Jacob Rees-Mogg could find himself searching down the back of the divan for coins after his Somerset Capital dividends were slashed to a measly £600,000 this year.
The investment firm, which manages investments in emerging markets, reported profits for the year to March 2021 of £9.7 million, down 35 per cent year-on-year.
It resulted in the leader of the House of Commons taking a £200,000 cut in dividends compared to 2020, with more bad news on the horizon.
The firm warned that it expected profits to fall again in the current year, suggesting that Rees-Mogg is set to take another cut in income next year.
Continuing on the same trajectory could lead to the MP for North East Somerset losing his position as the highest-paid member of the cabinet, although that is unlikely to happen anytime soon.
The profit fall at Somerset came despite the firm lifting its total assets under management from $5.6 billion to $7.3 billion.
The company said that it had been hit by lower management and performance fees, as well as a small rise in costs because of new hires.
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