Profits in Jacob Rees-Mogg's investment firm soaring while UK braces for Brexit

Profits in Jacob Rees-Mogg’s investment empire are soaring and more than doubled in the last four years, a TV investigation will show tomorrow.

A Channel 4 Dispatches programme will highlight the surging fortunes of Somerset Capital Management LLP, a firm co-founded and co-owned by the Tory hard Brexiteer.

SCM’s publicly-available accounts show its operating profit rose from £14.7m in the year to March 2015, to £18.3m in 2016, £27.8m in 2017 and £34.1m in 2018.

Meanwhile the profits available for distribution among members have risen from £11.5m in 2015 to £14.4m in 2016, £21.9m in 2017 and £25.3m in 2018.

The apparent windfall for Mr Rees-Mogg, who holds a share of at least 15% in the firm, comes in sharp contrast to other businesses and workers who are bracing for the impact of Brexit.

It’s in sharp contrast to the billions spent preparing for a No Deal Brexit


Dispatches claimed one expert said the slumping pound since the referendum had helped SCM’s profits, because the firm invests in emerging markets.

But Mr Rees-Mogg told the programme it was “cloud cuckoo land” to draw any link between the rising profits and Brexit.

And he refused to confirm or deny a Channel 4 estimate that he has earned £7million personally from the firm since June 2016.

He told the programme: “The amount that I received is not for public disclosure.

“I’m entitled to the same privacy in my affairs as anyone else in parliament is.”

Mr Rees-Mogg publicly declared £185,777 in employment income from SCM, where he works 30 hours a month, in the 12 months to January 2019.

However, MPs are not required to disclose other types of income such as dividend payments.

Mr Rees-Mogg publicly declared £185,777 in employment income from SCM in one year – on top of his MP’s salary

Reached for further comment by the Mirror today, Mr Rees-Mogg said: “I am proud of being a founder partner in a successful business that creates jobs and tax revenues.

“The link between Brexit and Emerging Markets is spurious and only believed by Loch Ness monster spotters.”

Separately, Dispatches will also examine how hedge funds have built up huge bets against British businesses which will pay off if the economy hits the rocks.

And the programme is due to examine the huge sums charged by MPs on the speaking circuit, including Boris Johnson who earned £94,508 for a speech in November after quitting the government over Brexit.

Dispatches: The Brexit Millionaires airs at 8pm on Monday 11 March on Channel 4.

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