Miliband keeps up the pressure on Stephen Green

Former HSBC head and Tory trade minister should answer questions in the Lords, says Labour leader.

In the Q&A session following his speech on policing this morning, Ed Miliband intensified the pressure on Conservative trade minister Stephen Green, who was head of HSBC at the time of the money laundering scandal. He called for Green to answer questions in the House of Lords (he sits as a Tory peer) on what he knew about the affair, which saw the bank used as a conduit for "drug kingpins and rogue nations".

"What happened at HSBC is frankly shocking," Miliband said.

In a similar vein, a leader in today's Times (£) notes that "It would be interesting to hear from Lord Green, a man who has great personal integrity and a strong ethical code, an account of how things at the bank went awry. The issues at stake here go beyond the role banks play in the economy to the role they play in society. Do they facilitate or inhibit crime? Do they enhance or undermine international security?"

But Downing Street is insistent that Green's position is safe. One source told the Telegraph: "As far as we are concerned, he’s not going anywhere – there are no allegations against him and all this information was already in the public domain."

But emails released by US senators as part of their investigation into HSBC show that Green was kept informed by the bank's then compliance chief David Bagley. In 2005, he was told there was "little doubt" that a transaction from Burma breached US government sanctions, raising the prospect of "a significant risk of financial penalty".

David Cameron may feel that the government can continue to brush aside questions on the subject, but as his handling of Andy Coulson and Lord Ashcroft showed, he has a tendency to underestimate scandal.

Trade minister and Conservative peer Stephen Green led HSBC from 2003-2010. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.