Top Tory Eurosceptic MP Jacob Rees-Mogg has defended his City firm for setting up an investment fund in Ireland after it emerged that its clients were warned about the risks of a "hard" Brexit.
Somerset Capital Management, the MP’s London-based firm, has launched a new investment vehicle in Dublin.
The news is potentially embarrassing because Mr Rees-Mogg has suggested that a hard Brexit, when the UK would walk away next year without an exit deal or trade arrangement, should not be ruled out.
A prospectus for Somerset Capital Management Icav, a Dublin-based tax efficient “collected asset vehicle” investment structure, was registered in March with the Central Bank of Ireland. The new business...