Rishi Sunak is facing demands to reveal details of his financial interests today after it emerged he set up a ‘blind trust’ on becoming a minister.
The Chancellor deployed the arrangement, meaning that he does not know how his assets are being invested, when he was made Chief Secretary to the Treasury in July last year.
However, critics say there is still risk of conflict as Mr Sunak – reputed to be the richest MP – is aware what he put into the trust.
It also means he does not have to disclose fuller details of his investment portfolio. The presence of the trust was revealed in the latest register of ministerial interests.
It came as other official documents revealed that he did not take his salary for five months when he joined the Treasury last year. He waived the £34,000 top up to his MP’s salary until just before Christmas.
Mr Sunak is the latest minister to face questions over their use of a blind trust. Theresa May attracted controversy when she made a similar move when she became prime minister in 2016.
And in the mid-1990s the Tories attacked Tony Blair when it emerged he used a blind trust when leader of the opposition, to fund his office.
Abena Oppong-Asare, the shadow exchequer secretary to the Treasury, told the Times: ‘Rishi Sunak needs to be completely transparent with the public about whether any of the funds he invested in a blind trust are held in offshore tax havens.
‘Taxpayers paying their fair share expect nothing less.’
Richmond MP Mr Sunak, dubbed the ‘Maharaja of the Dales’, is a multi-millionaire in his own right thanks to his investment career before entering Parliament.
His father-in-law, NR Narayana Murthy, is India’s sixth-wealthiest man thanks to his ownership of multinational business technology giant Infosys.
Meanwhile Mr Sunak’s businesswoman wife Akshata runs fashion label Akshata Designs and is also a director of a venture capital firm founded by her father in 2010. Her shareholding in Infosys alone is estimated at £185million.
Liberal Democrat leader Ed Davey said: ‘Sunak must own up to how blind this trust actually is. With public trust in this Government plummeting, greater transparency in all their dealings is essential and the Chancellor must show a lead.’
The row came as the Government was at the centre of growing controversy over free school meals over Christmas for the nation’s poorest children.
The government is scrambling to find a way out of the latest bitter wrangle with England footballer and campaigner Marcus Rashford, with Tory MPs furious at the ‘shockingly inept’ handling and threatening to help Labour change the policy.
A petition by the Manchester United striker calling for funding of free school meals during holidays has gathered around 900,000 signatures.
The Chancellor has come in for criticism over multi-billion business bailouts at the same time as ministers are resisting calls for back the schools effort.
Businesses have been pitching in by offering food for distribution to those in need.
Meanwhile, protesters have been leaving empty plates outside local Conservative offices.
Mr Sunak and other senior politicians have been banned from some firms in their constituencies.
Alex Cook, who runs The Mill and Il Mulino in Stokesley, North Yorkshire, penned a withering Facebook post barring the Chancellor and three of his Tory colleagues for voting down the scheme in the Commons last week.
Mr Cook wrote: ‘The Government voted against extending free school meals. This is disgusting! What’s worse Matt Vickers, Simon Clarke, Jacob Young, Rishi Sunak all voted against the scheme. DISGUSTING!
‘All 4 are now barred from The Mill and Il Mulino for life. I don’t want their business.’
The Conservative MPs, who all represent Yorkshire constituencies, have stood by their decision.
Labour’s motion calling for the Government to offer more help to struggling families was defeated by 322 votes to 261, a majority of 61, last Thursday.
Mr Rashford today voiced bewilderment at claims from Matt Hancock that he has been in touch with PM about the free school meals row – amid mounting signs a Tory revolt will force the government to U-turn.
The Health Secretary said Boris Johnson and the England star had been ‘communicating’, insisting it was time for ‘everybody to come together’ over the need to feed poorer children.
Pressed on whether more money could be handed out to support the provision during school holidays, Mr Hancock pointedly failed to rule it out.
He stressed the government’s commitment to ensuring ‘no child should go hungry’, saying it has already handed £63million to councils.
However, Rashford seemed unaware of the contact from Mr Johnson, suggesting on Twitter they had not spoken since a previous climbdown in June.
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Source: dailymail
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