Saj Took HSBC Dosh Day After Bank Backed Communist Law

Former cabinet ministers have been landing on their feet, with the latest Register of Interest updates confirming Chris Grayling’s appointment as a trustee of the National Portrait Gallery, and showing Theresa May made another £100,000 speech during lockdown. One entry from former Chancellor Sajid Javid caught Guido’s eye, however: a £30,000 speech given to HSBC on the 5th June.

This was the day after HSBC came out publicly for China’s oppressive Hong Kong National Security laws. The day of Sajid’s speech, Tory MPs – including the Chair of the Foreign Affairs Select Committee Tom Tugendhat – joined the Shadow Foreign Secretary Lisa Nandy and Shadow Chancellor Anneliese Dodds in taking the bank to task over its support for the national security law. It’s unlikely Sajid missed the news…

When asked whether Sajid took HSBC’s pro-Security Law stance into account before taking the massive speaking fee, a spokesperson said: “HSBC is one of the biggest banks in the UK with millions of British retail and business customers. Sajid spoke to UK customers about the impact of the coronavirus pandemic on the UK and global economy.” Javid’s been a vocal defender of Hong Kong’s freedoms. What message does it send taking £30,000 from the bank the day after it endorsed the new oppressive laws?

mdi-timer 9 July 2020 @ 16:13 9 Jul 2020 @ 16:13 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
CPS Release Javid’s Blueprint for Recovery

Former Chancellor Sajid Javid has teamed up with the wonks at the Centre for Policy Studies for a new report released today setting out proposals with two aims – to bounce back from the economic devastation wrought by the Coronavirus, and additionally to not just reconstitute the post-pandemic economy in the same way it existed before, rather to build a better one. In total there are 63 recommendations to implement… 

One major shift endorsed by the former Chancellor in the paper is a shift in focus for the Bank of England, from being tasked with targeting inflation, to targeting nominal GDP instead – shifting the bank’s focus to total spending in the economy, creating the best possible conditions for sustained growth. This is a currently fashionable idea which has it merits. Guido suspects it will be tricky to do… the Bank of England has not had many quarters where it has hit the inflation target,

Another proposal is for establishing a British Infrastructure Bank based outside the South East – an idea that was popular with John McDonnell. Guido can explain why private sector investment is not more evenly spread across the nation – investors are not convinced of the returns. Why not drop capital gains taxes for private investors in areas where infrastructure is wanted? Let the private sector take the risks and increase the rewards by relieving them of capital gains taxes. That reduces the probability of politically directed malinvestments.

Cutting employer’s National Insurance to get firms hiring again, reforms to planning rules (including fast-tracking reclassification of Green Belt), and a new generation of development corporations. Variations on policy proposals that always seem to be proposed and somehow never happen. Let’s see if an 80 seat majority overcomes the obstacles…

mdi-timer 23 June 2020 @ 14:55 23 Jun 2020 @ 14:55 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Sajid Offers Opposition Speech

Rishi managed to claim his budget today stuck within the Government’s fiscal rules by conveniently excluding emergency Coronavirus spending from any of the costings. Cheeky.

Instead of Jeremy Corbyn pointing this out in his rambling, half hearted response, it took Sajid Javid to offer a stark reminder to the Government from their own back benches. In a speech where he championed a smaller state along with reforms like ending the factory tax, he emphasised the importance of sticking to fiscal rules.

“The fiscal rules that we set out in our manifesto are important. Sticking to those rules in normal times is what separates us from the parties opposite.”

Grassroots Tories and free marketeers on the back benches will not be comfortable with the new spending stance…

mdi-timer 11 March 2020 @ 16:04 11 Mar 2020 @ 16:04 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Sajid Javid’s Resignation Speech in Full

Watch his properly Conservative, spending restraining, tax cutting resignation speech in full…

mdi-timer 26 February 2020 @ 12:58 26 Feb 2020 @ 12:58 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Number 10’s Cabinet Cull Compensation

Life’s not all bad for those who were unceremoniously relieved of their cabinet positions a week ago, as—seemingly in compensation—culled former cabinet ministers have received Parliamentary office upgrades. When Boris closes a door, he opens a swanky new office in PCH…

Andrea Leadsom has landed herself a shiny new fifth-floor office in sought after Portcullis House, as has Julian Smith. Sajid has moved to the same area too – although it’s debatable how much of an upgrade swapping the flat above Number 10 for a new office in PCH is…

mdi-timer 20 February 2020 @ 15:14 20 Feb 2020 @ 15:14 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Sajid’s Exit Transition Period Over

Removal vans spotted outside No. 11 this afternoon. Let’s hope Bailey’s strapped down in the back…

mdi-timer 20 February 2020 @ 13:11 20 Feb 2020 @ 13:11 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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