New Forest West MP Desmond Swayne and Christchurch MP Chris Chope named in Guardian shares probe

A NEW Forest MP has hit back at critics after it was revealed he and a fellow local Tory MP own or have stakes in company shares worth tens of thousands of pounds.

A Guardian investigation discovered Sir Desmond Swayne and his “close family members” own shares worth £30,709 in BP, BT and NatWest.

Christchurch MP Sir Chris Chope and his close family members have shares worth £7,064 in Lloyds, Barclays, BT, BAE Defence, Royal Mail and Parcelforce.

Parliamentary rules require MPs to declare shares worth more than £70,000 in, or worth 15% of, a single company.

Despite this rule, which has remained unchanged since 2015, transparency campaigners and political opponents have condemned the MPs identified in the investigation.

The probe found a close family member of Sir Desmond owns 6,014 shares in BP Energy, with a current market value of £27,565.17.

Sir Desmond’s relative was among a group of five Conservative and one Labour MP, and their families, who own more than 25,000 shares in BP worth £119,954.

Denying the investigation’s findings, Sir Desmond told the A&T: “I don’t own any BP share and I never have.

“I do not however, see any problem were I to acquire some, though I have no plans to do, so long as they were properly declared.”

When asked if his denied ownership of the share affected his decision to vote against the introduction of a windfall tax on oil and gas companies, he replied: “My reasons for voting against a windfall tax are set out on (my website).

“The impact of my very modest investments have no impact on my parliamentary work.”

When asked if the electorate should question the effect of his shareholding on his voting, Sir Desmond replied: “I don’t know. I’ve never asked.

“All my financial interests are properly declared and have no impact on my parliamentary work.”

Criticising Sir Desmond, NFDC and Lymington Town councillor Jack Davies said: “Now we know why Desmond Swayne voted against Lib Dem plans for an emergency windfall tax on oil and gas giants. A close family member has almost £30,000 worth of shares in BP.

“Desmond Swayne and the Conservatives won’t fight for local people struggling with their energy bills.”

Replying to Mr Davies’ comments, Sir Desmond said: “I suggest (the A&T) tells Mr Davies to mind his own business.”

The share-holding probe found Sir Chris and his family own 557 shares, currently worth £5,163, in BAE Defence among their other holdings.

It is claimed Sir Chris and his family began buying shares in BAE in 1998, BT in 2001 and Barclays in 2002, although none of this was disclosed publicly until now.

Sir Chris failed to respond to A&T questions about his share-holdings.

Steve Goodrich, the head of research and investigations at Transparency International UK told the Guardian: “If an MP has shares in a company affected by legislation going through parliament, there’s invariably a tension between them protecting their financial affairs and advancing the public good.

“Having these details out in the open is a key safeguard against abuse of public office.

“The public have the right to know what role money plays in our politics. Cumulatively, financial interests undoubtedly influence – whether consciously or otherwise – the outlook of MPs and ministers, and how they set about tackling the big issues of our time.

“Understanding who has skin in what game is essential to unpicking policy inertia, be it on housing, climate change or the cost of living.”