What are the Facts of the Greensill Scandal?
Lex Greensill had preferential access and approach within Downing Street.
Lex Greensill had an unofficial role advising Cameron’s government. He had free access to 11 departments, with an official email address and visiting card. Later, he even became ‘crown commissioner’.
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Former British Prime Minister, David Cameron, lobbied for Greensill.
An independent inquiry, initiated by 10 Downing Street, was led by legal expert Nigel Boardman to probe into the role of David Cameron’s lobbying for Greensill, after he served for the government.
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Lex Greensill has put over 50,000 jobs at risk following the collapse of his company.
Australian banker, Lex Greensill, launched Greensill Capital, a financial services company in Britain. Following its collapse in march 2021, 5,000 jobs in Britain and 50,000 jobs in the steel sector have been put at risk.
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The Greensill controversy has cost the UK heavily, sparking a crisis encompassing the public, banks, and the Cabinet.
Following the demise of Greensill, 440 jobs have been at stake. Banks and investors backing Greensill are red-faced, and multiple inquiries into senior UK Cabinet officials have sparked a political crisis.
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Greensill attempted to access the largest government-supported COVID loan using CCFF (Covid Corporate Financing Facility).
In 2020, Mr Cameron approached two Treasury ministers and Chancellor Rishi Sunak on behalf of Greensill, requesting a government-supported COVID loan. Although denied, Greensill was approved as an accredited lender on CLBILS (Coronavirus Large Business Interruption Loan Scheme).
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Custodians of the UK’s financial stability did close to nothing to stop Greensill from accessing funds.
Neither the Bank of England nor the Treasury prevented Greensill from accessing funds, much of which was used in dodgy loans. This is surprising considering Greensill’s questionable links to steel magnate Sanjeev Gupta and suspect operations.
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Despite Boris Johnson’s claims of being clean and rejecting pleas for Greensill’s loan, several questions remain unanswered.
Although Johnson’s government rejected access to the Covid Corporate Banking Facility and refused to increase the size of loans, questions around Greensill’s multiple meetings with Treasury members, Tom Scholar and Charles Roxburgh, remain.
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Senior civil servant Bill Crothers is involved in the Greensill Scandal.
In 2015, Bill Crothers became a part-time advisor at Greensill Capital, while still on the payroll of the civil service. He maintains that the Cabinet Office approved his appointment.
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Lessons from the Greensill Scandal and the appropriateness of the Treasury’s response are still under investigation.
The Public Accounts Committee, Civil Service second jobs review, National Audit Office, Financial Conduct Authority, and the Public Administration and Constitutional Affairs Committee have all sprung into action to investigate the scandal.
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The Greensill Scandal has shown that although lobbying is essential, reforms must be ushered in to make it more visible.
Lobbying is important so that expert views, ideas, and discussions can help the government make better decisions. However, Cameron’s statement and the Greensill scandal have underscored the need to make lobbying more transparent and avoid ethical breaches.
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Although he seems to have taken responsibility, Cameron is convinced his actions were right.
The complete statement issued by David Cameron reveals he was confident that he complied with the rules and felt his lobbying for Greensill Capital was right. He also states that many allegations made are incorrect.
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The damage of the Greensill Scandal aside, a huge lobbying scandal is all set to emerge.
Cameron’s strategy to rope in ministers to help Greensill Capital has raised several questions and allegations. Prime Minister Johnson has ordered an independent review to examine whether lobbyists are using the ‘open door’ to access his government.
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The current investigation is inadequate, revealing a need for a deeper inquiry.
Labour has called for a Parliamentary probe requiring senior members and Cameron to furnish evidence. A QC-led inquiry is another proposition suggested by Sir Alistair Graham, former Chairman of the Committee on Standards in Public Life.