On November 16, a spokesperson for the Liberal Democrat party confirmed that Davey had resigned from his position at Herbert Smith Freehills and had also stepped down as a member of the advisory board of Next Energy Capital.
Davey received $60,000 per annum by Herbert Smith Freehills for 72 hours of advice on political matters and policy analysis. Next Energy Capital paid Davey £18,000 per annum for 48 hours as a member of its advisory board.
Davey’s resignation from his role at Herbert Smith Freehills follows the release of a letter from Prime Minister Boris Johnson on November 16. Within the letter, the prime minister set out plans to ban consultancy roles for members of parliament.
“Ed decided to end both of his consultancy contracts last week. He has always been clear that the earnings from the work he did advising on climate change issues are used to fund the care for his severely disabled son over his son’s lifetime,” a Liberal Democrat spokesperson said on Wednesday. “Ed has always and will always comply with all rules and standards on these matters.”