The former Chancellor opens up a scandal at the heart of Westminster, weeks before the election

Osborne's legacy of inequality
Support us and go ad-free

Former Chancellor George Osborne has opened up a scandal at the heart of Westminster, only weeks before the 2017 general election. In quitting as an MP, Osborne has paraded the ‘revolving door’ between parliament and lucrative finance and defence jobs. No longer will Osborne’s financial activities be on public record. Using the connections he made as Chancellor, the outgoing MP can continue to make a fortune, but free from public scrutiny. The scandal is a timely reminder of how some politicians view Westminster.

Osborne is making an absolute killing

As The Guardian reports:

Since becoming a backbencher, Osborne declared new employment paying £650,000 a year for one day’s work a week for fund manager BlackRock. He has earned £800,000 for 15 speaking engagements in the last year, collects a £120,000 a year stipend from a US thinktank and has a book deal on top of the £75,000 MP’s salary.

Osborne is also to become the new editor of The Evening Standard. The MP, who hasn’t voted against the Conservatives on a major policy in 25 years, is now in charge of a newspaper with a daily readership of nearly two million.

Our political system saw no conflict of interest in the former Chancellor juggling all these jobs. A man who, as Chancellor, piled on £555bn in public debt, and then popped off to make a killing for himself.

In government, Osborne failed to crack down on tax avoidance. Now, he is a part-time senior advisor for BlackRock. The fund managing giant administers what HM Revenue and Customs (HMRC) calls “offshore funds”.

Banking

Osborne has now delivered lucrative speeches to bankers in Canary Wharf and at events hosted by banking giant JP Morgan. As Chancellor, he presided over the neoliberal orthodoxy of privatisation, financial deregulation and reduced public spending. While these policies pile on debt and misery for the rest of us, bankers certainly love them.

Read on...

Support us and go ad-free

The ‘revolving door’ is a scandal. Working as a minister is often short-lived and, while MPs may not necessarily target post-parliament jobs, they may pass legislation with future careers in mind. After the 2015 election, former Coalition ministers walked into companies they had dealt with in their ministerial positions. Several Conservatives and Liberal Democrats accepted jobs from organisations they worked with as MPs. New Labour faced similar controversy. Tony Blair and Alistair Darling, for example, made a post-parliament killing from Morgan Stanley.

Fortunately, the present Labour leadership stands against neoliberalism. The party is now challenging the power of multinational corporations, against a political pattern that goes back years. After her premiership, Margaret Thatcher charged tens of thousands for speeches and reportedly earned $250,000 per year as a “geopolitical consultant” for a tobacco firm.

Send ’em packing

Osborne has paraded a scandal by quitting parliament to earn a massive fortune free from scrutiny. Politicians who are out to milk the system deserve the cold shoulder. Let’s bin political chancers like Osborne.

Get Involved!

Register to vote in the 8 June general election.

– Discuss the key policy issues with family members, colleagues and neighbours. And organise! Join (and participate in the activities of) a union, an activist group, and/or a political party.

Read more from The Canary on the 2017 general election.

– Read and support news outlets who hold power to account. Here are some we recommend. Please add more that you like in the comments:

The Canary, Media Diversified, Novara Media, Corporate Watch, Common Space, Media Lens, Bella Caledonia,Vox Political, Evolve Politics, Real Media, Reel News, STRIKE! magazine, The Bristol CableThe Meteor,Salford Star, The Ferret.

Featured Image via Flickr Creative Commons

Support us and go ad-free

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed