Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Ministry of Housing, Communities and Local Government
Andrew Gwynne
Main Page: Andrew Gwynne (Labour (Co-op) - Gorton and Denton)Department Debates - View all Andrew Gwynne's debates with the Ministry of Housing, Communities and Local Government
Greensill Capital
Andrew Gwynne Excerpts(3 years, 7 months ago)
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Paul Scully
The Bank of England refused Greensill’s entry because there were no banks in the scheme. It was a way for the Government and the Bank of England to get money to businesses and of underwriting it rather than its being a separate loan scheme. That is why Greensill was accredited for CLBILS. The only other request to expand Greensill’s reach came from the shadow Front-Bench team, who asked for it to receive the higher level—up to £200 million.
Andrew Gwynne (Denton and Reddish) (Lab) [V]
The Chancellor now washes his hands of the covid public lending schemes that he set up. It is laughable given the fanfare and fuss he made of their launch. I almost feel sorry for the Minister. He has been sent here to defend the actions of senior Ministers who are not even in his Department. Given that the Chancellor is the person who we know received lobbying texts from David Cameron, can the Minister tell the House what he thinks the Chancellor is afraid of?
Paul Scully
The Chancellor has delivered £356 billion-worth of support, I think it is currently, to businesses. He has flexed at every opportunity across Government in devising and designing loan schemes, which are overseen by the British Business Bank, which is overseen, as the single shareholder, by the Secretary of State for BEIS. That is what we should be proud of. The Chancellor is not afraid of anything here. The question is about the coronavirus large business interruption loan scheme, which is administered by BEIS, and that is why I am here to answer it.