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As we discussed last week, there’s much to be sad about in the U.K. besides the passing of a 96-year-old figurehead. There are the soaring energy costs as winter nears, the depressing inflation, the delusional cut-taxes-and-spend policies of its new government that even its biggest beneficiaries think a tad too much, sending its currency to a four-decade low and sparking warnings from the City it claims to be protecting. There’s Larry Summers saying Britain is in danger of slipping from Third World to whatever is below that.

Not that one particular member of that government sees much to be upset about. After all, with every step and every utterance, the ridiculous self-confection known as Jacob Rees-Mogg, His Majesty’s new business secretary, makes abundantly clear he does not care what his lessers think. He didn’t quite lounge in disgust on the front benches at the attacks from his own party on his plans to open up their constituencies to the ever-popular fracking, but he came close. After all, why should he care? He’s got nothing to worry about when it coms to cost of living.

Now a millionaire many times over, the newly installed business secretary could be set for a further windfall from the potential sale of Somerset Capital Management, the investment firm he helped launch in 2007…. A sale could result in a multimillion pound payout for the business minister, who stopped receiving wages from the firm in 2019, but remains an equity-holding member. His shareholding is understood to be in the low teens, though this is information is not publicly available. In 2018, during inconclusive merger talks with a US firm, Somerset is believed to have been valued at between £70m and £100m. At the time, it managed $10bn of assets on behalf of a combination of individual and institutional investors, though that sum has since dropped to $5bn.

Jacob Rees-Mogg in line for potential windfall from sale of Somerset Capital [Guardian]
U.K.’s Sweeping Tax Cuts Send Pound Tumbling, Bond Yields Higher [WSJ]
Larry Summers Warns Pound May Tumble Below $1 on ‘Naive’ UK Policies [Bloomberg via Yahoo]
UK government lifts fracking ban despite opposition [AP]

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