Labor calls for inquiry into David Cameron lobbying for Greensill Capital

LABOR called for an investigation of David Cameron today following reports he met with Treasury officials to pressure Greensill Capital to access commercial coronavirus loans.

The former conservative prime minister had tried to increase the specialist bank’s access to government-backed Covid-19 emergency loan programs, according to the Financial Times.

Greensill Capital, a major backer of Liberty Steel, which employs 5,000 people in 12 factories across Britain, took office last week.

Lawyers for Greensill have warned that its collapse could trigger a wave of defaults among its clients and 50,000 job losses.

While Mr Cameron campaigned for prime minister in 2010, he said “secret corporate lobbying” was undermining public confidence in the political system.

Greensill Capital’s Managing Director Lex Greensill was an adviser to Mr Cameron when he became Prime Minister.

Mr. Cameron then became an advisor to Greensill Capital in 2018.

Carillion, an outsourcing group that collapsed in 2018, benefited from the government-approved supply chain finance program that Greensill helped establish as an advisor.

MPs said the program had enabled Carillion to “support its failed business model”.

Phantom Chancellor Anneliese Dodds said Chancellor Rishi Sunak should “set the record straight” as to why Greensill Capital gained access to the treasury during the pandemic, as he “refused to take action. ” engage with groups representing the millions of people from whom he has excluded salary support.

Labor MP Jon Trickett told The Morning Star that Mr Cameron’s lobbying was “yet another classic example of Conservative cronyism on behalf of the bank that employs him”.

Referring to the thousands of steelworkers at risk of losing their jobs, he asked, “Who will speak for them?

The Treasury said it had a meeting regarding Greensill Capital but decided not to go any further.

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