North East Somerset's MP, Jacob Rees-Mogg, has found himself under scrutiny for allegedly not declaring a financial interest when taking part in parliamentary debates.
The Conservative MP is also a Founding Partner and Director of Somerset Capital, a firm whose funds hold reported investments worth £23m in tobacco companies, £3.07m in mining firms and £2.4m in oil and gas producers. While Mr Rees-Mogg has declared that he is a paid Director at Somerset Capital in his entry in the Register of Members' Interests, he is alleged to have spoken in four debates in the Chamber in support of the tobacco, mining, oil and gas industries without declaring his connection to Somerset Capital. The Commons' Code of Conduct states that MPs must disclose any financial interest or benefit they have, directly or indirectly, if speaking during relevant debates in the House.
Since taking part in these debates, he has been accused of failing to make these interests known by Sheila Gilmore, Labour MP for Edinburgh East, who has filed a report to the Parliamentary Standards Commissioner for investigation into the claims.
One of the opposing candidates for the North East Somerset seat at the next election, Labour Parliamentary Candidate, Todd Foreman, 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 apparently using his position to promote his own business interests.
"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. The allegations are very concerning and call into question the defence of his second job. North East Somerset needs a full-time MP who will focus on the issues that matter."
Speaking to The Journal this week, Jacob Rees-Mogg said: "Before and since the 2010 election, I have made many public references to my business. It is something I am open about, because I believe it to be a good thing that MPs have outside interests and are not all professional politicians. The House of Commons' Code of Conduct requires members to declare their interests and highlight them in relevant debates. I have done this with a full entry in the register and by references to my interests both on the floor of the House and particularly in the European Scrutiny Committee. The Code has a particular concern with the reiteration of pecuniary interests.
"In the cases complained about, I have no such interest. My business invests in Global Emerging Markets, which are subject to their own domestic laws, not to those of the United Kingdom, therefore, my comments on tobacco and energy prices were irrelevant to overseas markets.
"In the debate on deep sea mining, I said: 'The great thing we should bear in mind as a nation, is that our companies and businesses should never be disadvantaged against foreign businesses and foreign companies.' I was speaking up for our own national interest potentially against that of Emerging Market companies and certainly not in support of my company's financial interests."