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Theresa May’s emergency reshuffle began to unravel today after her new housing minister refused to give up his lucrative second job.

Kit Malthouse was put in charge of fixing Britain’s housing crisis in the Prime Minister’s frantic reorganisation on Monday night, following the resignations of David Davis and Boris Johnson.

But despite being placed in charge of fixing Britain’s worst housing crisis for decades, Mr Malthouse intends to stay on as director of County Finance Group Ltd, the loan company he co-founded in 2001.

Labour’s Shadow Housing Secretary, John Healey said: “Fixing the housing crisis is a not a part-time job.

“With home-ownership at a thirty-year low and homelessness spiralling upwards, the country deserves a full-scale commitment from the new Housing Minister.”

Mr Malthouse rakes in £40,000 a year plus £10,000 worth of benefits working for the firm, on top of his £76,000 MPs salary and £31,000 ministerial bonus.

He declared the job on the Register of Members’ Interests, noting that he expected to perform around 10 hours’ work for the company a month - making his time worth a whopping £333 an hour.

(Image: parliamentlive.tv) (Image: REUTERS)

Mr Malthouse told Commons authorities he was giving up his role as chairman of the firm in March, when he took a job as a welfare minister.

But his declared pay and benefits did not change and the company’s website still lists him as Chairman, noting that he had "combined his business life with a career in politics."

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Mr Malthouse is the only MP with a ministerial job to hold a paid directorship at the same time as their government role.

Ministers were required to give up any paid or unpaid directorships under the ministerial code of conduct until 2010, when the requirement was quietly removed under David Cameron.

Mrs May’s decision to appoint Mr Malthouse Housing Minister has already sparked anger, after the Mirror revealed he had admitted he made life “uncomfortable” for the homeless as part of a zero-tolerance crackdown.

Under his watch as deputy leader of Westminster Council, he was accused of adopting a “ruthless” policy towards homeless people including “hosing them out of doorways”.

Mr Malthouse is the eighth housing minister in eight years.

A spokesperson for the Ministry of Housing, Communities and Local Government said Mr Malthouse records all his financial interests in the usual manner.

Mr Malthouse declined to comment.