Home Inverness colorado loans Jacob Rees-Mogg cleared of wrongdoing over £ 6million business loan

Jacob Rees-Mogg cleared of wrongdoing over £ 6million business loan

Leader of the House of Commons Jacob Rees-Mogg (Aaron Chown / PA)

Jacob Rees-Mogg was cleared of wrongdoing by the MPs standards watchdog after an investigation into money he borrowed from his own business.

Parliament’s Standards Commissioner Kathryn Stone exonerated Mr Rees-Mogg after an investigation into directors’ loans worth £ 6million borrowed from Mr Rees-Mogg’s company, Saliston Limited between 2018 and 2020.

She ruled that the loans were “only related” to Mr. Rees-Mogg’s “private and personal life” and could not “be reasonably thought” to influence his “actions, speeches or votes in Parliament”.

Commons Leader Rees-Mogg said he was “grateful to the commissioner for quickly dismissing this accusation”.

Sharing the results of the conduct inquiry on Twitter, Tory MP for North East Somerset cited Shakespeare’s tragedy Othello.

He wrote: “Whoever steals my purse steals garbage… but whoever steals my reputation steals from me which does not enrich him and makes me really poor.

In her reasoning behind the decision, Ms Stone said, “It is my decision that these loans were only related to your private and personal life.”

She added: “I am also not convinced that these loans can reasonably be seen by others to influence your actions, speeches or votes in Parliament, or your actions taken as a Member of Parliament; as such, I conclude that these loans do not correspond to the spirit or purpose of the registration. “

The standards commissioner said that “no violation of paragraph 14” of the code of conduct for MPs had taken place.

Paragraph 14 of the code states that MPs must declare their income as an administrator or employee for organizations outside Parliament, including “taxable expenses, allowances and benefits such as company cars”.

The decision to investigate Mr Rees-Mogg came after Labor called for an investigation into loans of £ 2.94million per year, which the party said it had failed to report correctly .

In November, the opposition party asked Ms Stone to follow up on Mail On Sunday’s claims that the Cabinet minister had failed to report the Saliston director’s loans.

Labor deputy head Angela Rayner has written separately to independent advisor on ministers’ interests Lord Geidt on the matter.

In his letter Mr Rayner said that failure to report the Director’s loans worth £ 2.94million a year “allowed Mr Rees-Mogg to borrow a large sum of money. ‘money at a very low interest rate’ and argued that this ‘should have been declared’.

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