A Tory donor who set up a finance firm with Jacob Rees-Mogg has been quietly given a peerage and appointed as a trade minister, sparking fresh allegations of cronyism.
Dominic Johnson, who founded Somerset Capital Management with the now-Business Secretary in 2007, has previously rallied against the cap on bankers' bonuses, which was lifted by Chancellor Kwasi Kwarteng in his controversial mini-budget.
Labour immediately lashed out at the appointment, branding Mr Johnson - who has donated more than £250,000 to the party - a "crony party donor".
