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…