Jacob Rees-Mogg quits Somerset Capital role after cabinet appointment
Jacob Rees-Mogg has quit his investment capital group following his appointment to Boris Johnson’s cabinet.
The politician resigned from his role running Somerset Capital Management, which he co-founded, after the new Prime Minister made him leader of the House of Commons in a major reshuffle last night.
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“Jacob was one of the co-founders of Somerset Capital Management when it was started in 2007. He played an integral role in helping to shape the firm and Somerset’s early success,” a statement from Somerset Capital partner Oliver Crawley read.
“While Jacob stepped back from day to day work at Somerset Capital when he became a Member of Parliament in 2010, he has remained an adviser to the firm, supporting its growth to become one of the UK’s leading emerging market asset management boutiques.”
“We wish him well as he now steps down immediately from his part time role in accordance with the Ministerial Code.”
The minister still holds a stake of up to 20 per cent in the business, it is reported, which will be held in a blind trust while he serves in government.
Rees-Mogg was one of several surprise names to be announced in Johnson’s government.
He replaces Devon MP Mel Stride after a brief two-month tenure after Andrea Leadsom quit Theresa May’s cabinet in May.
“I am honoured to be able to serve our new Prime Minister and the country,” Rees-Mogg said today.
Rees-Mogg addressed the House of Commons for the first time in his new role today and responded to a call to resign by quipping: “It’s a bit early.”
Shadow leader of the House, Valerie Vaz, asked him when this session of parliament – the longest yet – would end.
She also challenged him to rule out suspending parliament, with the Prime Minister failing to have done so.
MPs fear the so-called proroguing of parliament would prevent them from stopping a no-deal Brexit.
Mogg replied: “The issue of prerogation is absolutely marvellous as the right honourable lady asked me for a new session and when would this session end and then asked me not to prorogue. Well we can’t have both.”
Read more: Jacob Rees-Mogg in the cabinet? A ‘terrifying’ thought, says Hammond
“Though the Prime Minister has said he views proroguing as an archaic mechanism and he does not wish to see archaic mechanisms used,” he added.
“As I’m bound by collective responsbility that is now also my view.”