Brexit: Firm set up by Jacob Rees-Mogg is setting up fund in...Ireland

Jacob Rees-Mogg, one of the most vocal supporters of Brexit, has come under criticism due to a business he helped to launch.

Rees-Mogg answered questions about Somerset Capital Management (SCM) who have launched an investment vehicle in Ireland.

The Irish operation’s prospectus listed Brexit as a risk, which could cause “considerable uncertainty.”

Rees-Mogg has consistently told the public, and Parliament, that the UK will prosper post-Brexit and could even become a stronger economy than at present.

Addressing the issue of Brexit, the fund’s prospectus said: “During, and possibly after, this period there is likely to be considerable uncertainty as to the position of the UK and the arrangements which will apply to its relationships with the EU and other countries following its withdrawal.

“This uncertainty may affect other countries in the EU, or elsewhere, if they are considered to be impacted by these events.

“As [the firm is] based in the UK and a fund’s investments may be located in the UK or the EU, a fund may as a result be affected by the events described above.”

Mr Rees-Mogg, who is a partner at SCM but does not make investment decisions, told The Daily Telegraph: “A number of existing and prospective clients requested domiciled access to Somerset’s products.

“The decision to launch the fund was nothing whatsoever to do with Brexit.”

Ress-Mogg wants a hard Brexit and branded the proposal for a customs partnership – under which Britain would collect EU import tariffs on behalf of Brussels – “a betrayal of common sense” and “completely cretinous.”


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