Former British Prime Minister Rishi Sunak is back into the banking world and has taken a new role as a senior advisor in the Goldman Sachs group. Sunak is planning to donate his income to the education charity which he has recently installed with his wife Akshata Murthy.
Before entering politics, Sunak worked at the US multinational investment bank. The bank made this announcement on Tuesday. The announcement was made after the 12 -month period passed after the term of the British Indian leader’s post of minister post after defeat in the general election on July 4 last year.
The Advisory Committee on UK’s professional appointments, which is necessary to approve any post taken for at least two years after former ministers quit the post, gave its approval with certain conditions. The purpose of these conditions is “to reduce the potential risks for the government”, which is related to their access to the privileged information obtained by Sunak as the former Prime Minister.
It also mentions that the salary from his new job will be given to the charitable organization ‘Richmond Project’ which was announced earlier this year as a joint initiative with the idol. It aims to improve mathematics and arithmetic skills between children and youth in England.
The counseling of the committee published this week said, “Goldman Sachs has a keen interest in the policies of the UK government. Being a former Prime Minister, it is a matter of concern that your appointment can be considered to be an inappropriate reach and impact within the UK government.”
It said, “You and Goldman Sachs have confirmed before the committee that this role will not include mobilization for the government, which is prevented from doing all former ministers for two years after leaving the post. The committee admitted that if you start any kind of talks with the British government in this role, it will not be your declared intent, it will be difficult to reduce the risk of alleged mobilization.”
Under the conditions, Sunak will not use any privileged information available while holding the post of minister.
Sunak had earlier worked as a summer trainee in investment banking in Goldman Sachs in 2000 and later worked as an analyst between 2001 and 2004.
