Jacob Rees-Mogg is being investigated by the Commons standards watchdog for failing to declare £6m in loans from a property company he owns.
Labour has accused the leader of the House of Commons of breaching the rules after taking low-interest loans from Saliston, a Cayman Islands-linked company 100% owned by Rees-Mogg.
Saliston has £8.4m of assets, thought to include property in Mayfair.
Rees-Mogg received a £2.94m loan from the company in 2018, a £2.3m loan the next year, and £701,513 the year after.
There is no specific requirement for MPs to declare loans, but they are expected to register “taxable expenses, allowances and benefits” and “be open and frank in drawing attention to any relevant interest”.
Rees-Mogg said the first loan from 2018 was used to refurbish his £5.6m Westminster townhouse but refused to disclose what the rest of the money was used for.
Rees-Mogg said: “The register asks for earnings, not loans, which is why I was declared as a non-remunerated director until I resigned on entering government. Loans are not earnings and are not declarable in the register of interests.”
