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Faisal Islam Profile picture
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22 Apr, 9 tweets, 4 min read
“The request is simple, please include... supply chain finance” Bank of England release FOI correspondence with former PM Cameron, lobbying for inclusion of supply chain finance, offered by Greensill Capital, within post COVID support scheme to buy forms of commercial debt:
Greensill contacted Bank/HMT on ‘a number of occasions’.

Cameron contacted Bank on 5th and 7th March 2020.

DC/ Greensill/ Bank call on 17 March.

On 18 March Bank announced CCFF scheme, excluding supply chain finance.

DC asks for clarity twice in April

bankofengland.co.uk/-/media/boe/fi…
This is a rather interesting sentence from Cameron to then Governor Carney’s private secretary introducing Greensill...

“GC is now the world’s largest provider of Supply Chain Finance and has the mandate for the UK government”.. which is a reference to...
... the point elaborated on in Greensill’s specific proposal to Deputy Gov Cunliffe for why the Bank’s emergency debt purchases should (as in 2010) include supply chain finance...
“We are the sole provider of HMGs supply chain finance programmes across all areas...”
DC’s email pleads with Deputy Governor over objections relating to Greensills use of foreign currency, support for foreign supply chains, and in particular that this corporate facility was not for a financial institution...

Greensill caught between that and not being a bank...
New set of emails to the Treasury released...

Of note: an amount of between £4-10bn mentioned for the refused application for the Commercial Paper facility.

Treasury seem pretty sceptical at this point, and Cameron and Greensill basically argue its to help NHS/ pharmacies...
... so what changed by June? At that point Greensill is entrusted with actually itself handing out taxpayer backed COVID support loans under separate CLBILs scheme, after having badgered Treasury over its support for NHS and pharmacies, and lends money to Gupta’s steel companies.
Again back in March - pretty sceptical note - Treasury Perm Sec reports “incoming from my old boss” - Cameron.... and “well done for holding off ⬛️⬛️⬛️⬛️”...
And then the mention of the former Cabinet Secretary Sedwill is new - he introduces Greensill to second perm sec of Treasury - which rather suggests there were more emails/texts/ lobbying elsewhere (ie other than HMT & Bank of England that we have seen)...

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More from @faisalislam

Faisal Islam Profile picture
23 Apr
Subpostmasters have their names cleared at High Court after incredible and awful Horizon IT scandal... bbc.co.uk/news/business-…
Hits home this one - my Dad was a subpostmaster, was pressurised enough with all risk piled on to small biz owners, & PO having veto on selling up... we just swerved Horizon -

the stories of honest hard working community servants criminalised by IT incompetence are just awful.
As others have said @PrivateEyeNews @rbrooks45 & @nickwallis deserve great credit for their championing of this story over many years eg here: private-eye.co.uk/pictures/speci…
Read 5 tweets
Faisal Islam Profile picture
23 Apr
Full year government borrowing figures just released...

£303bn deficit in 2020/21, 14.5% of GDP, post war record, though lower than OBR projection of £327bn

Taxes down £34bn on previous year
Spending up £203bn (78bn on furlough/jobs support)
Interest payments on national debt now at 98% of GDP, was ...

down a fifth on the year before.., £39bn this financial year versus £48bn the year before
Also March tax receipts were basically same as last March.

falls in VAT, business rates, fuel duty, balanced off by notable increases in

Stamp duty
Self assessment
Capital gains
PAYE
Customs
Read 7 tweets
Faisal Islam Profile picture
21 Apr
V interesting story from Laura about ventilator challenge..

At the time, other manufacturers felt that in the key March 16th meeting the PM was especially keen to involve Dyson and JCB, as manufacturer-supporters of Brexit, rather than carmakers and aerospace (who succeeded)
Those manufacturers had quickly determined ventilator challenge could only be met by using existing blueprint (for an approved medical device) and told me at time they were bemused by focus on Dyson (whose plans did not proceed)...
At same time there was tension with car and planemakers who had begun to argue pandemic would require an extension to Brexit trade deal negotiations to get deep deal that protected manufacturers...

Bit of context, but some on call left with perception PM overly focussed on Dyson
Read 5 tweets
Faisal Islam Profile picture
19 Apr
On the Super League - interesting that the Government/PM says it will do everything it can to stop the proposals...

Raises the question of whether it can actually do anything.

Simpler time to act might have been when these teams were all bought up.
Ultimately private companies acting legally - cant see competition issue in banning relegation. Indeed it is UEFA trying to impose restriction on right of players to choose teams if they want to play in internationals...

So what could Govt do?
Some interesting replies in thread...

Govt could say it would immediately list ESL as “of national interest” to be offered free to air under ‘96 Broadcasting Act, thus greatly reduce TV revenues.

Windfall tax on clubs or transfers?

Legislation to allow fans right to buy clubs?
Read 5 tweets
Faisal Islam Profile picture
29 Mar
on Friday - Biden administration Trade Rep continued Trump admin section 301 process against UKs digital services tax - hearings and evidence in next few werks that could lead to retaliatory tariffs... also Italy, Austria & Spain, but action dropped vs EU ustr.gov/sites/default/…
Biden administration said that UK’s Digital Services Tax had “unreasonable, discriminatory, and burdensome” attributes and proposes possible $325m tariffs on UK including on make up, ceramics, games consoles, toys and overcoats ImageImage
sums here relatively modest, & UK Govt seeing this as procedural rather escalation - official response
“Like many countries around world, we want to make sure tech firms pay their fair share of tax.

"Our Digital Services Tax is reasonable, proportionate & non-discriminatory.”
Read 5 tweets
Faisal Islam Profile picture
27 Mar
This is precisely what we discussed on @BBCNewsnight a week ago, after @deb_cohen obtained draft from WTO discussions on TRIPs agreement and demands, at that time, being resisted by wealthier countries, incl UK, to lift IP protections...US changing position would be stunning move
draft seen by Newsnight certainly also showed US reps too pushing back at time against poorer countries seeking waiver on vaccine intellectual property... full story here... ofc goes to heart of what PM said to MPs re incentives driving vaccine success
Argument in favour of IP waiver for pandemic vaccines was here, from last Friday’s Newsnight...

Read 8 tweets

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