Home NEWS Science Shadow chancellor calls for transparency over UK’s $2bn loan to Saudi Aramco 

Shadow chancellor calls for transparency over UK’s $2bn loan to Saudi Aramco 

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Labour’s John McDonnell has written to Chancellor Philip Hammond calling for more transparency over the Government’s attempts to secure the listing of Saudi Aramco in London.

It comes after it emerged last week that the UK Government had offered Saudi Aramco, the Saudi Arabian state-backed oil giant, a $2bn (£1.5bn) loan guarantee amid a tightening race to host what could be the world’s largest initial public offering.

In a letter, seen by The Daily Telegraph and sent on Tuesday, Mr McDonnell, the shadow chancellor, said a “number of questions have arisen from the Government’s reported attempts to secure London as the location of the scheduled IPO of 5pc of that business”.

He asked “on what grounds and based on what evidence” had the Treasury assessed that guaranteeing the loan would be in the interests of the British public, and questioned whether the decision to offer the loan guarantee was in any way influenced by attempts to secure the Saudi Aramco offering.

Mr McDonnell called for all correspondence between Mr Hammond, his cabinet colleagues and Treasury officials and UK Export Finance, the body which provided the credit guarantee, to be published, and asked whether any of the cabinet had made representations to the FCA or London Stock Exchange for a loosening of regulations.



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