Tony Blair has announced that he is closing down his controversial consulting business to focus instead on working for free.
The former Prime Minister issued a statement on his website to reveal that the “substantial reserves” built up by ‘Tony Blair Associates’ (TBA) will now be handed to not-for-profit work.
Around £8m will be “gifted” to his non-profit ventures, a source told HuffPost UK. The money will go to his Africa Governance Initiative, his Faith Foundation, and his Initiative for the Middle East .
Since leaving office he has also donated around £10m to charity, including the proceeds of his best-selling memoir to the Royal British Legion.
But Blair has also come under fire for the way he has built up his personal wealth and used his global contacts to win business for his consultancy and advice firm.
In his statement, he said that he would retain “a small number of personal consultancies for my income, but 80% of my time will be pro bono on the Not For Profit side”
That leaves open the prospect that 20% of his time will go on profit-making activities.