Jacob Rees-Mogg has been appointed as Business Secretary in Liz Truss’s Cabinet after being tipped to take over at the Department for Levelling Up, Housing and Communities (LUHC).
The MP for North East Somerset had been Minister for Brexit Opportunities and Government Efficiency under former Prime Minister Boris Johnson.
But while the appointment as LUHC had been mooted in the press for a number of weeks questions were raised in some quarters about the suitability of the old Etonian holding the brief for ‘Levelling Up’ of the North.
Prior to entering politics, Rees-Mogg worked in the City of London and in Hong Kong for Lloyd George Management until 2007, when he co-founded the hedge fund management business Somerset Capital Management LLP.
It has been claimed that he spent today with the now appointed Chancellor Kwasi Kwarteng negotiating with energy companies as the new Government attempts to lessen the cost of living crisis by lowering bills.
Earlier this evening Greg Clark confirmed his departure as Secretary of State for LUHC.
Fellow Minister Simon Clarke was the other name linked with taking over at Department for Levelling Up, Housing and Communities.
