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BlackRock to pay George Osborne £650k a year

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BlackRock to pay George Osborne £650k a year

BlackRock will pay former chancellor George Osborne £650,000 a year for his role as an adviser to its research division. 

According to the latest update of the MPs' register of interests, Osborne (pictured) will be paid £162,500 every quarter by the asset manager. He is contracted to work 12 days every quarter. He also expects to receive equity in BlackRock in the future. 

Osborne started his part-time job as senior adviser in research arm the BlackRock Investment Institute in February. 

His appointment created controversy when an approval letter from the Advisory Committee on Business Appointments (Acoba), which oversees where former ministers work after the leave government, said 'there were no specific policy decisions' which affected BlackRock made during Osborne's time as chancellor. 

The wording of the letter was eventually changed after New Model Adviser® and other publications contacted Acoba to point out that policy decisions such as the pension freedoms had an impact on BlackRock. The revised letter said none of Osborne's decision 'were specific to BlackRock'.

Since leaving his position as chancellor last June, Osborne has been paid for a number of speeches to financial services companies, including £40,000 by restricted advice group St James's Place .

The latest update to the register reveals Osborne will donate a £15,000 fee for speaking at an event hosted by Lloyds to a charity in his constituency of Tatton.

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