LONDON (Dow Jones)--A day after stepping down from his 18-year tenure at the U.S. Federal Reserve, Alan Greenspan has his first new job - he's to become an honorary adviser to U.K. Chancellor of the Exchequer Gordon Brown.
The U.K. Treasury said Wednesday that Greenspan would give Brown informal advice on issues arising from "global economic change" in his new, unpaid role.
In a statement, the chancellor said he was extremely pleased to be able to draw on Greenspan's expertise.
"I am delighted that Dr. Greenspan has agreed to be Honorary Adviser. His advice on issues relating to global economic change will be much appreciated," Brown said.
The treasury said it was envisaged that Greenspan and Brown would hold regular meetings on mutually agreed economic issues and share economic research.
The two have had a close working relationship dating back to the mid-90s, when Brown was an opposition politician. He has often cited Greenspan's advice as a key factor in the Labour government's decision to give the Bank of England independent control over setting U.K. interest rates when it came to power in 1997.
Last December, Brown instigated the award of the Freedom of the City of London to Greenspan, when he was in the U.K. to attend his final meeting of the Group of Seven leading industrial nations.
The former Fed chief's first job will be to advise Brown on a series of forums scheduled this year with business leaders from sectors such as financial services, digital electronics, science, education, healthcare and manufacturing.
-By Andrew Peaple, Dow Jones Newswires; +44 207 842 9270; firstname.lastname@example.org
(END) Dow Jones Newswires