The Parliamentary Commissioner for Standards, Kathryn Hudson, has written to Jacob Rees-Mogg to tell him that no investigation will take place into his declaration of interests.

She wrote: "I did not consider that Ms Gilmore's letter established grounds for an investigation on the basis that the rules of the House required you to declare these indirect interests."

Jacob Rees-Mogg said: "I have always been open about my interests and believe it is important to have some Members of Parliament who are not professional politicians, but have real world interests.

"It is little surprise that the Labour Party carelessly makes allegations as a general election looms, but the suggestion that a speech in the House of Commons could affect the price of cigarettes in South Korea was absurd and has been dismissed.

"It shows how nervous the Labour Party is about debating the economy and the future prosperity of the United Kingdom."