Tony Blair has taken a part-time post with investment bank JPMorgan. Times, BBC

The former Prime Minister has been employed "in a senior advisory capacity", the bank said.

He said he looked forward to advising the bank on the "political and economic changes that globalisation brings".

Some estimates say the company will pay him more than $1m (£500,000) a year for his "unique perspective".

He will advise the firm's chief executive and senior management team, "drawing on his immense international experience to provide the firm with strategic advice and insight on global political issues and emerging trends".

"Our firm will benefit greatly from his knowledge and experience," it said.