Jacob Rees-Mogg is set for a bumper, £800,000 payday from the fund management firm he founded, it has been reported.

Mr Rees-Mogg severed all operating links to Somerset Capital Management (SCM) last July when Boris Johnson made him Commons leader and appointed him to his cabinet.

But while Mr Rees-Mogg is no longer a partner in the firm, he still owns around 14% of the its shares.

According to the Times, SCM reported profits for distribution of £14.9 million for the year to March - down from £19.5 million the year before, but still enough for a mammoth payout for the Commons Leader.

In April, the firm told investors they had a "once in a generation" chance of "super normal returns" because of market turmoil caused by the Coronavirus crisis.

Mr Rees-Mogg co-founded Somerset Capital Management

As millions faced financial misery, SCM managers are buying into businesses where valuations had tumbled – but were expected to bounce back.

They suggested there could be gains of as much as 500% on investment.

Mr Rees-Mogg is understood to have pocketed a £1 million from last year's profits of £19.5 million.

Father-of-six Mr Rees-Mogg, 51, who lives in a mansion in Somerset, is reportedly worth more than £100million.