David Cameron was paid more than £120,000 for a speech that lasted little over an hour, it has been claimed.

The former prime minister is said to have given a speech about the implications of Britain's decision to leave the European Union to Wall Street financiers last week.

The Daily Mail reported that he was paid the sum after the talk to Blackstone Properties in New York. A spokesman for the company has declined to comment.

The amount is almost as much as the £140,000-per-year figure he earned as prime minister.

It also works out at around £2,000 per minute of the speech.

Mr Cameron does not need to seek approval for the one-off engagements from the Advisory Committee on Business Appointments, which requires former ministers to get permission only for regular jobs.