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Government was negligent and naive over failed finance schemes, say MPs

  1. Adrian O’Dowd
  1. London

The government failed to properly supervise two finance schemes that it adopted from a company that has now gone into insolvency, leaving the taxpayer out of pocket, MPs have concluded.

In a report published on 4 February MPs on the House of Commons Public Accounts Committee criticised the government’s dealings with Greensill Capital, a UK and Australian based financial services company founded in 2011 by Lex Greensill, that provided supply chain financing and related services to the NHS.1

The Department of Health and Social Care and the NHS took up schemes on which Lex Greensill had advised the government and promoted through his company from 2018 until the company’s collapse in March 2021. Greensill was appointed as senior adviser to the government on supply chain finance in 2011 and continued to advise it until 2017.

Greensill …

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