Rees-Mogg defends his firm's Irish investment
Prominent Brexiteer Jacob Rees-Mogg has defended a move by a City firm that he helped establish after it set up an investment fund in the Republic ahead of Brexit.
The Conservative MP faced questions when it emerged that Somerset Capital Management (SCM) had launched a new investment vehicle in Dublin amid concerns about being cut off from European investors.
A prospectus for the new business, which was registered in March and will be governed by EU and Irish rules, listed Brexit as one of the risks as it could cause "considerable uncertainty".
The disclosure is potentially embarrassing for Mr Rees-Mogg, who has been one of the most vocal advocates of a clean break from the EU.
Mr Rees-Mogg, who is a partner at SCM but does not make investment decisions, told The Daily Telegraph: "A number of existing and prospective clients requested domiciled access to Somerset's products. The decision to launch the fund was nothing whatsoever to do with Brexit."