Labour Housing Secretary Angela Rayner has become embroiled in a controversy regarding a £20,000 donation from Signum Global Advisors, an advisory firm with ties to the oil industry. The funds were designated for her staffing costs.
Rayner has previously expressed strong support for the Labour party's Net Zero agenda and has been critical of Conservative policies concerning the oil and gas sector. She has voted in favor of windfall taxes on oil and gas companies and in September 2022, she criticized former Prime Minister Liz Truss for what she termed as protecting "£170billion of excess profits" of these companies.
Signum Global Advisors describes itself as an "independent advisory firm operating at the intersection of policy and global markets." The firm organized a trip in March for asset managers and hedge funds to Venezuela, where they met with the country's energy minister and oil and gas executives. This meeting occurred in the context of increased foreign investment in Venezuela's oil sector following actions by the U.S. government.
This donation has drawn criticism from political opponents. Tory chairman Kevin Hollinrake stated, "It's a classic Angela Rayner case of 'do as I say, not as I do' just as it was when she dodged her housing taxes." He added, "Now, it seems her opposition isn't strong enough to stop her from taking £20,000 from an oil adviser. Ms Rayner can't have it both ways."
Joanna Marchong, head of campaigns at the think tank Onward, commented, "This is yet another case of Labour hypocrisy from a minister who has made a career of it." She noted Rayner's past support for Net Zero initiatives and votes for windfall taxes, contrasting it with her acceptance of funds from a firm involved in oil executive investment trips.
Rayner has also recently defended other financial disclosures, including nearly £90,000 from public speaking engagements between February and June of this year, an advance of £76,500 for a book, and £2,400 for hosting a radio show. These earnings occurred while she was out of the Cabinet following a resignation last year, which was linked to a failure to pay stamp duty on a property purchase. She returned to her role in July.
Rayner previously criticized MPs' outside earnings, stating on social media in May 2023, "Being an MP isn't a second job. It is the job. Labour will put an end to this racket." She defended her speaking engagements, telling Sky News that she considered them to be in service of her constituents and not a second job, with around six engagements over 12 months, each lasting a couple of hours, all declared appropriately.
A spokesperson for Angela Rayner stated, "All donations have been declared in line with the rules."