Jacob Rees-Mogg’s business partner given the role of senior minister. traditionalists

Jacob Rees-Mogg’s city business partner has been assigned a colleague and job as a senior minister by Liz Truss’s government, which is likely to trigger accusations of cronyism.

Dominic Johnson, a financier who co-founded Somerset Capital Management with Rees-Mogg, was appointed as a minister in the Cabinet Office and the Department for International Trade.

The announcement was taken down on the government’s website, which said he had been appointed by Sunday.

“Dominic Johnson CBE was appointed joint minister of state in the Department of International Trade and the Cabinet Office on 2 October 2022,” the statement said.

The appointment is likely to be controversial at a time when Truss, his chancellor, Quasi Quarteng and Reis-Mogg face questions about being too close to the city, when the mini-budget gave substantial tax cuts to financiers and the wealthy. .

Johnson is a substantial party donor, having given more than £250,000 and was Vice President of the Conservative Party between 2016 and 2019. He encourages inbound, in his role as trade minister, replacing Gerry Grimstone, former president of Barclays and Standard Life. Investment.

Somerset Capital Management is reported to be ready for sale, with two of its founding partners now in senior government roles.

Despite potential conflicts of interest with his role as business secretary, Rees-Mogg still holds a substantial stake in the investment firm.

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