Cannydc wrote:A City firm co-founded by the influential Conservative backbencher, Jacob Rees-Mogg, has set up an investment fund in Ireland and is warning prospective clients about the financial dangers of the sort of hard Brexit favoured by the Tory MP.
London-based Somerset Capital Management (SCM) described Brexit as a risk in a prospectus to a new fund it launched in March, which has been marketed to international investors who want to keep their money in the EU long-term.
The disclosure is embarrassing for Rees-Mogg, who works part time at Somerset Capital in addition to his work as an MP. The parliamentarian has repeatedly dismissed the concerns of those worried about the financial risks of Brexit and has argued the UK needs to quit the single market and customs union so the country is not a “rule taker” from Brussels.
But in reference to Brexit, the SCM prospectus warned: “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.”
The document continued: “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.”
Rees-Mogg is a non-executive chair at SCM and is paid about £14,000-a-month for working 30 hours a month there.
"Working" in this case is only very loosely based on what most would consider as work. And £460 an hour for that is frankly obscene.
https://www.theguardian.com/politics/20 ... -rees-mogg
Rees-Smug will make a fortune out of brexit, his business interests are in emerging markets (which we shall become) and shorting UK stocks. His fellow gammon Redwood, is advising people to dump UK stocks while Nige's Lawson and Fridge are taking residence in France and Germany. But it's all about sovereignty. Fuck off!