Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Levelling Up, Housing & Communities
Tanmanjeet Singh Dhesi
Main Page: Tanmanjeet Singh Dhesi (Labour - Slough)Department Debates - View all Tanmanjeet Singh Dhesi's debates with the Department for Levelling Up, Housing & Communities
Greensill Capital
Tanmanjeet Singh Dhesi Excerpts(3 years ago)
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Paul Scully
As I said in my opening statement, the bank opened an investigation into Greensill Capital’s compliance with the terms of the scheme in October 2020 and informed the Government of that on 9 October. That is continuing. The obligations as guarantor of the CLBILS scheme are suspended on a precautionary basis, but it would not be appropriate for me to comment on further investigations at this time as it is ongoing.
Mr Tanmanjeet Singh Dhesi (Slough) (Lab)
As if the billions of pounds of crony covid contracts was not bad enough for hard-working Brits to stomach, we now have a former Tory Prime Minister sending private text messages to the Chancellor and other Treasury Ministers lobbying for Government loans for a firm in which he himself is a shareholder and that is now insolvent; we have him going for a private drink with his financier friend Lex Greensill and the Health Secretary; and we have a Chancellor who messaged back to say that he would “push” his team to find a solution, and now has neither the courtesy nor the courage to come to this House to be held accountable for his actions. Does the Minister agree that this just stinks—downright stinks—not just because we are talking about former and current Tory Ministers all in it together, but because it is not merely the Chancellor’s money that has been put at risk but the British taxpayers’ hard-earned money that is at stake?
Paul Scully
May I respectfully suggest to the hon. Gentleman, through the Speaker, that if he wants the Chancellor to come to answer a question, he might ask a question that relates to the Treasury rather than one that comes under the British Business Bank, which is a responsibility of BEIS? As for the Chancellor, as I say, the system has worked. The hon. Gentleman may be touting his Opposition day debate tomorrow about wider things, but the Chancellor asked his officials to push for wider capital flows to be able to go through larger and smaller businesses, as we all wanted, and he rejected Greensill’s ask to try to change the CCFF scheme to involve banks including Greensill. That process worked.