North-east Tory MP should have declared wife’s BP shares during oil and gas debates, finds probe

Banff and Buchan MP David Duguid failed to declare his wife’s £50,000 shares in BP while speaking in three debates about the windfall tax, a parliamentary watchdog has ruled.

The parliamentary commissioner for standards carried out an investigation into the Tory MP after his wife’s shareholdings were revealed by The Guardian last year.

The former Scotland Office minister has spoken out in the House of Commons against windfall taxes on oil and gas firms.

Mr Duguid, who previously worked as an engineer for the firm, moved his shares into his wife’s name five years before his election as an MP in 2017.

What are the rules?

Parliamentary rules require MPs to declare while speaking in debates the financial interests of a spouse or other family member, where there could be considered to be a conflict.

MPs must register shares they own worth £70,000 or more than 15% or any other interests that might “reasonably be thought by others to influence a member’s actions”.

The watchdog has ruled there were three debates in 2023 where Mr Duguid should have declared his wife’s financial interest on the basis it could be perceived by others to have influenced his actions.

Mr Duguid told the commissioner he did not feel there was ever a requirement to declare his wife’s shares during debates as it does not exist on his register of interests since it does not reach the financial threshold.

He said he “does not believe that anything I could have, let alone actually, said or did as a member of parliament could have any bearing on the BP share price”.

The MP added: “My focus as member of parliament for Banff and Buchan has always been on serving the people of my constituency, many of whom work in the oil and gas industry, as well as the many local businesses that supply the industry.”

The MP for Banff and Buchan previously told the P&J he had “followed prevailing rules for reporting financial interests”. 

The commissioner said he was satisfied that repeated failures to declare the interest were “inadvertent” and a result of the MP’s lack of understanding of the rules.

A report into the probe said Mr Duguid has “acknowledged and apologised for their breach of the rules” and agreed to attend training around declaring financial interests.