FAREHAM MP Mark Hoban has landed a City job paying around £230 per hour, as he announced plans to leave Parliament in May.

The former Conservative treasury minister is acting as an adviser to the Markit Group Ltd, a major international financial information services company with a base in London.

Mr Hoban's entry in the Commons' register of members' interest states that he expects the role to pay him “£4,000 a month for four hours per week”.

That annual salary of £48,000 - a 70 per cent top-up to his currently parliamentary earnings, of just over £67,000 - works out at about £230 per hour.

The outgoing MP, a chartered accountant who registered the role last month, said Markit had employed him “to provide strategic advice on business and regulatory issues”.

Last week, Mr Hoban announced he wanted to “start a new chapter in my life”, by standing down at the general election after 14 years as Fareham's MP.

He said he was “particularly proud of the work I led to restructure financial services regulation in the UK in the aftermath of the financial crisis”.

Like all former ministers, Mr Hoban has to agree not to lobby Government on behalf of Markit for two years, nor draw on confidential information he acquired as a minister.

He said: “The ACOBA [Advisory Committee on Business Appointments] advice applies to every ex-minister seeking an outside interest.”