Top politicians have conspired to help firms drain cash from government Covid-19 loan schemes—and tried to keep it secret.
Former Tory prime minister David Cameron lobbied the British government to give Greensill Capital more access to the schemes. The company lends cash to other firms.
Lenders are not supposed to borrow money through the Covid Corporate Financing Facility. So it then successfully requested cash from the Coronavirus Large Business Interruption Loan Scheme, with the state guaranteeing up to 80 percent of loans.
Greensill collapsed shortly afterwards, creating potential losses of hundreds of millions of pounds. Guess who will be expected to foot the bill.
Cameron became an adviser to Greensill in 2018. Records show the firm met ten times with senior Treasury officials between March and June last year.
They do not show that Cameron also personally intervened on its behalf.
Meanwhile Boris Johnson helped the OneWeb satellite firm grab funding to stave off bankruptcy.
The British government gave £400 million to OneWeb but it wasn’t enough. So Johnson met billionaire businessman Sunil Bharti Mittal last June and persuaded him to invest too.
The meeting wasn’t recorded in data that lists Johnson’s meetings with outside firms and interests.
Top Tories and bosses work together to squeeze as much cash as they can out of the system. Ordinary people are expected to pay for it.