Jacob Rees-Mogg has made almost a million pounds from his side job with an investment company since being elected to Parliament.

Scrapbook mentions this since Rees-Mogg’s involvement with Somerset Capital has cropped up today in connection with his bid to become chair of Parliament’s Treasury select committee.

The Guardian reports that: “Critics claim Rees-Mogg’s position at Somerset, an emerging markets investment firm that manages assets worth $8.5bn (£6.6bn), could undermine his impartiality.”

Mogg refuted the suggestion, saying: “It’s very hard to see how the select committee could have a specific individual benefit to Somerset Capital. It’s a medium-sized investment firm that would never come into direct contact with the committee.” 

Scrapbook isn’t adjudicating in this row, but the Guardian article does not include details of Rees-Mogg’s remuneration from the company, which he runs alongside Tory donor Dominic Johnson.

The register of MP’s interests reveals that Rees-Mogg received £974,847 from his work as a partner in Somerset Capital since entering Parliament at the 2010 general election. 

Perhaps a more relevant fact when considering whether he would be a good chairman of the select committee is that he usually spends 35 hours working for the company every month.

The register shows that, since 2010, that has added up to a 2,275 hour commitment.

In his manifesto for the post, Rees-Mogg says all of this gives him “considerable experience in this field.” 

MPs will decide whether its “considerable experience” or “conflict of interest” in Wednesday’s election…

  1. William (Bill) McArdle says:

    Big suprise that a Tory MP has ‘interests’ in the financial sector. When are the gullible
    british working class going to understand that this is the norm for Tory MPs and their motivation for entering politics in the first place

  2. Anthony O'Connor says:

    This works out at £428.50 per hour. I personally don’t know anyone who is paid that for a weeks work.

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