Downing Street Says » Tessa Jowell

» Tuesday, March 7, 2006

Tessa Jowell

Asked that when Tessa Jowell had told Nigel Evans in a letter that her understanding was that her husband had not owned shares in a pub chain, did she mean by that that Mr. Mills had not told her, or that he had never actually owned shares, the Prime Minister’s Official Spokesman (PMOS) said that his understanding was the latter, but he recommended that the journalist check with the Department as he was not giving a running commentary on it.

Asked if it was not possible to make a profit on shares without selling them, the PMOS said that these were not issues which he was going to do a running commentary on, but again suggested people spoke to the Department.

Put that the point about hedge funds was that they entered someone into a contract to buy shares, believing them to be undervalued; they then entered into a contract to buy shares, and by the time the money was handed over to buy shares, they were sold simultaneously, and the hedge fund hoped that the value had gone up, so money had been made by trading on the shares without having owned them, therefore, was there some discrepancy in the Ministerial Code, because Mr. Mills had made a profit out of the shares, the PMOS said that he again referred people to Tessa Jowell’s letter when she said that she was not aware of any transactions.

Put that the fact that Tessa Jowell was not aware of any transactions was not the point, as the key point was that if someone was the beneficiary of the shares, or of the profit, she would have had to have made a registration in the Register of Members’ Interests, and was it possible to say definitely that David Mills was not the beneficiary of the shares or profit, the PMOS replied that Tessa Jowell had dealt with it in her letter, and if people had further questions, they should speak to the Department.

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Tessa Jowell

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