Emily Thornberry
Main Page: Emily Thornberry (Labour - Islington South and Finsbury)Department Debates - View all Emily Thornberry's debates with the Cabinet Office
(11 years, 10 months ago)
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The Deputy Prime Minister
I cannot give the right hon. and learned Lady a precise figure, but I hope that—
The Deputy Prime Minister
Because I am not a walking encyclopaedia. I do not have all these facts and figures. [Interruption.] Oh, I am sorry. Am I also guilty of not knowing every single departmental statistic? I am sure the hon. Lady would have had the figure at her fingertips if she were in my position. Honestly!
None the less, I hope that the right hon. and learned Lady will co-operate with the Government in a positive spirit as we enthuse many, many children to take up sports that they have not taken up before and as we move towards this historic occasion of the Olympics.
The Attorney-General
It is clear that there will be close co-operation between the SFO and the National Crime Agency and its economic crime command. However, in setting up the agency we gave careful consideration to whether there was any point in moving the SFO into it, and the conclusion reached was that the SFO’s work was so distinctive that it did not fit naturally into the agency’s work, and so important that it should be maintained as a separate entity.
Emily Thornberry (Islington South and Finsbury) (Lab)
The Americans spend massive amounts of money on prosecuting fraud. Indeed, the increase in their budget this year is more than the total amount that we spend on the SFO. On this side of the Atlantic, we are cutting our budget by 25%. No wonder the bankers laugh at us. Too many people in the City believe that the rules apply only to little people and not to them.
While we welcome the additional £3 million for the prosecution of LIBOR offences which was announced in the Financial Times and which has been hastily gathered from the crumbs that have fallen from the Treasury’s table, we ought to note that it amounts to only 5% of the Barclays LIBOR fine. Is it not too little too late? Will the Attorney-General take account of the call this week from the Leader of the Opposition for the establishment within the SFO of a properly funded, dedicated banking and financial crime unit, recruiting the best and headed by a high-profile prosecutor, so that those fraudulent, thieving bankers can be sent to prison like the common criminals they are?
The Attorney-General
As the hon. Lady will know, the SFO and its directors have indicated that they have initiated a criminal investigation. At no point during the time for which I have had superintendence has it been suggested to me by any director of the SFO that they were not able to take on a case that they considered that they should be able to take on because they did not have enough funds to do so.
The Attorney-General
What happened last summer was that the perfectly sensible decision was made that the Financial Services Authority should initiate its regulatory inquiry, and should liaise with the SFO while it was being carried out until the regulatory investigation was finished. When it was finished, the SFO considered the matter, and has initiated a criminal inquiry.
That said, I fully accept the hon. Lady’s point: it is possible that we could spend more money on the SFO. I should also point out, however, that within the totality of funding for prosecutorial functions in England and Wales, the level of funding for the SFO is similar to that which prevailed under the last Government—and it is not, of course, the only prosecutor of fraud.
The Solicitor-General
I think the media are quoting a letter shown to them by the shadow Attorney-General—
The Solicitor-General
The hon. Lady has not seen it either. We are both in the dark, that is wonderful—[Interruption.] The shadow Attorney-General does not know anything, apparently. Let me enlighten her—[Interruption.] She is obviously in a hurry to learn.
The criminal justice system Olympics working group has adopted the following definition of an Olympic offence:
“any offence…committed and charged in the period 1st July to 30th September 2012, and is…stated by any Court to be directly connected to the 2012 Olympic or Paralympics Games”.
It is a definition of a type of crime, not a new offence.