George Osborne has revealed he is being paid £650,000 per year to work as an adviser to an investment company while remaining an MP, in addition to the hundreds of thousands of pounds he is earning from speaking engagements.
Osborne, who remains the MP for Tatton, was hired by the Blackrock Investment Institute as an "adviser on the global economy", working four days a month in return for the salary – equivalent to a rate of £13,500 per day.
He is also expected to receive valuable shares in the investment company, which already employs Osborne's former chief adviser Rupert Harrison.
The former Conservative chancellor made the disclosure in the most recent edition of the register of members' interests.
The income is in addition to his substantial earnings as a speaker for corporate clients, which has earned him £786,450 in the last six months – as well as his MPs' salary of £74,962.
He will also receive a £120,000 stipend over the next year from the US-based McCain Institute to be the first Henry Kissinger Fellow. The money is designed to help him develop "strategic skills" in foreign policy and national security matters.
As a result, Osborne's cash income is set to be substantially over £1million in the first 12 months after leaving government.