Tony Blair has an almost unique blend of global experience

It was first thought that Mr Blair would be paid about $1m a year for his role as a senior adviser.

He is expected to advise JP Morgan on the political and economic changes brought about by globalisation.

Since leaving Number 10, Mr Blair has been an unpaid envoy to the Middle East and an after-dinner speaker.

It would be a national humiliation if the sticker on his forehead said $1000k Robert Peston, BBC business editor Read Robert's thoughts in full Will Blair be value for money?

Commenting on the press speculation that has surrounded Mr Blair's fee, Mr Peston said that: "There are times when you see a price and you know that it's wrong."

"I am not making a judgement about the value of what our former Prime Minister will actually do for Morgan," he explained. "The proof of that will be in the pudding.

"But I spend my life speaking to people with money to spend on Blairs and other forms of what is pretentiously known as human capital - and in that world $1m buys a few days of legal or public relations advice.

"But not continuous access to a politician with a global brand who can pick up the phone to anyone."

New pastures

Mr Blair stood down as UK prime minister in June last year. Mr Peston said that the experience he gleaned during his time in office was a valuable commodity.

"Whatever your political bent or view of the Blair years, it would be a national humiliation if the sticker on his forehead said $1000k.

"And having now spoken to bankers close to this deal, I am told $5m is what JP Morgan is paying, though Morgan's and Blair's office are refusing to publish the pecuniary details."

Speaking in an earlier interview with the Financial Times, Mr Blair said he planned to take up "a small handful" of similar roles with other companies in different sectors.

"I have always been interested in commerce and the impact of globalisation," he said.

"Nowadays, the intersection between politics and the economy in different parts of the world, including the emerging markets, is very strong."