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Lib Dem leader Ed Davey quits HSF advisory role amid MPs second jobs row

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Sir Ed Davey – image via Wikimedia Commons

The leader of the Liberal Democrats Sir Ed Davey has stepped down from his role as a consultant at City law firm Herbert Smith Freehills (HSF) amid the political uproar about MPs’ second jobs.

A Liberal Democrats spokesperson confirmed Davey had resigned from his role at HSF and has also quit as a member of the advisory board at asset managers NextEnergy Capital.

The former energy secretary reportedly earned £78,000 for ten hours of advisory work across the two firms each month, in addition to his MP salary of £81,932.

At HSF he received £5,000 for six hours a month to advise on political issues and policy analysis, according to the register of members’ financial interests.

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“Ed decided to end both of his consultancy contracts last week,” the spokesperson said. “He has always been clear that the earnings from the work he did advising on climate change issues are used to fund the care for his severely disabled son over his son’s lifetime.”

They added: “Ed has always and will always comply with all rules and standards on these matters.”

Davey’s decision comes as Prime Minister Boris Johnson yesterday proposed banning MPs working additional paid jobs as political consultants and lobbyists.

The former Attorney General Sir Geoffrey Cox hit headlines recently over the millions he reportedly made whilst carrying out legal work alongside his parliamentary duties. Cox, a practising barrister since 1982 and Queen’s Counsel since 2003, is said to have received more than £800,000 for his work as a consultant for law firm Withers.

HSF declined to comment.

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2 Comments

Hm?

“The former energy secretary reportedly earned £78,000 for ten hours of advisory work across the two firms each month”

Over the course of how long? £78,000 per 10 hours of advisory work per month, or £78,000 over the course of a year/entirety of his involvement?

It’s unclear from what’s written (and, yes, I cannot be bothered to find out this information myself).

Anonyme

Surely the whole year?

MC partners are charged out at £1000 per hour.

The top couple of commercial silks charge around £2k per hour.

No one is worth £7800 an hour.

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