Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Levelling Up, Housing & Communities
Kevin Hollinrake
Main Page: Kevin Hollinrake (Conservative - Thirsk and Malton)Department Debates - View all Kevin Hollinrake's debates with the Department for Levelling Up, Housing & Communities
Greensill Capital
Kevin Hollinrake Excerpts(3 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Kevin Hollinrake (Thirsk and Malton) (Con)
If we can put to one side the blatant political opportunism here, there is a scandal behind this. Greensill failed because it overextended itself to GFG Alliance. That was signed off by Grant Thornton, GFG’s auditors, effectively on a business model that included borrowing hundreds of millions of pounds based on the security of a very insecure, possibly non-existent order book. Will my hon. Friend bring forward his intended reforms to the audit regulatory system and make sure that Grant Thornton’s role in this is properly investigated?
Paul Scully
My hon. Friend will appreciate the audit reforms that we are consulting on. It is absolutely right that the markets work when they are transparent and open, which is why we are determined to make sure that, in the light of recent failures, we get these audit reforms through, and I look forward to his contribution to that debate.