It’s been 15 years since Jacob Rees-Mogg co-founded Somerset Capital Management. The firm, which focuses on emerging markets, now manages billions of pounds and has staff in London, Singapore and Shanghai. However, one question is known to trouble the Brexiteer: whether present financial regulations would enable him to launch a similarly successful business today.
Last week Rees-Mogg, 53, was promoted to business, energy and industrial strategy secretary and was given the task of cutting regulation to “boost business-led growth and investment”. It is a crucial job, with the economy in the midst of a global energy crisis — and a role that one of the cabinet’s most well-off ministers is expected to relish.
According to Mark Littlewood, director-general of the Institute of Economic Affairs, Rees-Mogg