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George Osborne to join fund giant BlackRock

George Osborne to join fund giant BlackRock

by Christine Dawson Jan 20, 2017 at 17:05

Former chancellor George Osborne will join asset manager BlackRock. 

Osborne will join investment research arm the BlackRock Investment Institute as a senior adviser in February, Sky News has reported. 

There are currently no indications the former chancellor plans to step down as an MP.

Osborne will be reunited with his former economic adviser Rupert Harrison at BlackRock. 

Harrison joined the asset manager in June 2015 after working as chief of staff to the chancellor.  He was widely credited with creating the pension freedom policy, announced in Osborne's 2014 Budget. 

A source told Sky News Osborne would be paid 'at least' hundreds of thousands of pounds for the role.

Osborne stepped down as chancellor following last June's EU referendum. The former chancellor backed the 'remain' campaign in the vote. 

Although Osborne has not taken any high-profile positions since his departure from the chancellor role, he has made a number of highly paid speeches. These included one at BlackRock in New York, for which he received £34,100, according to the register of MP's interests. 

Former ministers must apply to the Advisory Committee on Business Appointments (Acoba) before accepting a new role. 

In a letter, Acoba told Osborne it would approve his appointment under conditions including that he would not lobby the government on behalf of BlackRock for at least two years after he left ministerial office. 

The letter also included a line which said Acoba 'was reassured by confirmation from your former department, Her Majesty’s Treasury, that there were no specific policy decisions from your time in office that would have specifically affected BlackRock, and the permanent secretary had no concerns about you taking up this post'.

Osborne said he wanted to help people save for retirement in his new role. 

'BlackRock wants better outcomes for pensioners and savers - and I want to help them deliver that. 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,' he said.

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Comments  (3)

  • Denis Parkinson: 

    George is the gentleman that preached/promised tax simplification, but when chancellor did the opposite, I will not be investing through or with Blackrock.

    18:03 on 22 January 2017

  • AngryfromManchester: 

    This is pretty outrageous, but not in the least bit surprising. He should be forced to stand down as an MP and made to refund to the taxpayer the costs of the by-election. And to think Osborne and Cameron made such a big deal about public sector workers fleecing the average taxpayer!

    13:57 on 23 January 2017

  • colin overton: 

    What is Dim going to do? Advise on Europe or is it his winning personality they want (sic).

    16:32 on 23 January 2017

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