New chief secretary to Treasury faces questions over financial interests

theguardian.com:

Chris Philp, the new chief secretary to the Treasury, is facing questions over his financial interests, after it emerged he still has a substantial stake in a property finance group and is director of an investment company.

Philp, who is the chancellor’s deputy and sits in the cabinet, is a member of a partnership that owns Pluto Finance, which offers multimillion pound loans to property developers.

It has provided loans for developments including £260,000+ “pocket” flats in Croydon and luxury blocks in the City of London whose developers earlier this year applied for an exemption to avoid having to offer affordable housing.

In his government job, Philp has responsibility for Treasury spending policy in relation to housing and planning.

The Treasury declined to say whether Philp would be required to sell off his interests, put them in a blind trust or be recused from discussions on housing policy.

Asked how Philp would be managing his financial interests, a government spokesperson said: “The ministerial code sets out the process by which ministers, following their appointment to a new role, should declare and manage their interests, working with their permanent secretary. The chief secretary to the Treasury is now going through this process in line with the ministerial code, following his appointment just last week.”

The Treasury is currently without a permanent secretary, after Tom Scholar was removed from his post by the chancellor, Kwasi Kwarteng, last week. The role is now being shared by two acting directors, Beth Russell and Cat Little.

According to the register of members’ interests, Philp has a shareholding of more than 15% and is a partner in Pluto Partners LLP, Pluto Silverstone Co Invest LLP, Pluto Monza Co Invest