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There is a large silver lining to Tony Blair's cloud.
If he fails to achieve his ambition of becoming President of the EU, he will escape public scrutiny of his private business deals and keep millions of pounds of income from his different jobs.
The EU presidency post carries all the perks of living rent-free in Brussels, but its salary would be only £247,000 a year, a big drop on the £12million Mr Blair is estimated to have earned in just two years since leaving office.
As well as the cut in income, a President Blair would have to submit a declaration of financial interests, listing all his business activity since quitting Downing Street. Many of his private deals are shrouded in secrecy but there would be controversy over possible conflicts of interest between his fundraising, lobbying and public roles.
Critics speculate that on trips to Arab states, he picks up donations for his charities, does a bit of business but also works on his Middle East envoy role.
The Financial Times said Mr Blair has travelled to Libya "a number of times" since 2007, including a trip to Tripoli on behalf of JP Morgan, the banking giant that pays him £500,000 a year.
Tory MP Daniel Kawczynski, who chairs the Commons all-party group on Libya, said his dealings were "highly inappropriate" given "his unique position as a former prime minister".
Mr Blair famously brought Colonel Gaddafi in from the cold after a trip to Libya in 2004. Mr Blair would almost certainly have to return some of his $1million sign-on fee from Washington Speakers Bureau. He would probably keep his £4.6million advance from Random House for his memoirs, but would not be allowed to embark on book tours.
Office holders in Brussels are forbidden from any "paid or unpaid work" outside their duties. Mr Blair would be allowed to keep honorary posts at his charities but could not take any decisions or fund-raise. One EU diplomat said: "Tony can keep the faith, but not much else."
His new charities - his Faith Foundation, his Sports Foundation and his Africa Governance Initiative - will escape serious liabilities by keeping their main fundraiser and figurehead.
They would have to restructure and bear the burden of the lease on his Mayfair office HQ. It could be sublet but there are eight years to run on the lease, an obligation of £4.4million.
Reader views (4)
Graham - he very clearly did - his aides and spindoctors have being doing his work - putting out feelers and trying to prepare the groundwork for his hoped triumphant return to the world stage. Since Blair came to power this is how the system has been run...a lot of soundings and preparation and spin. It has been done this way so that if he didn't get the job he wouldn't lose as much face as he would if he had openly stated his desire!
- Andy, london
You don`t think for one moment its all in his name - bet most of it is in Cheires or the kids. Labour keep harping on about Lord Ashcroft and whether he pays tax or not in this country; be a delight if someone were to ask the same of the Blairs. Tony could not have accrued all his not insignificant wealth if he had been paying top rate of tax on everything he has earn`t surely. His finances are as mysterious as Mandy.
- Brian G, Norfolk Gorleston
It spite of his professed religios beliefs, Tony Blair seems to be very materialistic. Has anybody thought to ask him if he wanted the job in the first place ........?
Oh please. Don't start insulting us by saying he never wanted it.
- Harry, Marble Arch, UK
Actually Harry, he probably didn´t.
- Graham Rodhouse, Helmond, Netherlands
Oh please. Don't start insulting us by saying he never wanted it.
- Harry, Marble Arch, UK
