Theresa May urged to disclose investments after blind trust details emerge
Downing Street says Theresa May used a "well-established" mechanism to set up a blind trust and avoid conflicts of interest.
Wednesday 11 January 2017 08:26, UK
Theresa May is under pressure to disclose what shares she holds after it emerged she had used a blind trust to manage her financial interests.
Downing Street insists the Prime Minister used a "well-established mechanism" to set up the trust, which allows her to keep shares but not manage them herself - so avoiding conflicts of interest.
It means she does not know how her financial interests are being invested so she cannot be accused of using her power and access to influence them.
It is not uncommon for ministers to use blind trusts and they are not duty bound to disclose details of their investments.
However, opposition MPs have said that Mrs May knew what her investments were when the trust was created so there was potential for a conflict of interests.
A Number 10 spokeswoman said: "Blind trusts are a well-established mechanism for protecting ministers in the handling of their interests, as they are not involved in any decisions on the management, acquisition or disposal of items in the trust. She set it up when she became Prime Minister."
Tony Blair was criticised while Prime Minister in 2002 when it emerged his wife Cherie had used money from his blind trust to buy two flats in Bristol.
Liberal Democrat leader Tim Farron said: "I'm sure the Prime Minister has nothing to hide but the public has a legitimate interest in what companies she invested in and who runs the trust.
"Theresa May promised the most transparent government in the world. This is an early test to see if her deeds match her words."
The Prime Minister, whose husband Philip has had a career in finance, did not have a blind trust during her tenure as home secretary because she did not need one, Number 10 said.
Shadow minister without portfolio Andrew Gwynne said: "Not even six months in the job and Theresa May's government is starting to be defined by its secrecy and complete lack of transparency.
"If the Prime Minister has nothing to hide then she needs to reveal immediately where she has existing financial interests.
"In not being able to scrutinise the Prime Minister's financial affairs it's not possible to know if they present a conflict of interest with her government responsibilities."