Mandy told to reveal interests
By politics.co.uk staff
Opposition politicians have called on business secretary Peter Mandelson and four other ministers to reveal their interests behind blind trusts.
The calls come as details of ministers’ interests were published by the Cabinet Office, providing unprecedented information about ministers’ business, charitable and even social responsibilities.
Critics say the public should know who runs the trusts but defenders of the mechanism say that managing the investments at arm’s length avoids conflicts of interest.
Lord Mandelson’s entry says he will receive a European Commission pension at age 65 and refers to the capital transfer to the trust, but has no additional details.
Liberal Democrat MP Norman Baker said: “We need to know when he transferred responsibility to the trust and who manages it.
“We have a right to know who is looking after his interests. If it is by one of his mates then it is not really arm’s-length at all.”
Shadow leader of the House Alan Duncan said: “It’s taken two years to drag out this supposed ‘annual’ report from the prime minister.
“Now we discover that it’s virtually identical to the MPs’ register and that Lord Mandelson and his colleagues are concealing their financial interests behind blind trusts.”
Downing Street defended the blind trust, however, when asked whether transparency had been lost because he did not know about the trust’s management.
“The whole point is Lord Mandelson doesn’t know what they are,” the prime minister’s spokesman said.
The list, released yesterday, provides details of ministers’ partners’ interests, as well as that of their close family for the first time.
It revealed the prime minister has shares in his beloved football club, Raith Rovers – although not for financial gain.
