant person" but that amount of money was "not a lot" to sustain his lifestyle during his premiership. | One source who worked with Mr Johnson in Downing Street said the former prime minister was not an "extravagant person" but that amount of money was "not a lot" to sustain his lifestyle during his premiership. |
| Boris Johnson writing memoir about his time as PM | Boris Johnson writing memoir about his time as PM |
| Boris Johnson's office receives £1m donation | Boris Johnson's office receives £1m donation |
| Johnson makes £1m from speeches since leaving office | Johnson makes £1m from speeches since leaving office |
| During his time at Number 10, there was speculation Mr Johnson was short of cash to cover childcare and divorce costs, among other bills. | During his time at Number 10, there was speculation Mr Johnson was short of cash to cover childcare and divorce costs, among other bills. |
| 'Income plummeted' | 'Income plummeted' |
| When he first became prime minister, in July 2019, he claimed a total salary of £154,908, on top of other sources of income. That's far above the median UK pay packet, which was £33,000 in 2021. | When he first became prime minister, in July 2019, he claimed a total salary of £154,908, on top of other sources of income. That's far above the median UK pay packet, which was £33,000 in 2021. |
| There is no doubt Mr Johnson had to take a big pay cut when he gained high office, first as foreign secretary in 2016, and again when he became prime minister in 2019. | There is no doubt Mr Johnson had to take a big pay cut when he gained high office, first as foreign secretary in 2016, and again when he became prime minister in 2019. |
| "His income plummeted," says Andrew Gimson, author of Boris Johnson: The Rise and Fall of a Troublemaker at Number 10. | "His income plummeted," says Andrew Gimson, author of Boris Johnson: The Rise and Fall of a Troublemaker at Number 10. |
| "So it's not surprising that he decided the best thing to do was to borrow the money, as he expected his earning power to be large once he stopped being prime minister." | "So it's not surprising that he decided the best thing to do was to borrow the money, as he expected his earning power to be large once he stopped being prime minister." |
| It's true that, before becoming prime minister, Mr Johnson had a lucrative career as a journalist, a public speaker and a TV personality. | It's true that, before becoming prime minister, Mr Johnson had a lucrative career as a journalist, a public speaker and a TV personality. |
| One major source of income was his gig as a columnist for the Daily Telegraph newspaper. Between July 2018 and July 2019, he was paid £22,916.66 a month by the newspaper, for what he said was 10 hours' work. | One major source of income was his gig as a columnist for the Daily Telegraph newspaper. Between July 2018 and July 2019, he was paid £22,916.66 a month by the newspaper, for what he said was 10 hours' work. |
| Parliamentary records show he pocketed tens of thousands of pounds in fees for writing books, penning articles in publications - such as The Spectator, the political magazine he used to edit - and making speeches at events. | Parliamentary records show he pocketed tens of thousands of pounds in fees for writing books, penning articles in publications - such as The Spectator, the political magazine he used to edit - and making speeches at events. |
| Mr Johnson is a former editor of The Spectator | Mr Johnson is a former editor of The Spectator |
| In total, Mr Johnson's employment and earnings added up to about £800,000 in the 2017-2019 session of Parliament. | In total, Mr Johnson's employment and earnings added up to about £800,000 in the 2017-2019 session of Parliament. |
| 'Properly declared' | 'Properly declared' |
| If that figure looks familiar, it's the same value of the loan reported by the Sunday Times. | If that figure looks familiar, it's the same value of the loan reported by the Sunday Times. |
| A spokesperson for Mr Johnson told the newspaper he withdrew far less than £800,000 from the loan, which was described as a credit facility. | A spokesperson for Mr Johnson told the newspaper he withdrew far less than £800,000 from the loan, which was described as a credit facility. |
| Sam Blyth - a multimillionaire Canadian businessman and distant cousin of Mr Johnson - is reported to have raised the idea of acting as a guarantor for the loan. This means he would guarantee the money would be paid back if Mr Johnson did not meet the repayments. | Sam Blyth - a multimillionaire Canadian businessman and distant cousin of Mr Johnson - is reported to have raised the idea of acting as a guarantor for the loan. This means he would guarantee the money would be paid back if Mr Johnson did not meet the repayments. |
