Anger as Rees-Mogg’s former business partner made government minister

Dominic Johnson will be made a life peer serving as a minister in the Department for International Trade and the Cabinet Office.

Jacob Rees-Mogg founded Somerset Capital Management with Dominic Johnson in 2007 (Jonathan Brady/PA) (PA Wire)

Liz Truss is under fire after appointing the former business partner of Business Secretary Jacob Rees-Mogg as a government minister.

Dominic Johnson has been made a middle-ranking minister of state jointly in the Department for International Trade and the Cabinet Office. He will be made a life peer and sit in the House of Lords.

The announcement was made quietly on Sunday on the official Government website, gov.uk.

Mr Johnson and Mr Rees-Mogg founded Somerset Capital Management, described as a seven billion dollar global emerging markets specialist investment company, in 2007.

After crashing the economy ... it beggars belief that the Conservatives have appointed an unelected asset fund manager to the Government - who just happens to be a crony party donor

Nick Thomas-Symonds, Labour

Prior to that he set up various dotcom businesses before moving into asset management in 2001, according to a biography on gov.uk.

He was vice-chairman of the Conservative Party between 2016 and 2019 and was made a non-executive board member of the Department for International Trade in November 2020.

In 2017 he was made a CBE.

For Labour, shadow international trade secretary Nick Thomas-Symonds said: “After crashing the economy with unfunded tax cuts for the very wealthiest earners, and lifting the cap on bankers’ bonuses, it beggars belief that the Conservatives have appointed an unelected asset fund manager to the Government – who just happens to be a crony party donor.

“As millions of working people face agonising choices about what essentials they can afford, Liz Truss – once again – shows she is not on their side.”