Philip Hammond’s £Million Side Hustle: From Chancellor to Consultant
- Full Name: Philip Hammond
- Age: 69 (Born December 4, 1955)
- Height: 5 feet 11 inches (180 cm)
- Nationality: British
- Political Party: Conservative Party
- Spouse: Susan Hammond (Married in 1991)
- Net Worth: Estimated at £8 million - £15 million
- Education: University of Oxford
Philip Hammond, once one of the UK’s most powerful politicians, has turned his post-government years into a financial goldmine. Since stepping down as Chancellor of the Exchequer in 2019 and joining the House of Lords in 2020, he has taken on 30 directorships and advisory roles, earning millions along the way.
From Middle Eastern governments to crypto startups and investment firms, Hammond’s consultancy work has spanned industries and continents, allowing him to build a lucrative portfolio while keeping a relatively low profile in Parliament.
The Consultancy Goldmine
Hammond set up Matrix Partners, his own consultancy firm, shortly after entering the Lords. The company has since generated at least £3 million in pre-tax profits. His work hasn’t gone unnoticed—he has been paid over £800,000 by the governments of Saudi Arabia, Bahrain, and Kuwait for economic advice.
Despite House of Lords rules allowing consultancy roles, critics argue they create ethical concerns, especially when peers vote on legislation while benefiting from outside interests.
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Lobbying—or Just Business?
Hammond has come under scrutiny for his connections with businesses he now advises. As Chancellor, he met senior executives from Nomura, a Japanese investment bank—later, he took on a paid advisory role with them. He also facilitated meetings between a crypto startup he chairs, Copper Technologies, and a Treasury minister.
While Hammond denies any wrongdoing, the Advisory Committee on Business Appointments (Acoba) has previously rebuked him for contacting a senior Treasury official on behalf of another bank he advised.
A Low-Profile Lord With a High-Value Portfolio
Though Hammond rarely speaks in the Lords—his last speech was in August 2021—he remains an active voter. Meanwhile, he holds multiple chairmanships, including at:
- Copper Technologies (cryptocurrency)
- Innovo (real estate)
- Embedded Finance (fintech)
- Municipal Partners (affordable housing)
His involvement in these ventures has kept his bank balance growing, with shares in some companies reportedly worth millions.
The Hammond Fortune: A Smart Move or a Controversial Cash Grab?
Before politics, Hammond was already one of the wealthiest MPs in Parliament, thanks to his background in property development. His post-government career has only cemented his financial success, though questions remain about transparency, ethics, and influence in the Lords.
For now, the former Chancellor continues to build his fortune, proving that leaving Downing Street doesn’t mean leaving the big paychecks behind.
