Wycombe MP Steve Baker has branded a national news story claiming he has shares worth £70,000 in a company that encourages people to invest in gold to avoid the financial hit of a no-deal Brexit as a “ludicrous fantasy”.

Business Insider claimed on Thursday that the leading pro-Leave MP and former Brexit Minister promoted and invested £70,000 in a financial services company that encourages the public to buy gold in a bid to avoid the negative impact of a no-deal Brexit.

They said he is a shareholder in Glint Pay Ltd, which has allegedly encouraged people to “buy, save and spend physical gold,” as “financial insurance” against the potential economic impact of a hard Brexit.

The company’s aim is to reintroduce gold as money and says the method is “crisis-proof” because it is held in “independent, secure and insured vaults, protecting you from systemic risks and financial crises”.

Mr Baker sent a tweet on July 11 endorsing Glint Pay, saying: “You can buy, hold and spend multiple currencies and gold instantly.” Business Insider reports that Mr Baker attended Glint Pay’s launch earlier this year — two days after quitting his Brexit minister role.

He also has shares in the company worth at least £70,000, according to an entry in his register of interests disclosed on June 22, 2017.

Mr Baker spoke out against the Business Insider story on Thursday, saying it deserves “ridicule by serious journalists”.

He said: “Anyone can see from my record that I have long believed in money reform. With that in mind, I became a minor investor in Glint.

“I have no role in directing the strategy of the company.

“Once again we see that Remain fantasists have taken leave of their senses.”