George Osborne to get €746k in part-time role at Blackrock

Former British Chancellor George Osborne is to be paid £650,000 a year for working just 48 days a year at asset manager BlackRock, according to the UK parliament’s register of members interests.

George Osborne to get €746k in part-time role at Blackrock

BlackRock announced in January Mr. Osborne would work as a part-time senior adviser to the BlackRock Investment Institute, an arm of the asset manager that serves as a think-tank on investment strategy.

Mr. Osborne, who was British Chancellor for six years before he lost his job following Britain’s vote to leave the EU last year, spearheaded an austerity drive by the Conservative-led government following the global financial crisis.

He will advise BlackRock on European politics, Chinese economic reform, and the impact of low investment yields and other trends on retirement planning. Members of parliament are required to publish Details of their outside earnings.

In the latest update Mr. Osborne said of his BlackRock role: “I expect to be paid £162,500 a quarter in return for a quarterly commitment of 12 days. I also expect to receive registrable equity in BlackRock in the future.”

That means Mr. Osborne will earn £13,000 a day.

Mr. Osborne, whose appointment continued a long tradition of high-profile political appointments to financial firms, has already received hundreds of thousands of pounds for speaking engagements at financial institutions since he left office.

Former British prime minister Gordon Brown sits on the global advisory board at investment manager Pacific Investment Management (Pimco). Mr. Brown’s predecessor Tony Blair joined JPMorgan Chase & Co in 2008 shortly after leaving office, while former British foreign minister William Hague is a senior adviser to Wall Street bank Citigroup.

Meanwhile, Mr. Osborne’s predecessor Philip Hammond was yesterday fighting criticism for raising a tax on some self-employed workers in his budget.

He was accused of breaking a Conservative Party pledge ahead of the 2015 national election not to increase national insurance contributions. - Reuters

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