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The Guardian - UK
The Guardian - UK
Politics
Kalyeena Makortoff Banking correspondent

Jacob Rees-Mogg in line for potential windfall from sale of Somerset Capital

Jacob Rees-Mogg
Rees-Mogg remains an equity-holding member of the firm and reportedly received dividends worth at least £600,000 last year. Photograph: Kirsty O’Connor/PA

Riding through London in the back of a Rolls-Royce in the early 1980s, 12-year-old Jacob Rees-Mogg proudly declared his ambitions: “I’ve always wanted to be rich.”

The besuited youngster, who was already an ardent supporter of then-prime minister Margaret Thatcher, calmly explained to a French reporter that he had put his plans in motion five years earlier when he invested a £50 inheritance in the shares of utility firm GEC.

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