- Former Brexit minister Steve Baker has shares worth at least £70,000 in a company that encourages people to invest in gold to avoid the financial hit of a no-deal Brexit.
- The former Brexit minister is set to make the case for a no-deal Brexit in the coming weeks.
- However, he has also promoted and invested in Glint Pay Ltd, which tells potential customers to “buy, save & spend physical gold” to insure against the negative impact of a hard Brexit.
- Posts on Glint Pay’s website cite uncertainty over Brexit as a reason for the fall of the pound as well as warnings that a no-deal Brexit will be particularly damaging to the UK economy.
- The company warns that Brexit could hit pension funds and advises customers to buy gold as “insurance” against the UK leaving without a deal.
- Glint Pay tells BI: “Steve Baker is a minority investor in Glint. He is not part of the company’s management team or involved in the strategic direction of the business.”
LONDON – A prominent pro-Leave Conservative MP and former Brexit minister has promoted and invested at least £70,000 in a financial services company that encourages the public to buy gold in order to avoid the negative impact of a no deal Brexit.
Steve Baker, who belongs to the Jacob Rees Mogg-led European Research Group of pro-Brexit Conservatives, is reportedly working on an “alternative” to Theresa May’s Chequers plan, which will outline the “advantages” of leaving the European Union without a deal.
However, Baker, who resigned as a minister in the Brexit department earlier this year, is also a shareholder in the company Glint Pay Ltd, which has encouraged people to “buy, save & spend physical gold,” as”financial insurance” against the potential economic impact of a hard Brexit.
Baker attended Glint Pay’s launch earlier this year – two days after quitting the Department for Exiting the EU in protest against Prime Minister May’s Brexit plan – and has repeatedly endorsed the company on his public Twitter account. He has shares in the company worth at least £70,000, according to an entry in his register of interests disclosed on June 22, 2017.
Glint Pay tells potential customers to invest in gold as currencies like the pound are prone to fluctuation. Its website says: “We felt it was unfair that money is prone to depreciate in ways we have no control over. We believe the ready-made solution has existed for millennia, it just hadn’t caught up with modern life – that solution is gold.”
The London-based company, promoted by Baker, has encouraged potential customers to invest in gold in order to insure against the growing likelihood of a no deal Brexit, which it suggests could cause the pound to crash and economic growth to slow.
In a blog post published on August 9, Glint Pay states that International Trade Secretary Liam Fox’s recent claim that a no deal Brexit was increasingly likely “was leading to a drop in the value of the pound,” adding that the recent fall of the pound had “been blamed squarely on the inability of the EU and the British government to agree a deal on Brexit.”
The company also cites warnings that a no deal Brexit, which is currently being pushed by leading Brexiteers, will hurt the economy, individual pension funds and “be damaging for all parties, particularly the UK that could see growth shrink by up 8%.”
On Wednesday, the pound fell for an 11th consecutive day against the dollar, its worst losing streak since the financial crisis. It traded at $US1.27, it’s lowest level in over a year.
Baker, the Conservative MP for Wycombe, is yet to respond to Business Insider’s request for comment.
Barney Scholes, a spokesman for the People’s Vote campaign, said it was “simply disgraceful for a former Brexit Minister to privately invest in a company taking advantage of the market turmoil created by Brexit, while at the same time advocating a disastrous ‘no deal’ approach.”
He added: “Steve Baker seems to treat Brexit as a game to line his own pockets, whilst leaving millions of people across the country to pick up the bill. As more and more Brexit promises are broken, calls for a People’s Vote on the final deal with the EU are getting louder every day.”
A spokesperson for Glint Pay Ltd said “Steve Baker is a minority investor in Glint. He is not part of the company’s management team or involved in the strategic direction of the business.”
They added: Glint’s business model is to reintroduce gold as a global currency, and to allow people to spend and save in gold as the most reliable form of money: independent, incorruptible and fairer, without the long-term depreciation of paper currencies.
“Glint’s success as a business is not predicated on the short-term direction of political and economic events, or any Brexit outcome.
“Glint for the first time is offering everyone the ability to spend and save in gold as a proven long term store of value, particularly at a time of rising inflation.”
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