Osborne joins investment giant but says 'majority of my time will be devoted to being an MP'


Tatton MP George Osborne has been appointed as an advisor to global investment giant Blackrock which is based in New York City.

The former Chancellor of the Exchequer, who will be working one day a week for the world's largest asset manager, has stressed that the majority of his time will still be spent representing constituents in Tatton where he has been our Member of Parliament since 2001.

George Osborne said "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.

"Of course, many MPs also do work outside Parliament - and every Chancellor has. I'll only be working one day a week with Blackrock, while being Chancellor was more or less a full time job. So the majority of my time will be devoted to being an MP, representing my constituents in Tatton and promoting the Northern Powerhouse.

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

Councillor Rod Menlove, ward councillor for Wilmslow East, said "I think George clearly is a man of considerable expertise in financial matters - indeed he has been attending Davos recently.

"I am sure that he will be a valuable asset to the company he is joining and I wish him well.

"I am sure he will continue to be a good constituency MP as has been his track record."

George Osborne


Here's what readers have had to say so far. Why not add your thoughts below.

Alan Brough
Monday 23rd January 2017 at 3:40 pm
Let's face it, there's not much for him to do in Tatton is there?

That Macclesfield Hospital is operating dangerously close to melt-down, local schools are over-subscribed and faced with cuts in funding, green-belt land is under threat of development (and no sign of any of the promised affordable housing), cuts in Health budgets and Social Services in the borough mean that vulnerable elderly patients fail to receive the care and dignity they deserve, whilst CE Council continue to preside over a series of embarrassing failed projects whilst answering their critics with a combination of Orwellian "right-speak" and gobbledegook......all of these things can be set aside whilst Mr Osborne pursues his own career ambitions.

Bear in mind that in addition to his "one day a week" with Black Rock (for which one report suggests he will be paid an annual salary of £220k) he undertakes lucrative public speaking engagements at venues worldwide.

The gushing support proffered by Rod Menlove is (at the same time) predictable and risible. Does he not realise that Mr Osborne was at Davros (sic) not to contribute to World economic affairs, but to undertake paid speaking engagements on behalf of major financial institutions? Can he honestly see no conflict of interests? I think we should be told.

If Mr Osborne wishes to move into a career away from politics he should do the honourable thing and resign his seat so that we can select a full-time MP with the energy and vision to PROPERLY represent the people of Tatton in dealing with the above issues.
Stuart Redgard
Wednesday 25th January 2017 at 12:14 am
I have no problem with anybody having more than one paid job. Some people have to work two jobs just to pay the bills and put food on the table. I don't believe this will be the case with Mr Osborne but I might be wrong.

However, when one of those jobs is paid for by the tax payer at a basic salary of £74,962 a year something begins to feel not quite right. And by the way, MP's also receive expenses to cover the costs of running an office, employing staff, having somewhere to live in London and in their constituency, and traveling between Parliament and their constituency.

To my knowledge Mr Osborne does not have a permanent residence in the constituency and spends less than one day a week in the constituency. Now when he was a Government Minister I could appreciate why he spent so little time in the constituency or dealing with constituency affairs. But now he isn’t a government minister has this changed?

His salary will have dropped from approx £134,565 per year to £74,962 when he resigned as Chancellor, so I can see why he might now need a second income.

Let's have pity on him and not make a fuss and complain like all those people did when he introduced the austerity measures to reduce and then finally eliminate the deficit.

Remember: Bedroom Tax, Child Benefit, Welfare Reform.

So let’s all give him the benefit of the doubt. You never know. he could have arranged a special arrangement with his former employer and be giving back one day a weeks pay and office costs etc to the Treasury. Then again I could be wrong. It might be even more.
Pete Taylor
Wednesday 25th January 2017 at 11:20 am
Mr Osborne was indeed at Davos, as Cllr Menlove says, however, according to the national press he was there in a private capacity, speaking to large corporations and wealthy individuals; not on behalf of his constituents, or in fact anyone other than himself.
Regardiing his track record as a Constituency MP, perhaps someone could remind us what that consists of, apart from the swerve taken in the proposed HS2 route to avoid Knutsford.
His financial record is unparalleled; failing every single one of his own targets, trebling the country's debt, the disastrous Chinese-French electricity contract an the tentacles of his austerity debacle affecting NHS, Council finances, Social Care, Disabled suicides, reduction in policing, school finances in melt- down, etc, etc.
Lynne Prescott
Wednesday 25th January 2017 at 4:36 pm
Time for another Martin Bell?
Andrew Backhouse
Wednesday 25th January 2017 at 6:57 pm
I think being a good MP must be a full time job and to hear that all chancellors take on second jobs is intriguing. Does he mean former chancellors? No problem if they stop being an MP - but it would be good to have George Osborne pushing on the Northern Powerhouse, meeting constituents at surgeries rather than just photo opportunities whilst he is still an MP. Living locally would be nice, but not essential, but walking the streets, talking to local people, travelling on local transport, and feeling the pulse is surely important if you are going to represent your constituency.

So, lets bring back a Martin Bell. Any suggestions? If we are to have a new constituency anyway, we need to start thinking and pushing now.
Nick Jones
Wednesday 25th January 2017 at 7:09 pm
@lynne.. What a fabulous idea !! He was a true honest and demonstrated great integrity . I spoke with him several times about constituency issues, alongside his many and varied travels / experiences / reporting. He didn't commit to the single term for the money...But who could you suggest ? ... Maybe straight talking honourable and experienced local gent, John Timpson CBE ?
Sally Hoare
Wednesday 25th January 2017 at 7:44 pm
If only there was another Martin Bell. We can only dream.
It would be a good idea if MPs had to account for all hours spent in the role.
Is he saying he will only work as an MP 4 days a week?
How does he find time to fly to all these lucrative speaking engagements?
I hope that next time there is an election voters will vote for someone who will take the job seriously.
As I said, we can only dream.
Pete Taylor
Thursday 20th April 2017 at 11:41 am
Weasel words. We knew it then, we know it now.