Venezuela

Andrew Lewer Excerpts

Tuesday 29th January 2019 Westminster Hall

[Andrew Lewer (Northampton South) (Con)]

I thank the hon. Member for Hyndburn (Graham P. Jones) for securing the debate. I speak as vice-chair of the APPG on Venezuela. I have been following the escalation of events closely for some time and have a deep personal interest in them.

In December last year, I sent letters to the Governor of the Bank of England and the Chancellor of the Exchequer, urging them to be more transparent on the $500 million of gold belonging to the Venezuelan people that is held by the Bank of England. In my letters, I sought reassurance over reports that the Venezuelan Minister of Finance, Simón Zerpa, who had been sanctioned by the US Treasury, and Calixto Sánchez, the illegitimate president of the Venezuelan central bank, had met Bank of England officials and were seeking to take the gold away. Unfortunately, the reply I received from the Bank of England hid behind references to “individual customer relationships” and “customer confidentiality”, rather than directly addressing my concerns.

Two weeks ago, I met the Economic Secretary to the Treasury to express my concerns about the situation in Venezuela, the illegitimate nature of the Government and the importance of ensuring that the dictatorship does not get custody of the gold—we all know what it would do with it. He undertook to repeat my concerns to the Bank of England. I thank him and Foreign Office Ministers for their reassurances as the situation has moved on. I understand that the Bank has independence from Government, but it is a pillar of the state and it is 100% owned by the state, so it is reasonable to expect a high standard from it.

For a while, protests in Venezuela had died down, as a consequence of the sheer exhaustion of the country’s hungry and abused citizens. Juan Guaidó has managed to resurrect democratic voices, gather a strong Opposition—left and right—to Maduro’s autocratic criminal Government, and offer a real chance of change. Maduro has been financially rewarding the military for its loyalty, making it harder for his regime to be overthrown.

As the UK has declared its support for Guaidó, I urge the Government to continue to be forthright with the Bank of England and not allow it to misuse its independence or to cite “customer confidentiality” in an inappropriate fashion. The hon. Member for Hyndburn expressed the bigger picture brilliantly and bravely. Although I understand the political situation for him does not make that particularly welcome, I still think he needs to be congratulated.