The Independent on Sunday and the website BuzzFeed have reported that the Tory MP for North East Somerset, Jacob Rees-Mogg, has been reported to the Parliamentary Commissioner for Standards for potentially breaking the rules on declaring financial interests in the House of Commons.
Todd Foreman, Labour's candidate for North East Somerset at the next general election, said:
“These apparent breaches of the rules regarding declarations of financial interests by Jacob Rees-Mogg are very serious, and residents in North East Somerset should be very concerned to learn how Jacob Rees-Mogg is using his position as an MP to promote his own business interests.
“Since becoming an MP, Jacob Rees-Mogg has earned more than £500,000 from a second job at Somerset Capital Management, a hedge-fund that he co-founded. Despite its name, Somerset Capital Management has nothing to do with Somerset, but it is in fact a London-based hedge fund that invests in overseas companies, including substantial interests in tobacco, oil and coal mining companies.
“Jacob Rees-Mogg has previously indicated that he wouldn't dream of making ends meet on an MP's salary, and that his work for Somerset Capital Management makes him “much freer” than other politicians. The revelations that he has failed to declare interests in various Parliamentary debates relating to his business interests in tobacco, oil and coal are very concerning and call into question Rees-Mogg's defence of his second job.
“North East Somerset needs a full-time MP who will focus on the issues that matter to local people. Since being elected to Parliament, the current Tory MP, Jacob Rees-Mogg, has been using his position as an MP to promote his own financial interests in companies that have nothing to do with North East Somerset, and he may have breached Parliamentary rules in doing so. Rees-Mogg's record shows that he is more interested in working for his hedge fund, Somerset Capital Management, than for the people of North East Somerset that is supposed to be representing.”
1. Story in the Independent on Sunday: http://www.independent.co.uk/news/people/tory-backbench-mp-jacob-reesmogg-failed-to-declare-interests-9923362.html
2. Story in BuzzFeed: http://www.buzzfeed.com/jimwaterson/take-you-nanny-on-the-campaign-trail
3. The Bath Chronicle reported in July 2013 on Jacob Rees-Mogg's defence of his work at Somerset Capital Management. http://www.bathchronicle.co.uk/MP-Jacob-Rees-Mogg-hits-second-job-jibe/story-19521477-detail/story.html
4. As of 1pm on Sunday 14th December, the Somerset Capital Management website was ‘down for maintenance’
The Independent on Sunday and the website BuzzFeed have reported that the Tory MP for North East Somerset, Jacob Rees-Mogg, has been reported to the Parliamentary Commissioner for Standards for potentially breaking...