If we needed any more proof that hard-line Brexiteers inhabit a different world to anybody else then the revelation that the City firm co-founded by 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, must surely count as a slam-dunk..
As the Guardian reports, the 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. This is despite Rees-Mogg, who works part time at Somerset Capital in addition to his work as an MP, repeatedly dismissing the concerns of those worried about the financial risks of Brexit. He 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. Earlier on Wednesday, he defended the decision by the investment firm to create a new investment fund in Ireland.
“A number of existing and prospective clients requested domiciled access to Somerset’s products,” he told the Daily Telegraph. “The decision to launch the fund was nothing whatsoever to do with Brexit.”
Rees-Mogg said that SCM had funds based across the world and that “people outside the EU are used to Irish domiciled funds”. The warnings in the prospectus, he said, were “not a policy statement by SCM”, but guidance to investors that was drafted by lawyers.
I suppose we can now draw our own conclusions about Jacob Rees-Mogg's condemnation of scare stories about Brexit.
Welsh Liberal Democrats Councillor for Cwmbwrla Ward, City and County of Swansea - Please buy my novels at Author Page
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Friday, June 15, 2018
1 comment:
I am happy to address most contributions, even the drunken ones if they are coherent, but I am not going to engage with negative sniping from those who do not have the guts to add their names or a consistent on-line identity to their comments. Such postings will not be published.
Anonymous comments with a constructive contribution to make to the discussion, even if it is critical will continue to be posted. Libellous comments or remarks I think may be libellous will not be published.
I will also not tolerate personation so please do not add comments in the name of real people unless you are that person. If you do not like these rules then start your own blog.
Oh, and if you persist in repeating yourself despite the fact I have addressed your point I may get bored and reject your comment.
The views expressed in comments are those of the poster, not me.
Redwood is also a financier. How many more of the Brexiteers are?Add Banks to this list also.Are all. Brexiteer leaders millionaires ready to make a killing at the the expense of the rest of ud.
ReplyDeleteEqually, with a kick on Brexit exit company shares will decline. They can then be picked up cheaply by millionaires, foreign buyers.When the country then picks itself up the shares will rise, a killing is made (at the expense of the rest of us). Are the ERG in it for themselves and making fools of us. Is Brexit just a way of making money for those who already have plenty?These questions should be widely asked.
Banks said emotions win elections, not facts. He is using feelings to fool the people and to make himself rich through disaster economics,as above.