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A hedge fund where the Prime Minister, Rishi Sunak, was a founding partner, has seen its profits more than double in a year. Annual reports published on Companies House reveal that Theleme Partners made £109m in the year up to 31 March 2022 – a £65m increase from the previous year.

Theleme is heavily invested in Covid vaccine manufacturers Moderna – which last month signed a 10-year partnership with the UK Government for an undisclosed sum. 

The Prime Minister left the company in 2013 in order to pursue his political career. However, he has refused to deny that he will profit from a surge in the share price of vaccine manufacturer Moderna and subsequent profits from Theleme.

The mystery is further compounded by the failure of the PM to publish his tax returns, despite promising to do so. 

In 2020, Sunak hired John Sheridan, a partner at Theleme to advise the Treasury on Covid policies. The fund has invested 34% of its pot in Moderna – its single biggest investment – reported to be valued at $710m.

Theleme Partners LLP’s parent company is based offshore in the Cayman Islands and lists the notorious Ugland House as its address. The small office is the registered home to approximately 40,000 entities. In the past, former U.S. President Barack Obama was highly critical of this arrangement and labelled the building as “the biggest tax scam in the world”

In a recent press release, Theleme said: “Rishi Sunak worked at Theleme from 2010 to 2013. Once he left, he ceased to have any ongoing financial interest in the funds managed by Theleme. Neither Mr Sunak, nor any of his family members, have held a financial interest in any fund managed by Theleme, or in any Theleme management company entity, since 2013.”

When asked, Theleme denied that Mr Sunak has any interest “either indirect or direct” in its funds. However, when asked how it could possibly know whether Mr Sunak was a beneficiary under a trust that held Theleme funds it failed to respond.

According to the latest list of Ministerial Interests Mr Sunak’s wealth is managed by a blind trust.

Theleme also asked us to make clear that Jolyon Maugham KC, Director of Good Law Project, had represented its founder, and Mr Sunak’s then boss, Patrick Degorce in court. It’s a matter of public record that Mr Degorce embarked upon a tax avoidance scheme and that Mr Maugham acted for him in the tax tribunal.

The Cabinet Office were approached for comment, but they haven’t responded. 

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Nicola Jennings on Rishi Sunak’s economic approach.

There is money for tax breaks for the rich, there is money for building freeports, there is money for vanity projects but Sunak tells us that there is no money. To attract (fossil fuel) investment we need to keep wages low and remove protection and workers’ rights.

Between 2011 and 2021 East Devon grew at twice the national rate: 13.8 percent compared to 6.6 percent. Much faster than the rest of Devon.

John Hart writes about providing funding and support for the growing proportion of “Oldies” in the county and appeals to the county’s army of (ageing) volunteers. 

Echos his response to flooding, remember John Hart in February 2020? – Owl

“Council Leader, John Hart’s solution, however, is to encourage a modern day dad’s army of individuals, villages and Parish Councils, where they care, to do more for themselves. Self-help, he said, is going to be the order of the day.” 

Providing funding and support for Devon’s older residents

John Hart, leader of Devon County Council www.sidmouthherald.co.uk

Our population in Devon is growing at a faster rate than nationally, according to the latest figures from the 2021 census. In the 10 years from the last census in 2011, the population of England grew by 6.6 per cent while in the South West the increase was 7.8 per cent.

Locally, East Devon had the second largest growth in population in the South West after Tewkesbury at 13.8 per cent. Torridge was 6.7 per cent while North Devon was 5.3 per cent.

The latest figures show there are nearly 815,000 people living in Devon of whom nearly 268,000 – almost a third – are over 60. And that includes me.

Now the great majority of us pensioners are hopefully living healthy and happy lives and still making a real contribution to our communities. But there’s no doubt that as we get older we need more support from our health and care services.

That’s why in this year’s Devon County Council budget we are proposing an 8.8 per cent increase in our spending on adult social care. We are obviously well aware that at a time of double-digit inflation that may not cover all the extra demands that are made on us. People are living longer and are coming to us with more complex disabilities and needing more care for longer.

But clearly there is a limit to how much extra we can ask council taxpayers to stump up. So it’s vital that we get the very best value for every pound we spend and that we also make savings in our budget where that is achievable. I assure you it will be our intention to target the funding we do have to the most vulnerable people to ensure that they are living well and ageing well. We want to embrace new technological advances so people have the equipment they need to continue living in their own homes. We want more extra care housing where people have the support they need to remain in their own communities instead of having to go into care.

One of the real challenges we face is recruiting enough staff to look after the people who come to us for help. Unfortunately people can earn more money in a supermarket in a job which is perhaps less demanding than caring for a frail older person with dementia. So it’s important that they are properly rewarded. However, the latest increase in the national living wage will cost the council about £9 million this year – roughly the equivalent of a two per cent increase in council tax.

That’s where this county’s army of volunteers can help. Devon has a thriving voluntary and community sector and, as a county council, we are keen to support individual groups where we can as well as making use of their services for our clients.

We try to provide seed funding and support so, as well as our paid carers, there is a sound infrastructure of voluntary and community support available. For example we’ve helped people set up dementia cafes in their local communities and supported them with training and in applying for grants from a range of funders so they can be self-sustaining. But it is important that we make the best possible use of the voluntary and community sector and only refer people to them who are suitable for the help they provide. That needs better communication and for us to ensure they feel part of the team that is doing its very best for our residents.