Jacob was born in May 1969 and was brought up in Somerset at Ston Easton and Hinton Blewett.

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He was elected as the Member of Parliament for North East Somerset in May 2010, with a majority of 4914 and again in May 2015 with an increased majority of 12749. He was re-elected in June 2017 with 53% of the vote. Being elected fulfilled his ambition to represent the Somerset parliamentary seat in which his family has lived for generations.

Jacob read History at Trinity College Oxford, before moving into finance being based in Hong Kong and later moving back to London. He set up his own company in 2007 with a group of Partners; it is called Somerset Capital Management and specialises in investment management in global emerging markets for institutional clients.

Jacob lives in West Harptree with his wife Helena and their six young children: Peter, Mary, Thomas, Anselm, Alfred and Sixtus. He is a cricket enthusiast and has supported Somerset County Cricket Club since he was a child.