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Treasury Committee launches inquiry into lessons from Greensill Capital

20 April 2021

Last week the Treasury Committee announced that it had agreed in principle to launch an inquiry into the lessons from Greensill Capital. Today, the Committee has officially launched the inquiry, which is called ‘Lessons from Greensill Capital’.

As announced last week, it will focus on the regulatory lessons from the failure of Greensill Capital and the appropriateness of HM Treasury’s response to lobbying in relation to Greensill Capital. The terms of reference are in the notes to editors.

Rt Hon. Mel Stride MP, Chair of the Treasury Committee, will write to Rt Hon. David Cameron, HM Treasury, the Bank of England, the Financial Conduct Authority (FCA), and UK Government Investments (UKGI) to ask them a series of questions to inform the Committee’s inquiry. The Committee will publish these letters tomorrow.

The Committee will seek to take oral evidence from Mr Cameron, Rt Hon. Rishi Sunak MP, Chancellor of the Exchequer, the Bank of England, the FCA, Lex Greensill, and others in due course. The Committee plans to hold a scene-setting oral evidence session with relevant experts on Wednesday 28 April, details of which will be announced later this week.

Chair's comment 

Commenting on the inquiry, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said:

“There are questions to be answered in relation to Greensill Capital regarding the operation of the UK’s financial system and its regulation. Also, whether the Treasury responded appropriately to lobbying from Greensill during the pandemic.

“I will be writing shortly to the Chancellor, the Governor of the Bank of England, Chief Executive of the FCA, and David Cameron requesting answers to various initial questions.

“The Committee will be holding its first evidence session into Greensill Capital next week.”

Further information

Image: PA