A “part-time job” is becoming popular among British politicians, which casts doubt on their performance in the public service.
This is stated in an article by The Guardian.
The media have drawn attention to Sajid Javid. The former interior minister, who received a chair in parliament, was interested in the leadership of the American conglomerate J.P. Morgan. The company is part of the global financial elite and is among the four largest U.S. banks. J.P. Morgan now also employs Javid, combining parliamentary activities with the work of a global adviser.
However, Javid is not the only British politician who has found a good job. Pritie Patel, Junior Minister for Employment in the Department of Labor and Pensions, previously received £1,000 per hour as an advisor to a firm that worked with the Department of Defense. Conservative and leader of the House of Commons Jacob Rees-Mogg continued to work part-time in his own investment fund even after becoming a deputy.
Tony Blair took a lucrative position at the same J.P. Morgan when he left as Prime Minister. The former head of the Treasury, George Osborne, loved his position at BlackRock, the world’s largest investment firm.
Thus, it becomes clear that British politicians do not serve the citizens of the country, and global banking giants, writes The Guardian. British law does not prohibit this practice, although it is unclear how politicians combine visiting parliament, supporting constituencies with their “second job”.
“But the problem with these jobs is much deeper”, – the article says. – “Now Javid has a personal financial interest in the success of a major global bank. It might not have been such a problem if the interests of the large banks were well aligned with our interests, but they are not.”
The publication recalled how financial institutions, including J.P. Morgan, actively lobbied for a relaxation of banking regulation in the late past and early this century. They were thirsty for profit and did not want bureaucratic red tape.
“They managed to persuade politicians to relax regulation and then hit the 2008 financial crisis. The big banks took huge risks and earned billions of pounds of profit and bonuses. But when their luck was over, they got out”, – writes The Guardian.
Financial elites never paid, the article says, but ordinary citizens who faced decades of wage cuts and stagnation paid in full.