Former UK prime minister David Cameron, and founder of the now-collapsed finance firm Greensill Capital, Lex Greensill are both set to give evidence in front of MPs in the Treasury Committee. The committee has launched an inquiry into lessons that can be learned from the firm's collapse and its role working in government.
They will hear from Cameron on Thursday afternoon. Greensill's hearing will be held on Tuesday. This will be the first time either of them will speak publicly about the firm, its collapse, and the severe case of lobbying.
Conservative MP and chair of the cross-party Treasury committee, Mel Stride said, “The committee is determined to answer the key question as to whether HM Treasury responded appropriately to the lobbying on behalf of Greensill Capital, including that carried out by David Cameron. We also want to establish what lessons there are from Greensill’s collapse for the operation of the financial system.”
Stride added, “Following our first evidence session of the inquiry last week with experts, next week we’ll hear from two of the key figures: Lex Greensill and David Cameron. The committee will want to carefully examine their actions in relation to Greensill Capital and its interactions with HM Treasury.”
Greensill's collapse has garnered a lot of attention, especially with Cameron's lobbying roping in senior government officials. One of them is Chancellor Rishi Sunak, who received a text from Cameron seeking emergency Covid loans. The former prime minister also contacted other Treasury ministers repeatedly. While the loans were not granted, Greensill's role in the government offering supply chain financing has raised multiple red flags.
Meanwhile, Downing Street has ordered an inquiry led by corporate lawyer Nigel Boardman into the role of the firm and the lobbying. The public administration and constitutional affairs committee, and the public accounts committee have also said they will look into aspects of Greensill's work and interactions with the government. Independent parliamentary spending watchdog National Audit Office is also holding an inquiry into how Greensill Capital was authorised to issue financial support through the coronavirus large business interruption loan scheme (CLBILS). Cabinet Secretary Simon Case has ordered civil servants to disclose any conflicts of interest after the revelation that a senior official worked for Greensill while in government.
