David Cameron is to take on a role leading a billion-dollar investment initiative between the UK and China.
The former prime minister played a key role in leading efforts to boost trade links with Beijing while he was in Downing Street and Chancellor Philip Hammond welcomed his new role during an official visit to China.
Cameron, pictured above, will take charge of the £750 million fund to improve ports, roads and rail networks between China and its trading partners.
The fund is supported by the British Government but will not involve any taxpayers’ money. Its launch was announced as part of a series of deals hailed by Chancellor Philip Hammond on a trade visit to China.
A spokesman for Cameron said the former prime minister’s role had been discussed with the Advisory Committee on Business Appointments (Acoba), which considers roles taken up by ex-ministers.
“David Cameron remains very proud of his work as prime minister launching the ‘Golden Era’ between the UK and China with President Xi [Jinping], and strengthening the UK/China trade and investment relationship,” the spokesman said.
“In an effort to build on that work out of office, he wishes to play a role in a new UK-China bilateral investment fund that will invest in innovative and sustainable growth opportunities in both the UK and China to create jobs and further boost trade links.
“Having now received official advice from Acoba, work is continuing on establishing the fund.”
Around £1.4 billion worth of commercial deals were announced at the UK-China economic and financial dialogue in Beijing attended by Hammond.
They included accelerating preparations for the London-Shanghai “stock connect” initiatives, which will mean investors in each country will be able to trade shares listed on the other’s stock exchange.
Hammond said: “We look forward to continuing the golden era of UK-China relations.”