His managers total loans of £2.94m in 2018, £2.3m in 2018-19 and £701,513 in 2019-20, Companies House documents show. He paid no interest on the principal’s loan taken in 2018, then he paid £46,915 and £2030 on other loans in 2018-19 and 2019-20 respectively.
There is no mention of directors’ loans in Class I rules relating to the interest register, which require the declaration of taxable expenses, allowances, benefits, salaries and fees.
In a statement, Mr. Reese-Mogg said: “Sallyston is 100 per cent owned by me and this is clearly stated in the Register of Commons and in the Cabinet Office. It has no activities that interact with government policy.
“The 2018 loans were primarily borrowed to purchase and renovate 7 Cowley Street as temporary cash flow measures. All loans were either repaid with interest as per HMRC rules or paid as dividends and taxed accordingly.
“The register asks for profits and not loans, which is why I was declared an unpaid manager until I resigned when I entered the government. Loans are not profits and are not declarative in the interest register.”
comes after Disagreement over MPs working outside the House of Commons He was fueled by allegations of lobbying by Owen Patterson, who resigned last month after a report of his involvement with two companies.
During a House of Commons debate last month, Mr Reese-Mogg said the government viewed MPs with a “wider focus than the Westminster bubble” as a “historic force” of the parliamentary system.
“The plethora of viewpoints, whether it’s companies, trade unions or philanthropy, brings welcome diversity to this venue, and enhances the quality of the challenge we hear in the debate and throughout the work of the House,” he said.
Alex Sobel, Labor MP for Leeds Northwest, used the same debate to challenge Mr Reese-Mogg over Mail On Sunday reports about his borrowing.
“What I would like to know is if the Speaker of the House of Representatives announced the loan and its details to the Permanent Secretary,” he said. “The public is under the impression that this government is only doing their duty, and it is clear that the prime minister is making decisions on the ministerial law.”
He then invited him to give an explanation, something the Leader of the Commons chose not to do.
Mr Sobel said on Wednesday he was “delighted” that the Parliamentary Standards Commissioner had launched an investigation into Mr Reese-Mogg’s case.