Abhay Singh
Philip Davies MP, a veteran, incorporated a new company, Nessen Ltd, on 20 June, describing its business as a “management consultancy”. Davies admitted to placing an £8,000 wager on himself to lose his seat amid a political betting scandal. The new venture shared a partial name with a horse he once co-owned called Nessen Dorma.
At least a dozen Conservative MPs set up their own management consultancies or public relations businesses in 2024, facing the prospect of life after politics.
New earning opportunities after election loss
Companies House filings suggest that many were lining up new earning opportunities, some as electoral defeat loomed, others after standing down, and still more in the days immediately after Labour’s landslide victory.
The election was called on 22 May, with the country going to the polls in early July.
Julian Knight, a former Conservative MP, founded DWR174 Consulting Ltd. on the same day.After being suspended from the party because of accusations of sexual misbehavior, Knight ran as an independent candidate in his Solihull constituency.
Some MPs incorporated new businesses before the election, which had to be held by January 2025.
Marcus Fysh, who declared the Conservative party “dead” after the vote, incorporated an “information technology consultancy” in March to handle investments in artificial intelligence and software engineering.
Former Conservative MP William Wragg, who was involved in a sexting scam, had incorporated a management consultancy called Hammerbrace Ltd with colleague Charles Walker.
After giving out MPs’ numbers to an extortion victim, Wragg applied to strike Hammerbrace from the corporate register. The plan to set up a consultancy appeared to have hit the buffers.
New Legislation regarding second jobs
The Labour government is preparing to introduce legislation to restrict the work of House of Commons MPs beyond public service.
The proposals, approved by the Commons, aim to prevent MPs from taking on second jobs that do not meet a new test of prioritizing constituents.
The Advisory Committee on Business Appointments (Acoba) monitors MPs’ work choices after politics, advising senior politicians on taking roles within two years of leaving office. The independent body typically scrutinizes senior MPs for potential conflicts of interest, privileged information access, or potential lobbying.
Some MPs who incorporated new companies
Former defence secretary Ben Wallace established Glenfiddich Consulting in April after announcing his intention to stand down. The company was set up to receive payment for freelance work, such as geopolitics speaking engagements. This was one of several MPs who incorporated new companies after announcing their departure from politics while still serving their constituents.
Alok Sharma, the former business secretary who chaired the Cop26 climate conference in Glasgow in 2021, set up the Office of Alok Sharma in March.
Management consultancies were the most common choice of new venture for MPs who announced their intention to stand down. Stephen Hammond, Will Quince, and Mark Pawsey set up Vineyard Consultants, Will Quince Ltd, and MP Strategic Consulting respectively in April.
MPs who lost their seats in the UK’s 4 July election have started new business ventures quickly. Amanda Solloway established Amanda Solloway Ltd, Mark Jenkinson incorporated Redghyll Ltd, and Anthony Browne started Grand Strategy Ltd, all within two weeks.
Browne, a former chief executive of the British Bankers’ Association, plans to return to regulatory affairs.
Khalid Mahmood, the only Labour MP on the list, set up KN Strategic Solutions on 17 July to receive fees earned as a senior fellow of the thinktank Policy Exchange.
Incorporating a company is a legal and common way to receive fees as a freelancer, legitimately minimizing taxes on earnings.
GIPHY App Key not set. Please check settings