Jacob was born into a wealthy family in 1969; whose wealth came from the ownership of coal mines. His father was William Rees-Mogg the editor of the Times and whom he inherits a peerage from. He was educated at Eton and afterwards continued to Trinity college, Oxford where he obtained a degree in history which is famously quoted above while citing with David Dimbleby on BBCs Question Time. After leaving he worked briefly in the city of London financial markets and then started his own company for financial investors.
In January 2007 he married Helen de chair and now has 3 sons and a daughter. In 1997 he stood as conservative candidate for Central Fife but came third. He then stood as candidate for the Wrekin in Shropshire in 2001 and was again defeated. He was successful in the 2010 general election and elected as Conservative MP for North East Somerset. He has voted and spoken against his own party on several occasions. He also seems to enjoy filibustering bills which he disagrees with. He once called for the Tories to unite with UKIP as he said that Nigel Farage would make a better deputy prime minister than Nick Clegg. See below a screenshot of Jacob while making the Eaton jibe quote that put David Dimbleby in his place.