'From banks to supermarkets': Report reveals shares held in secret by UK MPs

Over 50 Members of Parliament (MPs) in the United Kingdom (UK) have owned stakes in publicly listed companies that have raised questions about the possible conflicts of interest and that until now have been in secret. According to a report by The Guardian on Sunday (July 9), dozens of MPs have shares in banks, supermarkets, housebuilders, defence companies and energy suppliers. The companies include the likes of HSBC, Barclays and BP, the report said.

Add WION as a Preferred Source

The parliamentary rules, which have been unchanged since 2015, require MPs to register holdings they have in a single company when they own over 15% of its shares or when their shares in it are worth more than $89,691 (£70,000).

The rules mean that MP's shareholdings, including the ones held by former UK prime minister Theresa May, did not need to be disclosed in parliamentary registers. However, citizens have been left in the dark about some of the financial interests of the political leaders.

The MPs with shareholdings

The Guardian report on Sunday said that the list of MPs with shareholdings included the chair of the environment select committee, Robert Goodwill andSNP chief whip Brendan among others. All these holdings were below the threshold, the report pointed out.

The report also said that current UK Prime Minister Rishi Sunak had a financial stake in National Grid until two days before he was selected as the Conservative candidate for his constituency.

Former PM Theresa May, meanwhile, owned shares in BP when she was the home secretary and during the same period, her husband held shares in BP, Barclays, BT and Centrica. Four months after May was elected as PM, these shares also seemed to have been moved to a blind trust.

The report said that shareholdings such as that owned by May and her husband that are under the threshold could still fall under the House of Commons rules that require lawmakers to publicly disclose any interests, including those held by their close family, that might reasonably be thought to influence their actions in parliament.

The report also identified ministers who met lobbyists for companies while not declaring the shares held by themselves or their family members.

A call for review of parliamentary rules

Following the findings, transparency campaigners have called for a review of parliamentary rules. Speaking to The Guardian, Steve Goodrich from Transparency International UK said that if MPs had shares in a company affected by legislation going through parliament, there was invariably a tension between them protecting their financial affairs and advancing the public good.

"Having these details out in the open is a key safeguard against abuse of public office," Goodrich said, adding the public had the right to know what role money played in politics.

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.