The Greensill story is complex and confusing.

But the Chancellor’s text messages released tonight make it very simple - a little thread:
2. This is about Rishi Sunak intervening to try to put hundreds of millions of pounds of taxpayer money in the hands of an unregulated lending firm with links to a former Conservative PM.
3. First, some background: As PM, David Cameron opened the doors of government to Greensill Capital, owned by his friend Lex Greensill. When he left No 10, Cameron became an 'advisor' to the bank. In that role, he lobbied his former Tory colleagues.
4. Why? Well, Cameron apparently boasted he stood to make $60 million from his shares in the company. Greensill's success = money for Cameron.
5. We know that Cameron tried this on the Chancellor. And up until now the Treasury has carefully suggested that the Chancellor washed his hands of him. Nothing to see here.
6. But we now know the truth is rather different.
7. In text messages he never thought would see the light of day, Rishi Sunak told Cameron that he had in fact 'pushed the team to explore an alternative with the Bank'.
8. Pushed them to do what?
9. Well, Cameron wanted Greensill to get cheap government loans - in effect, he was after taxpayer money, directly from the Bank of England, to prop up Greensill.
10. These messages are evidence that far from ignoring Cameron, Sunak actively tried to influence the decision, and 'push' his team to rewrite the rules so taxpayers cash could go to a bank that has now gone bankrupt.
11. In doing so, he could well have broken the Ministerial Code. He certainly put taxpayer money at risk. And there are still many unanswered questions.
12. First, why did the Chancellor let Greensill into another Covid loan scheme after it failed to gain access to the Bank of England scheme, putting hundreds of millions of pounds of taxpayer cash at risk?
13. Second, why was the Chancellor planning to roll out the type of lending championed by Greensill across the public sector before its collapse - and how much would that have cost the taxpayer?
14. Third, we need to know if Greensill or other people outside government had any role in the design of these emergency loan schemes.
15. The public deserve answers. This is not Boris Johnson's money or Rishi Sunak's money or Conservative money - it's public money.
16. But so far, Conservatives on Select Committees are refusing to open investigations into the whole affair and the Prime Minister is blocking an independent investigation into this scandal.

That must now change.
Was on the BBC earlier this evening. We need an investigation now. 👇

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Bridget Phillipson

Bridget Phillipson Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @bphillipsonMP

31 Jan 20
So today the Cabinet is meeting in Sunderland. Heavy on symbolism, but what are they actually doing for people here? What problems aren’t they sorting? A thread… 1/15
The Home Secretary will probably say something about more police, but the truth is that Northumbria Police has lost over 1,100 officers since 2010. Local people have suffered as anti-social behaviour is on the rise in many parts of our area 2/15
Nor are we likely to hear plans to reverse the loss of 270 firefighters from Tyne & Wear Fire and Rescue Service between 2011 and 2019 3/15
Read 15 tweets
21 Oct 19
On the argument that most of our rights at work come from the struggle of unions & Labour here in Britain, not from Europe - I half agree and half disagree: a short thread (1/9)
I agree that’s where lots of them *came from*, historically. In a past world where Britain was one of the foremost industrial powers, it was well placed not to be simply outcompeted on cost by other countries when workers’ rights were improved here. (2/9)
But times have changed. More and more jobs have been moved by big companies to lower waged economies overseas. China was a smaller economy than Italy when we joined the EC in 1973. Not today. (3/9)
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!