Latest news with #JAMFinancial
The National
13-07-2025
- Business
- The National
James McMurdock MP worked for bank while 'claiming Covid loans'
James McMurdock suspended himself from the Nigel Farage-led party when reports emerged last week in The Sunday Times that he had borrowed £70,000 through two firms in 2020. One business was previously dormant, while the other had negligible assets, the newspaper reports. The MP for South Basildon and East Thurrock said he had quit the party after taking 'specialist advice' that he said was 'privileged and which I choose to keep private at this time'. READ MORE: Arms firms are buying exclusive access to MPs for as little as £1499 McMurdock received £50,000 through JAM Financial Ltd, and has not responded to claims this was a Bounce Back loan, where eligible businesses had to be 'adversely impacted by the coronavirus' and trading on March 1 2020. The Times now reports that JAM Financial was a personal service company that the MP used to receive earnings from Standard Chartered. McMurdock worked at the bank until he became an MP last year, setting up the firm just days before starting his role as a 'senior associate' in November 2016. By being paid through the company over three years, McMurdock assumed the status of a contractor, despite working there full time. The MP was placed on the bank's payroll in 2020 ahead of tax reforms due to come in in spring, The Times has now reported. (Image: Joe Giddens) The move was a part of a bid to ensure contractors paid the correct tax and national insurance contributions, and were not acting as 'disguised employees'. McMurdock was then paid directly, and JAM Financial received less money as a result, which had nothing to do with the coronavirus pandemic. Company accounts for JAM Financial show its debts never exceeded a few thousand pounds before the pandemic. But in the year to October 2020, it reported debts of £50,000, up from zero the year before. The amount is the same as the maximum available via the Bounce Back Loan Scheme. READ MORE: Why is Donald Trump facing a MAGA revolt over the Jeffrey Epstein list? McMurdock would have been required to report a turnover of at least £20,000. Reform have urged him to quit his role as an MP to allow a by-election to be held in his seat. It emerged after the election that he had been jailed after repeatedly kicking his ex-girlfriend outside of a Chelmsford nightclub. Farage refused to apologise for a lack of background checks on Reform candidates as it predated his leadership. Reform is now down to four MPs.
The Guardian
10-07-2025
- Business
- The Guardian
Ex-Reform UK MP's business affairs referred to fraud body
The former Reform UK MP James McMurdock's business affairs during the Covid pandemic have been referred to the Public Sector Fraud Authority, the Guardian understands. It follows a referral by the Covid corruption commissioner on Wednesday. The authority will investigate the evidence and work with relevant agencies if required. McMurdock, the MP for South Basildon and East Thurrock in Essex, surrendered the party whip last weekend in anticipation of revelations in the Sunday Times, which claimed there were questions over loans totalling tens of thousands of pounds. It was reported that he took out £70,000 in loans in 2020 from the government's bounce back scheme. He allegedly borrowed £50,000 for one business, JAM Financial Ltd, which had no employees and negligible assets until the Covid pandemic. For a firm to have been eligible for the loan, it would have needed to report a turnover of at least £200,000. McMurdock is said to have resigned as a director of the company in 2021 and transferred his shares. The best public interest journalism relies on first-hand accounts from people in the know. If you have something to share on this subject you can contact us confidentially using the following methods. Secure Messaging in the Guardian app The Guardian app has a tool to send tips about stories. Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs. This prevents an observer from knowing that you are communicating with us at all, let alone what is being said. If you don't already have the Guardian app, download it (iOS/Android) and go to the menu. Select 'Secure Messaging'. SecureDrop, instant messengers, email, telephone and post See our guide at for alternative methods and the pros and cons of each. Another company McMurdock owned, Gym Live Health and Fitness Limited, was said to have borrowed £20,000. It would have required a turnover of £100,000 under the bounce back scheme. It, too, had no employees, according to the latest registered accounts available on Companies House, and had nominal assets until the Covid pandemic. The companies were due to be struck off the register at Companies House, but on the same day in February 2023 the process of suspending them was halted after the regulator had an objection from a third party. The MP said he had told the Sunday Times that 'all my business dealings had always been conducted fully within the law and in compliance with all regulations, and that appropriately qualified professionals had reviewed all activity confirming the same'. He said on Tuesday he had decided to remain as an independent MP rather than seek to return to Reform UK after receiving legal advice. McMurdock, one of the five Reform UK MPs elected last July after winning the Essex constituency by 98 votes, posted on X: 'Further to my statement tweeted on 5 July 2025. I have now had a chance to take specialist legal advice from an expert in the relevant field. 'In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents.'
