The failure of Greensill Capital will cost UK taxpayers up to £5bn, a parliamentary inquiry has heard, as one expert said the lender’s business model was “as close to fraud as you could imagine”.
Well.
theguardian.com/business/2021/…
Well.
theguardian.com/business/2021/…
Lord Myners said he believed the taxpayer would be left to cover as much as £1bn in unpaid loans, including those lent to Gupta’s businesses.
Myners said the ultimate cost could be “in the region of £3bn to £5bn” once the wider impact was taken into account.
Myners said the ultimate cost could be “in the region of £3bn to £5bn” once the wider impact was taken into account.
“It’s actually going to cost a lot more if you count the externalities, the indirect costs: the cost of having to rescue the steel industry from its ‘saviour’ Mr Gupta;
“the costs of dealing with social implications of the closure of plants, if necessary; or the net present value of upfront subsidies to keep the steel industry in its current form operating,”
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