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Tuesday, 14 November 2017

Labour challenges Downing St on $2bn Saudi Aramco loan guarantee

Labour challenges Downing St on $2bn Saudi Aramco loan guarantee:

"Britain’s opposition party has flagged concerns about plans to provide a $2bn loan guarantee for Saudi Arabia’s state energy giant Saudi Aramco, which has emerged as London is vying to host a stock exchange listing for the world’s largest oil producer. John McDonnell, shadow chancellor, wrote to the government on Tuesday demanding answers on the proposed credit backstop, asking what conversations had taken place between ministers and their Saudi counterparts before the loan guarantee was agreed. In his letter to chancellor Philip Hammond, seen by the Financial Times, the Labour MP asked on what grounds and on what evidence the decision had been made, and whether it was in the interests of the British public."

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