The Guardian
09-07-2025
- Business
- The Guardian
Ex-Reform UK MP's business affairs referred to fraud body
The former Reform UK MP James McMurdock's business affairs during the Covid pandemic have been referred to the Public Sector Fraud Authority, the Guardian understands. It follows a referral by the Covid corruption commissioner on Wednesday. The authority will investigate the evidence and work with relevant agencies if required. McMurdock, the MP for South Basildon and East Thurrock in Essex, surrendered the party whip last weekend in anticipation of revelations in the Sunday Times, which claimed there were questions over loans totalling tens of thousands of pounds. It was reported that he took out £70,000 in loans in 2020 from the government's bounce back scheme. He allegedly borrowed £50,000 for one business, JAM Financial Ltd, which had no employees and negligible assets until the Covid pandemic. For a firm to have been eligible for the loan, it would have needed to report a turnover of at least £200,000. McMurdock is said to have resigned as a director of the company in 2021 and transferred his shares. Another company McMurdock owned, Gym Live Health and Fitness Limited, was said to have borrowed £20,000. It would have required a turnover of £100,000 under the bounce back scheme. It, too, had no employees, according to the latest registered accounts available on Companies House, and had nominal assets until the Covid pandemic. The companies were due to be struck off the register at Companies House, but on the same day in February 2023 the process of suspending them was halted after the regulator had an objection from a third party. The MP said he had told the Sunday Times that 'all my business dealings had always been conducted fully within the law and in compliance with all regulations, and that appropriately qualified professionals had reviewed all activity confirming the same'. He said on Tuesday he had decided to remain as an independent MP rather than seek to return to Reform UK after receiving legal advice. McMurdock, one of the five Reform UK MPs elected last July after winning the Essex constituency by 98 votes, posted on X: 'Further to my statement tweeted on 5 July 2025. I have now had a chance to take specialist legal advice from an expert in the relevant field. 'In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents.'
The Independent
08-07-2025
- Business
- The Independent
James McMurdock says he will not return to Reform UK after Covid loan questions
MP James McMurdock will not return to Reform UK after resigning the party whip over questions related to Covid loans, he has said. The MP for South Basildon and East Thurrock 'removed the party whip from himself' last week pending the outcome of an investigation relating to allegations around 'business propriety during the pandemic'. The Sunday Times published a story on Saturday which alleged two businesses connected to Mr McMurdock took out Covid-19 loans totalling £70,000 during the pandemic, one of which had no employees. On Tuesday, the MP said he 'had a chance to take specialist legal advice from an expert in the relevant field' since the loans came to light. Writing on social media site X, he added: 'In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents.' According to Companies House, Mr McMurdock is listed as the current director of Gym Live Health and Fitness Limited, and a former director of J A M Financial Limited, a position he resigned in 2021. Both firms are shown to have overdue accounts and confirmation statements, and both have an 'active proposal to strike off'. Mr McMurdock insisted when the Sunday Times news story broke that 'all my business dealings had always been conducted fully within the law and in compliance with all regulations and that appropriately qualified professionals had reviewed all activity confirming the same'. He said he had asked for the Reform whip to be suspended temporarily as a 'precautionary measure'.
The Guardian
08-07-2025
- Business
- The Guardian
James McMurdock will not seek Reform UK return after Covid loan questions
The former Reform MP James McMurdock has suggested he will permanently quit the party after receiving legal advice about his business conduct related to Covid loans. McMurdock, the MP for South Basildon and East Thurrock, surrendered the party whip last week in anticipation of revelations in the Sunday Times, which claimed there were questions over loans totalling tens of thousands of pounds. On Tuesday, McMurdock said he had decided to remain as an independent MP rather than seek to return to Reform UK. 'I have now had a chance to take specialist legal advice from an expert in the relevant field,' he posted on X. 'In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents.' McMurdock had originally said he had asked for the whip to be suspended as a 'precautionary measure' and 'for the protection of Reform UK'. The Sunday Times reported that McMurdock took out £70,000 in loans in 2020, which it said were from the government's bounce back scheme. It said he borrowed £50,000 for one business, JAM Financial Ltd, which had no employees and negligible assets until the Covid pandemic. For a firm to have been eligible for the loan, it would have needed to report a turnover of at least £200,000. McMurdock is said to have resigned as a director of the company in 2021 and transferred his shares. Another company McMurdock owned, Gym Live Health and Fitness Limited, is said to have borrowed £20,000. It would have required a turnover of £100,000 under the bounce back scheme. It too had no employees, according to the latest registered accounts available on Companies House, and had nominal assets until the Covid pandemic. The companies were due to be struck off the register at Companies House, but on the same day in February 2023 the process of suspending both companies was halted after the regulator had an objection from a third party. McMurdock said he had told the Sunday Times: 'All my business dealings had always been conducted fully within the law and in compliance with all regulations, and that appropriately qualified professionals had reviewed all activity confirming the same.' McMurdock's resignation will make him the second MP out of the five elected for Reform in September to quit the party, after the Great Yarmouth MP, Rupert Lowe. Since Lowe quit, the party had returned to five MPs with Sarah Pochin elected in a byelection, but it has now returned to four. Reform UK has been approached for comment.
