Jacob Rees-Mogg is in line for a bumper £800,000 payday from the fund management firm he founded.
Although the Commons leader is no longer a partner in the firm he still owns around 14 per cent of its shares, giving him a nice slice of the £14.9 million profits reported for distribution.
Earlier this year Somerset Capital Management (SCM), which manages investments in emerging markets, told clients that the dive in stock market valuations around the world made “excellent entry points for investors”.
Fund manager Mark Asquith wrote that “history has shown us that super normal returns can be made during this type of environment” in a note to clients.
Former shadow chancellor John McDonnell later said that “profit seeking from people’s suffering is nearly as low as you can get” following the news, adding that “when we come through this we need a windfall tax on the profiteers”.
Mr Rees-Mogg is understood to have pocketed a £1 million from last year’s profits of £19.5 million.
Father-of-six Mr Rees-Mogg, 51, who lives in a mansion in Somerset, is reportedly worth more than £100 million.
Related: These are the companies profiting from the COVID economic collapse
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