Former Prime Minister Rishi Sunak has accepted a position at Goldman Sachs, marking his return to the financial sector after a brief political career. Sunak was Prime Minister from October 2022 until July 2024. Under his leadership, the Conservative Party suffered its biggest ever electoral loss, historic defeat.
Following his exit from the political scene, Sunak moved into more academic positions. In January 2024 he will be moving to the Blavatnik School of Government at the University of Oxford. Simultaneously, he began to be associated with the Hoover Institution at Stanford University in the United States. These posts give him a chance to continue to shape policy conversations while removing himself from the often toxic environment of electoral politics.
Despite this traditional ridiculousness, since leaving office Sunak has been wildly profligate. By contrast, reports suggest that he has already reaped more than £500,000 from three speaking engagements since his election in April. His income enriches his new position at Goldman Sachs. Yet, he must navigate rules that bar him from lobbying the UK government on behalf of the firm, as he is a former public servant moving to the private sector.
Sunak will dedicate his income from Goldman Sachs to The Richmond Project. He co-founded this nonprofit with his wife, Akshata Murty. The Richmond Project aims to enhance numeracy skills across the UK, reflecting Sunak’s commitment to educational improvement. He has over 14 years of experience in the financial services industry. Most prominently, he has had a lengthy stint at Goldman Sachs, starting as an intern in 2000 and an analyst from 2001-2004.
Joining Goldman Sachs when their terms are up has a very good precedent. Sunak’s past work at the firm has provided him unparalleled insight into its operations and culture. This decision raises some fundamental issues about the revolving door between government and private industry. Instead, it raises deeper concerns about lobbying and influence in our political landscape.