Banbury MP Sir Tony Baldry has been appointed director of a company which advises wealthy overseas investors on how to buy luxury properties in London.
Sir Tony was appointed director of Werner Capital LLP in March which, according to its website, helps wealthy individuals from around the world buy expensive properties in London and protect their money from ‘political upheaval’ abroad.
The website also states Werner Capital ‘offers private clients solutions for their tax, estate planning and structuring issues’.
Sir Tony listed a £5,000 payment for five hours’ work for the company in the April edition of the Register of MPs interests. He has since registered a further £20,000 advance payment to cover the next four months’ work in the part-time role.
The appointment came the same month as Chancellor of the Exchequer George Osborne launched a crack-down on ‘buy-to-leave’ investors in his budget speech, by imposing a 15 per cent stamp duty charge to those buying a property for £500,000 or more through a company.
Sir Tony said: “I made it very clear on my Election Address at the last general election that I had outside interests and if I were re-elected as the Member of Parliament for Banbury I intended to continue with those outside interests.
“When I was first elected as MP in 1983 I was a practising barrister and a company director. With the exception of the eight years in which I was a Government minister in addition to being an MP, I have continued to be a practicing barrister and a company director.”
Sir Tony added overseas investors are in fact ‘good news’. He said: “Much of the regeneration of Docklands and brownfield sites in East London and elsewhere has only been possible because of overseas investment and it is a matter of good news that so many people from overseas wish to invest in the UK.”