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Yeah, there's that risk. I'd suggest there'd be a bias in their favour when applying, not a guaranteed job waiting for them. And if you clearly fucked up as an MP, then you can forget about it, the local constituents will know about your poor performance better than anyone else.
The job would have to be in the constituency you represented. For two reasons; this means you can't use the preferential access to just stick around in London because you can't be arsed to move back. Also, you were the person the constituents voted into parliament, so in most cases you must at least be reasonably competent compared to the local competition for that job.
Interesting idea but isn’t the risk we pollute a high quality civil service with people who are elected for reasons other than competence/ intelligence? And who may find it harder than most to be unbiased.