Friday 16 April 2021 / 1:14 PM Bridget Phillipson

Bridget Phillipson reacts to National Audit Office launching Greensill Capital investigation

Bridget Phillipson MP, Labour’s Shadow Chief Secretary to the Treasury, reacting to news that the National Audit Office has launched an investigation into Greensill Capital, said:

“We welcome this investigation, which must now get to the truth about why hundreds of millions of pounds of taxpayer money were put at risk by the decision to accredit Greensill Capital to the CLBILS Covid loan scheme. But this can’t just be about the delivery of the scheme – it must focus on the design of it too, which the Chancellor has accepted was his responsibility and that of the Treasury.

“There are other urgent questions. We would also welcome an investigation into why government entered into supply chain finance contracts with Greensill Capital, and to what degree that delivered value for money for the taxpayer. And how much public money was put at risk through the relationship between Greensill, GFG Alliance and Liberty steel, where thousands of jobs are now hanging in the balance.”