No a bad demotion! David Cameron rakes in £120,000 for ONE-HOUR talk
BREXIT may have put an end to David Cameron's political career but it is helping him to forge a lucrative position as a public speaker.
David Cameron has been raking it in since he quit as PM
The former Prime Minister, who resigned in the wake of June's historic referendum result, was paid £120,000 to give a talk about the implications of Britain's vote to leave the EU to Wall Street bankers last week.
The bumper payment for just one hour's work is almost his entire £143,462 yearly salary as Prime Minister.
His talk at Blackstone Properties in New York reportedly lasted just over an hour, meaning his pay amounted to £2,000 a minute.
The revelation suggests Mr Cameron, whose centrist leadership was likened to Tony Blair, could soon rival his political idol - with Mr Blair having amassed an estimated fortune of £27million since leaving office in 2007.
Mr Cameron's relationship with the New York company has not been revealed but it counts John Studzinski among its executives - an investment banker and philanthropist who is a close friend of Peter Mandelson and regularly mixes with political leaders.
And the speech does not appear to be the first time Mr Cameron has used his former title to secure a speaking engagement.
Former Prime Minister David Cameron talked to bankers about why Britain left the EU
Last month, Cameron was scheduled to give a speech at the private equity firm Bain Capital - likely to have paid him a similar amount to his fee from Blackstone.
The former Conservative Party leader stepped down from his post in June, meaning he no longer has to seek approval for the one-off engagements from the Advisory Committee on Business Appointments - which requires former ministers to get permission only for regular jobs.
Mr Cameron also resigned from his Witney constituency in September.
Mr Cameron made the speech to a group of financiers in New York
Samantha and David Cameron were revealed to have held a stake in an offshore fund
The news comes after the former Prime Minister faced a fierce backlash in April when it was revealed he had a stake in an offshore fund. The Panama Papers showed David Cameron and his wife Samantha had owned shares in an offshore investment fund that were worth more than £30000 but later sold them.
A spokesman for Blackstone declined to comment.