Tory leadership hopeful quids-in from City firm MOGGY IS A £4M FATCAT
TORY Jacob Rees-Mogg has made at least £4million from his City firm since becoming an MP, it has been revealed.
The multi-millionaire Old Etonian, tipped as a leadership rival to Theresa May, earned the sum from Somerset Capital Management, the investment firm he set up 10 years ago.
He is believed to have scooped more than £1million this year alone.
Boasting of the company’s success, he said: “I am fortunate to have a private income and it’s my business, and I’m actually quite proud of it.”
Mr Rees-Mogg has repeatedly voted to slash benefits and deny public workers wage rises of more than 1% since entering Parliament in 2010.
Theyworkforyou.com, which monitors MPs’ voting, says he “consistently voted for a reduction in spending on welfare benefits”, “consistently voted against paying higher benefits over longer periods for those unable to work due to illness or disability” and “consistently voted against raising welfare benefits, at least in line with prices”. Mr Rees-Mogg is among 21 “members”, or partners, in SCM and accounts published in recent weeks, show that in June, it paid profits of £21.9million to members. MPs’ register of interests reveal Mr Rees-Mogg owns at least 15% of SCM, suggesting his share would be at least £3.3million. He has also declared £943,000 in salary from SCM since being elected in 2010.
He refused to disclose his yearly income from SCM but did not deny it was more than £1million.
He said: “I will confirm I receive a dividend from Somerset Capital Management... that’s not something I have to declare.”