Companies owned by former British PM Tony Blair holding £13m in cash

PUBLISHED : Tuesday, 07 January, 2014, 12:13am
UPDATED : Tuesday, 07 January, 2014, 12:13am


Two businesses owned by former British prime minister Tony Blair have amassed a cash pile of more than £13 million (HK$165 million) after a key part of his empire enjoyed a jump in profits.

Accounts filed in the UK show that one venture in his complex network of financial legal entities saw profits rise almost 50% to just below £2 million.

Since stepping down from politics in 2007, Blair has received millions of pounds from a mix of business interests that include advising governments, consultancy work for US investment bank JPMorgan and the lucrative international speaking circuit.

He has insisted he does not want to be "super-rich" and has said his income pays for philanthropic projects, including development work in Africa and an inter-faith charity.

Windrush Ventures, the ultimate owner of which is Blair, made profits of £1,995,000 in the year to the end of March last year, up £649,000 from a year earlier. The company, which provides "management services", holds £8.8 million in cash, employs 35 people and has a wage bill of £3 million, equal to £85,000 per employee.

A smaller company, Firerush Ventures, the accounts for which were also filed, was shown to have £4.6 million in cash.

Blair's office said in a statement that the businesses pay full corporation tax and that Blair pays full personal tax on all his earnings worldwide.