UK Steel Production: Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Richard Fuller
Main Page: Richard Fuller (Conservative - North East Bedfordshire)Department Debates - View all Richard Fuller's debates with the Department for Business, Energy and Industrial Strategy
UK Steel Production: Greensill Capital
Richard Fuller Excerpts(3 years, 1 month ago)
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Kwasi Kwarteng
That is a fair question, but the hon. Lady will appreciate that the assets in Scotland relate particularly to aluminium smelting, whereas in England and Wales their job is really focused on the steel industry. None the less, we are looking at all options to see what we can do to sustain these crucial jobs.
Richard Fuller (North East Bedfordshire) (Con)
An acquisition strategy based on supply chain financing arrangements, plus a future receivables derivative scheme, plus an additional month’s cash-flow, and a liberal mix of state guarantees has the characteristics of a potential Ponzi scheme. Has my right hon. Friend been able to ascertain the facts here, or is this an issue for investigation by the Serious Fraud Office?
Kwasi Kwarteng
My hon. Friend raises very serious questions about the business model, which I am not prepared to go into now. What I will say is that, in the first two months of my tenure as Secretary of State, I have pushed forward audit reform as a big issue. A consultation on it is under way. It is issues relating to things such as Greensill capital that show how necessary it is for us to reconsider what we are doing on audit reform and to have the best standards in the world.