Greensill Capital Debate
Full Debate: Read Full DebateDepartment: Department for Levelling Up, Housing & Communities
Steve McCabe
Main Page: Steve McCabe (Labour - Birmingham, Selly Oak)Department Debates - View all Steve McCabe's debates with the Department for Levelling Up, Housing & Communities
Greensill Capital
Steve McCabe Excerpts(3 years ago)
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Paul Scully
My hon. Friend is absolutely right. The scheme that we are being asked about today for large businesses protects many jobs in those companies, but it is right that we also looked at a diversity of lenders and of approaches to cover small businesses, as they do not always have the resilience and capacity of those larger businesses to survive and respond in these tough times.
Steve McCabe (Birmingham, Selly Oak) (Lab) [V]
I assumed that “whatever it takes” meant making sure that people got the help and the support that they needed, not deploying Treasury officials to try to mangle the rules in order to protect David Cameron’s shares. Just how many people and how many hours did the Chancellor devote to Mr Cameron’s concerns as opposed to those 3 million excluded self-employed people whom this Government have abandoned?
Paul Scully
The Chancellor and other Ministers have spent many, many hours speaking to lenders and to businesses of all sizes to make sure that we can best reflect on and flex the support that is given to them. The system worked when the Chancellor was asked to change the scheme inappropriately, because, rather than having the banks involved in the CCFF, it was a Government-backed scheme with the Bank of England. That is why he rejected that approach, which meant that the procedure went well.