BlackRock to pay George Osborne £650k for advisory role
- Author: Zachary Reyes Mar 09, 2017,
Mar 09, 2017, 13:52
Former chancellor George Osborne will be paid £650,000 a year to advise BlackRock four days a month, it has been revealed.
BlackRock CEO Laurence Fink said at the time that he would provide "invaluable perspective on the issues that are shaping our world today" but would not lobby the government.
In his latest entry in the Commons Register of Members' Interests, Mr Osborne said he expected to be paid £162,500 a quarter for 12 days working as an "adviser on the global economy". "I also expect to receive registrable equity in BlackRock in the future".
The publishing of Osborne's huge pay package coincided with the spring budget and led to accusations on Twitter of attempts to "bury" the story by releasing at such a busy moment in the news cycle.
The disclosure on Budget Day reveals Mr Osborne has successfully managed to keep the wolf from the door since he was replaced as Chancellor in July past year. Osborne has earned £786,448 from 15 speeches between September 2016 and February 2017.
Two speeches at JP Morgan's NY headquarters last October alone netted him a reported £81,174 and £60,578 respectively.
That means Osborne will earn 13,000 pounds a day.
Last month, while speaking on a panel as chairman of the Northern Powerhouse Partnership, Mr Osborne was challenged on whether his paid work outside the Commons, including BlackRock, represented a conflict of interest.
The MP for Tatton's former economic adviser Rupert Harrison also works at BlackRock, he took on a role as strategist following the Conservative party's victory in the general elections in 2015. The allowance is to cover "the costs of travel, accommodation and research support associated with this fellowship".
Instead, Osborne's first foray into publishing will explore the rise of populist nationalism in western democracies.