Jacob Rees-Mogg in cronyism row after business partner made peer and minister

Dominic Johnson co-founded Somerset Capital Management with business secretary – and is major Tory donor

Jacob Rees-Mogg is caught up in a cronyism row after the partner in his investment firm was suddenly handed a peerage and made a government minister.

Dominic Johnson co-founded Somerset Capital Management with the business secretary – both making many millions from the firm, including from the pound’s plunge after the Brexit vote.

Now Mr Johnson has been appointed a minister in both the Cabinet Office and the Department for International Trade, an announcement slipped out on the government’s website revealed.