Former chancellor George Osborne has taken a job at US investment giant Blackrock as a "part-time senior adviser" to the Blackrock Investment Institute.
In a statement on Friday (20 January), Blackrock announced Mr Osborne would provide "perspectives on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning".
The firm stressed that in accordance with UK law Mr Osborne, who is still a member of parliament, would not engage in any lobbying of the British government.
The former chancellor, the most prominent pro-European Union member of David Cameron's cabinet after the former prime minister himself, left HM Treasury following the UK's vote to leave the EU.
He was replaced by Philip Hammond.
Despite having no ministerial position in Theresa May's government, Mr Osborne has remained an MP.
Since moving to the backbenches, Mr Osborne is understood to have earned more than half a million pounds for giving 11 speeches.
The firms employing Mr Osborne to speak were mainly financial services businesses, and included BlackRock, which paid him £34,109 for giving a speech in New York in November.
He also gave speeches for Citi (£85,396.24), Aberdeen Asset Management (£51,328.50), and the Securities Industry and Financial Markets Association in New York (£69,992).
The previous sitting year (2015 to 2016), when he was still chancellor, Mr Osborne declared no employment or earnings to the Register of Members' Financial Interests.
Mr Osborne said he was "excited" to joining BlackRock Investment Institute.
Mr Osborne said: "BlackRock wants better outcomes for pensioners and savers and I want to help them deliver that. It is a chance for me to work part-time with one of the world's most respected firms and a major employer in Britain."
BlackRock chairman and chief executive Laurence Fink said Mr Osborne had "a unique and invaluable perspective on the issues that are shaping our world today".
“At the center of our mission is helping people around the world save and invest for retirement, and George’s insights will help our clients achieve their goals," he said.
Despite there being no mention of Mr Osborne quitting parliament, Hargreaves Lansdown's Tom McPhail questioned whether he would stay on, tweeting: "Don't see how Osborne could stay in Parliament while working for BlackRock; another by-election?"
james.fernyhough@ft.com
