Former chancellor Osborne to work as adviser for asset manager BlackRock

Mr Osborne is the latest politico to take a post in the financial sector
Mr Osborne is the latest politico to take a post in the financial sector

Former chancellor of the exchequer George Osborne is to join asset manager BlackRock as a senior adviser, becoming the latest in a string of politicians to enter the world of finance.

Mr Osborne will take up the part-time role on February 1 at the BlackRock Investment Institute and “provide perspectives on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning”, the firm said.

BlackRock hailed the MP for leading the UK’s recovery from the financial crisis and described him as a “leading voice in the G20 on global economic and financial issues”.

The salary of Mr Osborne - who will remain MP for Tatton - was not disclosed.

Mr Osborne was ousted as chancellor following the EU referendum last year and has been languishing on the Tory backbenches ever since.

“I am excited to be working with the BlackRock Investment Institute as an adviser. 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.

“The majority of my time will be devoted to being an MP, representing my constituents and promoting the Northern Powerhouse.

“My goal is to go on learning, gaining new experience and get an even better understanding of the world.”

Mr Osborne will not engage in any lobbying of the British government, the group confirmed. His appointment follows a string of fellow political heavyweights joining financial firms.

Earlier this week, former foreign secretary William Hague also joined Citigroup as an adviser.

BlackRock chairman Laurence D Fink said: “George has a unique and invaluable perspective on the issues that are shaping our world today”.