George Osborne to earn £650,000 for one-day-a-week Blackrock job

Posted On: 
9th March 2017

George Osborne is set to pocket £650,000 a year for working the equivalent of one day per week in his new position at US fund giant Blackrock.

Former chancellor George Osborne
PA Images

The former chancellor’s outside earnings have been the subject of debate after he secured nearly £800,000 for speeches made since leaving No 11 in July.

An updated entry to the register of members' interests shows that he will be paid £162,500 each quarter for his work with the Blackrock Investment Institute, which he joined as a part-time senior adviser in February.

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He will work a total of 48 days a year and also receive “registrable equity” in Blackrock “in the future”.

In his post Mr Osborne will advise on European politics and policy, Chinese economic reform and other areas.

“BlackRock wants better outcomes for pensioners and savers and I want to help them deliver that,” the former chancellor said upon announcing the role.

“It’s a chance for me to work part-time with one of the world’s most respected firms and a major employer in Britain.”

The Advisory Committee on Business Appointments approved the job earlier this year, on the condition that Mr Osborne is not allowed to lobby ministers on behalf of the firm for at least two years since leaving the Treasury.

He is also not able to draw on “privileged” information available to him from his time as chancellor.

The post adds to Mr Osborne’s growing work outside of Parliament, which includes chairmanship of the Northern Powerhouse Partnership and his public speaking.

His former economic adviser Rupert Harrison was appointed chief macro-strategist for multi-asset funds that invest in equities, bonds and cash at Blackrock in June 2015.

Mr Osborne joined the Washington Speakers Bureau last summer, and has since earned £786,450 from public speaking engagements.