Shadow cabinet member and Weybridge MP Philip Hammond is reported to have received nearly £3 million in share payouts in the past five years.

On Friday the Tory shadow chief secretary to the Treasury accused Labour politicians of "living on a different planet from ordinary hard-working families struggling with soaring costs."

Mr Hammond banked dividends of £1,754,000 from Castlemead Ltd, which he is a director of and sole shareholder. Payments since 2003 add up to £2,471,788.

He has always reported the shares he owned, but not the values, which is allowed under parliamentary rules.

The money will have supplemented the £61,820 salary he receives and the £427,985 expenses he has claimed since 2003/04 - mostly for staff costs

Mr Hammond told the News of the World: "This shareholding is declared in the register of member's interests. This is a company I co-founded nearly 25 years ago and I'm proud of its success."

Castlemead is a property development company which builds Primary Care premises for NHS bodies and GPs.