• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home Business and Economics Economics

Sunak in the spotlight amid accusations that he profited from the financial crash

The PM is believed to have profited to the tune of £5 million as partner in a hedge fund at the heart of the 2008 RBS crash.

Jack Peat by Jack Peat
2024-06-03 07:27
in Economics
Aaron Chown/PA

Aaron Chown/PA

FacebookTwitterLinkedinEmailWhatsapp

Rishi Sunak has been thrust into the spotlight as he faces accusations that he profited handsomely from the financial crash.

Labour stepped up its campaigning this week as the prime minister’s past life as a partner at hedge fund TCI became the focus of its first major attack on the man Sir Keir Starmer hopes to replace.

As the two leaders prepare for the first TV debate on ITV, Starmer hopes to force an interrogation of Sunak on his past at TCI after their involvement in the deal that saw a bank riddled with sub-prime mortgages sold to RBS, which had to be taken over by the government after it collapsed.

Sunak’s boss at the multi-billion fund, Chris Hohn, admitted to a select committee in January 2009 that the fund had bet against British banks during the crash.

Darren Jones, the shadow chief secretary to the Treasury, told the Guardian he believed Sunak had “bet against Britain” during his time before politics.

BREAKING @guardian
Rishi Sunak was paid c£5 million in his 20s as partner in a hedge fund at the heart of 2008 RBS crash which taxpayers bailed out for £45.5 BILLION

🔹Sunak was partner in TCI hedge fund which aggressively pushed for the sale of ABN Amro Bank
🔹RBS-led… pic.twitter.com/jj7jHrIwTj

— Carol Vorderman (@carolvorders) June 2, 2024

“If I was still a member of the liaison committee, I would definitely have been asking questions about his past behaviour, because I think it’s in the public interest that voters know that he essentially bet against Britain and may have profited off the back of it,” he said.

“This is exactly the type of past behaviour where if you become a public official or you come into public office, you need to be accountable and transparent about that.”

Sunak is believed to have been one of 19 TCI partners who shared more than £93 million of the profit in 2008, meaning he was likely to have walked away with £5 million as the taxpayer bailed out RBS.

Jones said that Sunak would have been aware of the deal. “This was the biggest banking deal at the time.”

RelatedPosts

Reeves caves in to non-doms after ‘intense lobbying’

UK set to be the fastest growing European economy – IMF

UK economy returns to growth as GILTs and inflation start to cool

Trump announces a US tax on the World

The Treasury has previously said Sunak did not have a direct role in the deal.

A Conservative spokesperson said in response to the attack: “This is not correct. The Labour party created the banking crisis which caused Labour’s great recession. In 2008, while Starmer chose to be in a foreign court defending terrorists, Rachel Reeves was part of the mortgage team at HBOS that had to be bailed out by the taxpayer at a cost of tens of billions and turfed thousands of families from their homes.”

Related: Liz Truss faces election nightmare – as former PM forecast to LOSE her seat

Tags: Rishi Sunak

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← John Cleese reacts as Led By Donkeys target Rees-Mogg ← Polls WIDEN with a month to go to the General Election
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->