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

Quelle surprise! Cameron had ‘big economic investment’ in Greensill Capital…but won’t say how much

He refused to tell the MPs how much he stood to gain from his involvement. There were suggestions he was to make £60 million.

Joe Mellor by Joe Mellor
2021-05-13 16:05
in Politics
FacebookTwitterLinkedinEmailWhatsapp

Ex PM David Cameron said he had a “big economic investment” in Greensill Capital but insisted that did not motivate his intense lobbying of the Government for the collapsed firm as coronavirus struck.

The Conservative former prime minister said it was a “painful day” for him on Thursday as he gave evidence to MPs over his controversial lobbying of senior figures including Chancellor Rishi Sunak.

Mr Cameron placed calls and sent dozens of texts and emails to ministers and senior officials as he appealed for their help in gaining access for Greensill to Government Covid support programmes.

Appearing virtually before the Commons Treasury Committee, he insisted there was “absolutely no wrongdoing” in his actions and defended his lobbying efforts, but accepted that former prime ministers “need to think differently and act differently”.

Mr Cameron confirmed he was a “regular” attendee of board meetings at the financial firm headed by Lex Greensill but said there was “certainly no sense of jeopardy” over the firm’s future as the coronavirus pandemic struck.

Big economic investment

He refused to tell the MPs how much he stood to gain from his involvement with Greensill, saying only that he had a “big economic investment”.

“I was paid an annual amount, a generous annual amount, far more than what I earned as prime minister, and I had shares – not share options but shares in the business – which vested over the period of time of my contract,” he said.

RelatedPosts

Farage asked what the best thing to come out of Brexit is – his response is beyond parody

PM tells Tory plotters: Stop focusing on things I’m meant to have stuffed up

RMT has best response as Johnson bemoans train drivers for going out on strike

Tories reminded of electoral pacts as they bemoan Lib-Lab alliance

“I had a big economic investment in the future of Greensill, so I wanted the business to succeed, I wanted it to grow.

“The fact that I have this economic interest… that’s important, but I don’t think the amount is particularly germane to answering those questions, and as far as I’m concerned it’s a private matter.”

He insisted that suggestions he was to make £60 million was a “completely absurd figure”.

“The motivation for contacting the Government was that I thought we had a really good idea for how to help extending credit to thousands of businesses,” Mr Cameron said.

Committee chairman Mel Stride told the former Conservative leader he had sent a “barrage” of texts and messages in the spring of last year when the pandemic broke.

“Many people would conclude at the time of your lobbying your opportunity to make a large amount of money was under threat,” the MP said.

Mr Cameron replied: “I have spent most of my adult life in public service. I believe in it deeply. I would never put forward something that I didn’t believe was absolutely in the interests of the public good.

Messaging

“I did not believe in March or April last year when I was doing this contact there was a risk of Greensill falling over.”

As well as messaging and speaking to Mr Sunak, the former prime minister texted senior Cabinet minister Michael Gove and held a call with Health Secretary Matt Hancock.

Other recipients of Mr Cameron’s texts include Boris Johnson’s senior adviser Sheridan Westlake, Treasury ministers Jesse Norman and John Glen, and deputy Bank of England governor Sir Jon Cunliffe.

He described opposition to Greensill’s access to the Government-backed loans as “nuts” and “bonkers” in his correspondence.

Greensill was placed into administration in March, threatening thousands of UK jobs at Liberty Steel which was dependent on its finance.

The Financial Conduct Authority is formally investigating its collapse, having received allegations that were “potentially criminal in nature”.

Related: Tory via video link urges end of virtual Parliament as Rees-Mogg flags up MPs’ coats ban to defend voter ID

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

World largest ever trial of four-day working week ‘an overwhelming success’

Snoop Dogg launches new gin brand, INDOGGO

EXCLUSIVE: Spanish woman in search for better life detained upon arrival in UK

Don’t ask Love Island’s Laura Whitmore to help pack your luggage

Motorist’s miracle escape after driving car into sinkhole during Storm Ciara

Woman accused of being member of banned neo Nazi group ‘won beauty contest called Miss Hitler’

Rural homes in England set to be heated by…vegetable oil

Why Britain’s supply chain crisis should cause concern about food security

Tom Conti sells stunning London home to Tim Burton – at a HUGE discount

Shocking: Six million Brits believe they will never be debt free

JOBS

FIND MORE JOBS

About Us

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

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.