| Mr Johnson has not revealed who was offering to lend him the money. | Mr Johnson has not revealed who was offering to lend him the money. |
| But a spokesperson for the former PM said: "All Mr Johnson's financial arrangements have been properly declared and registered on the advice of officials." | But a spokesperson for the former PM said: "All Mr Johnson's financial arrangements have been properly declared and registered on the advice of officials." |
| As for how the money was used, the Sunday Times says the funds helped Mr Johnson finance day-to-day expenses and his lifestyle as PM. | As for how the money was used, the Sunday Times says the funds helped Mr Johnson finance day-to-day expenses and his lifestyle as PM. |
| One bill that came in during his premiership was for the refurbishment of the flat above 11 Downing Street, where he lived with his wife, Carrie Johnson, and their children. | One bill that came in during his premiership was for the refurbishment of the flat above 11 Downing Street, where he lived with his wife, Carrie Johnson, and their children. |
| Divorce settlement | Divorce settlement |
| Mr Johnson had to stump up £52,000 to reimburse a Conservative Party donor who had initially paid for a designer revamp of the Downing Street flat. | Mr Johnson had to stump up £52,000 to reimburse a Conservative Party donor who had initially paid for a designer revamp of the Downing Street flat. |
| Boris and Carrie Johnson in the Downing Street garden after their May 2021 wedding | Boris and Carrie Johnson in the Downing Street garden after their May 2021 wedding |
| Add to this a reported multi-million pound divorce settlement with his second wife Marina Wheeler, with whom he has four children, in 2020. | Add to this a reported multi-million pound divorce settlement with his second wife Marina Wheeler, with whom he has four children, in 2020. |
| In the past, Mr Johnson has complained about his financial position. | In the past, Mr Johnson has complained about his financial position. |
| When he was the mayor of London in 2009, he told the BBC his £250,000 a year salary from the Telegraph was "chicken feed", adding he made "a substantial donation to charity". | When he was the mayor of London in 2009, he told the BBC his £250,000 a year salary from the Telegraph was "chicken feed", adding he made "a substantial donation to charity". |
| Then, in October 2017, when he was foreign secretary, the Sunday Times reported he had told a friend he was running out of money and could not afford to live on £141,505 because of his "extensive family responsibilities". | Then, in October 2017, when he was foreign secretary, the Sunday Times reported he had told a friend he was running out of money and could not afford to live on £141,505 because of his "extensive family responsibilities". |
| Given these financial pressures, one of Mr Johnson's former staffers said it was sensible for a sitting prime minister not to be worrying about their financial stability. | Given these financial pressures, one of Mr Johnson's former staffers said it was sensible for a sitting prime minister not to be worrying about their financial stability. |
| Mr Gimson echoed that view, saying "it's not new for Boris to be living or earning at a rate that most of us can only dream of". | Mr Gimson echoed that view, saying "it's not new for Boris to be living or earning at a rate that most of us can only dream of". |
| The author said while Mr Johnson was "very keen on making large amounts of money", he was personally known to be "quite frugal". | The author said while Mr Johnson was "very keen on making large amounts of money", he was personally known to be "quite frugal". |
| The loan, Mr Gimson said, suggests Mr Johnson "hoped to be prime minister for a lot longer than he was". | The loan, Mr Gimson said, suggests Mr Johnson "hoped to be prime minister for a lot longer than he was". |
| Now he's left office, Mr Johnson is entitled to claim an allowance of up to £115,000, as all former prime ministers are. | Now he's left office, Mr Johnson is entitled to claim an allowance of up to £115,000, as all former prime ministers are. |
| But the Liberal Democrats say Mr Johnson should be stripped of the allowance until he answers questions about his financial arrangements while he was prime minister. | But the Liberal Democrats say Mr Johnson should be stripped of the allowance until he answers questions about his financial arrangements while he was prime minister. |
| "We know he's only interested in following the money, so it's time to hit him where it hurts - his wallet," said Wendy Chamberlain, the party's chief whip. |