Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Baroness Bennett of Manor Castle
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Greensill Capital
Baroness Bennett of Manor Castle Excerpts(3 years, 8 months ago)
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Lord Callanan (Con)
The noble Baroness makes a number of allegations that are not supported by the facts. Greensill’s applications for accreditation to both CBILS and CLBILS were assessed independently by the British Business Bank on the basis of the separate criteria for those schemes, which were designed to be accessible to a range of lenders in accordance with the goal of supporting lending to businesses impacted by Covid-19. A number of similar companies went through the same process and were also accredited to the schemes.
Baroness Bennett of Manor Castle (GP) [V]
My Lords, I agree with the noble Baroness, Lady Kramer, about the surprising nature of the Minister’s response to the noble Baroness, Lady Smith. Is the Greensill scandal not a sign of a systematic problem going back decades through successive Governments, arising from an ideological desire to bring for-profit business ideologies into what should be decision-making for the public good? Is it not now clear that business and the Civil Service should be two separate schemes of employment, without a revolving door between them? Given the current level of embarrassment, will the Government consider legislation so that Ministers, particularly Secretaries of State and Prime Ministers, are limited by statute not to take any paying role that enables them to use for personal enrichment the knowledge and contacts acquired during what should be a period of public service?
Lord Callanan (Con)
I just do not agree with the fundamental point the noble Baroness makes. Of course it is important that all decisions taken by Ministers and civil servants are taken independently, but I return to my original point that it is a good thing that people have experience of the private sector—and that people in the private sector have experience in the public sector. There should not just be two distinct career paths which never meet. As long as the appropriate propriety and transparency are followed, it is a good thing.