Greensill Capital

Debate between Felicity Buchan and Paul Scully

Tuesday 13th April 2021 Commons Chamber

[Paul Scully]

I associate myself with the hon. Member’s words about the Duke of Edinburgh and, of course, our colleague Cheryl Gillan, both of whom will be sorely missed.

The Chancellor wrote to the hon. Member last week with a comprehensive response to her questions regarding engagement between Greensill and HM Treasury. The Prime Minister has asked Nigel Boardman to conduct a review to look into the decisions taken around the development and use of supply chain finance and the associated schemes in Government—especially the role of Lex Greensill and Greensill Capital—and to set out any findings as necessary. The Government recognise the interest in the matter. It is right that we now let that review happen.

In the interests of transparency, the Chancellor has provided all the messages that were sent from him to David Cameron on this matter; they relate exclusively to Greensill’s proposals for the covid corporate financing facility. The Chancellor is right to push officials, as we all have, to explore all ways of capital getting to businesses—large and small. That is what all Members of this House were asking and demanding the Government to do at that particular point. It is important to remember that the Chancellor rejected the idea that he should rewrite the CCFF to include any banks.

The reason the Chancellor is not here is that the question is about the CLBILS. I suggest to the hon. Lady that she asks her question in a different forum or that she asks a different question, because the coronavirus large business interruption loan scheme, to which this question pertains, is administered by the British Business Bank. The Secretary of State for Business, Energy and Industrial Strategy is the sole shareholder in the bank. As such, the responsibility for the delivery of the scheme sits with BEIS. The accreditation process for any of the covid loan schemes is run independently by the British Business Bank; neither BEIS nor HM Treasury had a role or were involved in the CLBILS accreditation decision for Greensill.

There were two other non-bank lenders accredited under the CLBILS, with over 75 accredited for the CBILS. It was an important feature of the covid loan schemes that there was a diversity of lenders to ensure a broad range of choice for borrowers, enabling them to access the finance they needed to survive and recover from the pandemic. Greensill was not accredited to provide supply chain finance through the CLBILS. It was only accredited to provide invoice finance, term loans and revolving credit facilities.

[Felicity Buchan (Kensington) (Con)]

Will my hon. Friend confirm that in all dealings with Greensill, the Department for Business, Energy and Industrial Strategy, the Chancellor, his Ministers and his officials always followed all appropriate codes of conduct?

[Paul Scully]

Indeed; all the decisions were taken independently, and that included rejecting Greensill from being able to access the higher level of loan facility, the only request for which came from the shadow Secretary of State for Defence, the right hon. Member for Wentworth and Dearne (John Healey).

Oral Answers to Questions

Debate between Felicity Buchan and Paul Scully

Tuesday 23rd March 2021 Commons Chamber

[Paul Scully]

Having dealt with the UK weddings taskforce, I understand the need to plan. We have published the guidance for ceremonies, and receptions will follow. Receptions from 12 April will be outdoor receptions. I am pleased that the UK weddings taskforce pushed us so that we were able to include dedicated wedding venues in that guidance.

[Felicity Buchan (Kensington) (Con)]

What steps his Department is taking to support the wedding industry.

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Paul Scully)]

The Chancellor announced in his Budget a raft of new measures to help to support businesses, including those in the wedding sector. These include an extension to the furlough and self-employment income support schemes and further grants for business.

[Felicity Buchan]

The wedding industry has suffered disproportionately during the last year and I am concerned that the anomalies will continue. For instance, if we look at phase 3—from 17 May—we see that a venue in my constituency, such as Kensington Palace Pavilion, will be able to open to a music event at 50% capacity, which is 200 people, with alcohol, but a wedding the next day in exactly the same venue will be able to host only 30 people. Can my hon. Friend explain that anomaly?

[Paul Scully]

My hon. Friend has been a formidable champion for businesses in her area, including weddings, personal care and hospitality, especially. The pace and sequencing of reopening in the road map have been informed by the latest scientific evidence from the Scientific Advisory Group for Emergencies in its working groups. Weddings, which bring family and friends together, with their interaction, are particularly vulnerable to the spread of covid-19.

London’s Economic Recovery: Covid-19

Debate between Felicity Buchan and Paul Scully

Friday 23rd October 2020 Commons Chamber

[Felicity Buchan]

My hon. Friend makes a very important point—that we need to level up within London. There is a difference of 16 years between the average life expectancy in the poorest ward in my constituency and in the richest. That is phenomenal. Some of our poorest areas are actually in London, so levelling up is not just a matter of north versus south; it is also within our inner cities.

[Paul Scully]

My hon. Friend is absolutely right that we must look at this issue. Levelling up around the country and levelling up in London are not mutually exclusive; we can and must do both. That is one of the reasons why, during the pandemic, we have provided an extra £63 million for welfare support through councils. We have also put an extra £9 billion into the benefits system to ensure that families can cope as well as possible in the present situation.

The £200 billion or so that we are putting into the economy is to secure jobs, and help to protect businesses and livelihoods. This Government’s first priority is always saving lives, but close behind is restoring livelihoods, and protecting jobs and people’s futures. We know how long the unwind can be if we do not get that right.

I thank my hon. Friend for giving us the opportunity to speak about the economic recovery in London. Ultimately we will do this by getting to tier 1. It is not the Government’s tier systems that transmit the virus. It is people getting too close; breathing close to people, without a mask; touching people; and not following the rules. We need to follow hands, face and space. Working together and getting back to tier 1 is the best way to recover our economy in London and elsewhere.