Former UK Prime Minister David Cameron lobbied Westminster on behalf of Greensill Capital in order to secure the company’s access to the loan schemes offered by the government to alleviate pressure on businesses.
According to the spokesperson for the acting UK PM Boris Johnson, the Treasury reviewed the request but decided not to support it.
"(The) Treasury considered the representation made by the company with proper and due process and a decision was taken not to provide the support request by the company,” the spokesperson said on Friday.
In 2018 Cameron became an adviser to Greensill Capital, a key financial backer of Britain’s third-largest steelmaker Liberty Steel.
The representatives for Greensill Capital have reportedly held 10 virtual meetings last year with Treasury senior officials, to lobby for a Bank of England loan scheme.
Labour’s shadow chancellor reacted to the reports of Cameron’s involvement and argued that “the government must leave no stone unturned with a full and thorough investigation.”
On her Twitter page, she condemned the fact that Greensill Capital was given open access to the Treasury.
— Anneliese Dodds 💙 (@AnnelieseDodds) March 18, 2021
Since the beginning of the pandemic, the UK government has made available a range of business support measures in order to back eligible loan applicants and keep the economy afloat.
Greensill Capital went into administration on 8 March, putting thousands of jobs at Liberty Still and other firms at risk.
