George Osborne announces new role at City of London asset manager, BlackRock

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George Osborne will remain Conservative MP for Tatton

The former Chancellor's role at the same firm where his one-time chief aide Rupert Harrison has worked since 2015 was revealed as most eyes were on Washington DC for the inauguration of new US President Donald Trump – inviting accusations of trying to "bury" controversial news.

He will remain Conservative MP for Tatton after he takes up his part-time role at the BlackRock Investment Institute providing the firm's fund managers with "perspectives on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning".

PA

He will take up a part-time role at the BlackRock Investment Institute

The majority of my time will be devoted to being an MP

George Osborne

The firm did not disclose his pay but one source said it would be "at least" hundreds of thousands of pounds a year.

Mr Osborne insisted: "The majority of my time will be devoted to being an MP, representing my constituents and promoting the Northern Powerhouse."

He has already earned a string of five-figure fees for speeches since being sacked from the Government last July by new Prime Minister Theresa May.

Labour Shadow Chancellor John McDonnell said: "The timing on this is disappointing.

"Sneaking it out on a Friday just before the inauguration of President Trump seems like it was done in an attempt to hide the announcement."

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