Until now, Rees-Mogg’s role as leader of the House of Commons put him in charge of timetabling the government’s legislation. But his new role could see him sharply overlap with his extensive financial interests.
Meanwhile, Rees-Mogg’s business partner, Dominic Johnson, also has a government role: he is a member of the board of the Department for International Trade and chairs the department’s Audit and Risk Assurance Committee.
There is no suggestion of any conflict of interest for Johnson. A list of interests is kept by the department, and directors must follow a code of conduct following the Nolan principles.
Responsibilities
The Cabinet Office was not able to give a list of Rees-Mogg’s new ministerial responsibilities when approached. Downing Street said only that they would be released “in due course”.
Responsibilities likely to be inherited from Frost include the Northern Ireland Protocol, “the coordination of cross-government positions on trade issues”, and a review of the UK’s borders by 2025.
Goodrich believes the existing ethics rules may not be robust enough to deal with this: “That it’s the PM, and the PM alone, who enforces the ministerial code means all kinds of behaviour may be permitted in return for political loyalty. Until there’s more independent oversight over ministerial conduct, there’s a distinct risk that ministers can write their own rules.’
A Cabinet Office spokesperson said: “Policy related to the financial services sector is the sole responsibility of the Treasury, and as Brexit opportunities minister Jacob Rees-Mogg will not be involved in decision-making in respect of financial services.
“The Ministerial Code sets out the process by which, following appointment, ministers should declare their interests, and take advice from their permanent secretary and the independent adviser on ministers’ interests, on any necessary steps to avoid or mitigate a conflict of interest.
“That process will take place as with any other ministerial appointment.”
Oliver Crawley, a Partner at Somerset Capital Management LLP, said: “Jacob Rees-Mogg no longer works at Somerset Capital and has had no role in any of the firm’s investment decisions for over a decade. Any partnership interest in Somerset is held in abeyance, in accordance with the Ministerial Code. Somerset Capital’s funds, including the Somerset Asia Income Fund and Somerset Emerging Markets Dividend Growth Fund, are solely mandated to invest in Asian and Emerging Markets equities.”
Rees-Mogg did not respond to a request for comment.