Blair cashing in after launching economic advice firm
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He has set up the commercial partnership, called
Tony Blair Associates, after receiving permission from an official
government watchdog, which scrutinises paid employment undertaken by
former ministers. The joint enterprise will provide "strategic
advice on political and economic trends and governmental reform",
according to the Advisory Committee on Business Appointments.
It is thought to be the first time that a former
British prime minister has launched a money-spinning venture based
entirely around their experience at the helm of government.
The firm is the latest scheme employed by the
55-year-old to cash in on his record as Britain's longest-serving
Labour prime minister.
Since leaving office in June 2007, Mr Blair is said to have raked in up to £15 million from a variety of business deals, including a £4.5 million advance for his Downing Street memoirs.
News of Tony Blair Associates was announced through the ACOBA website, which disclosed that the firm was established this month.
The statement reads: "Tony Blair has established Tony Blair Associates which will allow him to provide, in partnership with others, strategic advice on both a commercial and pro-bono basis, on political and economic trends and governmental reform."
It adds that the committee "sees no reason why he should not set up the firm forthwith".
Although Mr Blair's official role as an international peace envoy in the Middle East is unpaid, he earns significant sums of money through a variety of sidelines.
He takes a £2.5million salary as a part-time adviser to the American investment bank JP Morgan Chase and £2million for an advisory role with the Swiss firm Zurich Financial Services.
He is also reported to command six-figure sums on the after-dinner lecture circuit. A Spanish newspaper reported last year that he earned up to £240,000 for making a 90-minute speech to 2,000 entrepreneurs in Barcelona.
Blair also receives a taxpayer-funded pension of £63,468 a year, plus an annual £84,000 allowance to run a private office.
Any money from Tony Blair Associates may not have
to be declared publicly. Mike Warburton, a senior tax partner at the
accountants Grant Thornton, said that if the venture had been set up
as a simple partnership rather than as a limited company, it would
not have to make public its income and profit.
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Greed is the name of the game. His old woman put him up
to it of course but if they ever get tried she will get away with it
while he carries the can.
Blair Cashing In By Offering Political Advice
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Blair Inc: Former PM accused of cashing in after launching new business offering political advice to wealthy clients
Tony Blair Associates will allow wealthy clients the chance to pick the brains of the former Prime Minister
Tony Blair has again opened himself up to accusations of cashing in on his premiership after launching a business that will offer political and economic advice.
The firm, Tony Blair Associates, will allow clients to buy the experience of Britain's longest-serving Labour Prime Minister.
Setting up the enterprise offering tips on economic trends and the workings of government is believed to be an unprecedented step for a former British premier.
Tony Blair Associates was officially registered earlier this month. It has been cleared by the official watchdog that scrutinises paid employment undertaken by former ministers.
The Advisory Committee on Business Appointments said in a
statement on its website:
'Tony Blair has established Tony Blair Associates which will allow him to provide, in partnership with others, strategic advice on a commercial and pro-bono [free] basis, on political and economic trends and government reform.'
Since stepping down as Prime Minister in June 2007, Mr Blair is believed to have made £15million from various business deals and speaking engagements.
Although his official role as an international peace envoy in the Middle East is unpaid, he has a variety of lucrative sidelines.
He commands fees of up to £240,000 for speeches, and he enjoys a £2.5million salary from U.S. investment bank JPMorgan and a further £2million for his role as an adviser to finance firm Zurich.
Cherie Blair is also believed to have earned £1million for her autobiography
There is also a reported £4.6million advance to write his memoirs, not to mention his £63,468 taxpayer-funded pension and an annual £84,000 allowance to run a private office.
The former premier and his wife need around £40,000 a month to meet the mortgage payments on their £11million property empire.
However, any money from Tony Blair Associates may not have to be declared publicly - if the venture had been set up as a simple partnership rather than as a limited company, it would not have to make public its finances.
Mr Blair's spokesman dismissed allegations of cashing in,
saying: 'Because of the number of requests that Tony Blair gets for advice,
this is a sensible way of managing his workload so that his core activities
like the Middle East are unaffected.'
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Capitalist Swine'R'Us