at the same time as the treasury select committee _ the same time as the treasury select committee dumpedial conduct authority is now looking into the collapse of the group _ now looking into the collapse of the group which could herald more trouble — group which could herald more trouble for it mr greensill ahead. the focus — trouble for it mr greensill ahead. the focus on mr cameron. more remarkable messages over and over again— remarkable messages over and over again to _ remarkable messages over and over again to ministers remember at the time grappling with the start of the pandemic— time grappling with the start of the pandemic that they were bombarded with texts— pandemic that they were bombarded with texts and whatsapp messages by a former— with texts and whatsapp messages by a former prime minister basically trying _ a former prime minister basically trying to— a former prime minister basically trying to drum up business for a firm _ trying to drum up business for a firm from — trying to drum up business for a firm from whose location he stood to -ain firm from whose location he

as you said to the treasury select committee he was an i office. and he told the audience he is sorting out the whole supply—chain issue for us. so you clearly knew him quite well by that stage. that's 2014. three years on. but you recall liam fox's for registration measure to you over to his unpaid friend and in that ledger he said he had mistaken about his personal and professional responsibilities to become learned, do you think perhaps the same happened? not at all, because my recollection is that— not at all, because my recollection is that between 2011 when mr greensill arrived in the government and between the time i stopped being prime _ and between the time i stopped being prime minister, i'm pretty certain i met him _ prime minister, i'm pretty certain i met him no— prime minister, i'm pretty certain i met him no more than twice, and i think— met him no more than twice, and i think two— met him no more than twice, and i think two times were when we met to discuss _ think two times were when we met to discuss the _ think two times were when

now, i think we can hear actually from the treasury select committee that were questioning lex greenses such as my own. would you agree with me that there _ businesses such as my own. would you agree with me that there is _ businesses such as my own. would you agree with me that there is a _ businesses such as my own. would you agree with me that there is a rager - agree with me that there is a rager -- major— agree with me that there is a rager -- maior bris— agree with me that there is a rager —— major bris care that using a ion machine _ —— major bris care that using a ion machine learning to rapidly expand credit— machine learning to rapidly expand credit on— machine learning to rapidly expand credit on a — machine learning to rapidly expand credit on a huge scale that the risks— credit on a huge scale that the risks of— credit on a huge scale that the risks of such a business model, indeed — risks of such a business model, indeed the _ risks of such a business model, indeed the risk are inherent in any kind of— indeed the risk are inherent in any kind of use — indeed the risk ar

it comes as the treasury select committee published text from the former prime minister david cameronor the collapse of his company. responsibility for the collapse of his coman . , ., ., his company. please understand that itake his company. please understand that i take complete _ his company. please understand that i take complete responsibility - his company. please understand that i take complete responsibility for i i take complete responsibility for the collapse of greensill capital. iron desperately saddened that more than 1000 very hard—working people have lost their jobs than 1000 very hard—working people have lost theirjobs at greensill capital. —— i am desperately saddened. i take full responsibility for any hardship being felt by our clients and their suppliers, and, indeed, investors in our programmes. it is deeply regrettable that we were let down by our leading insurer whose actions assured greensill capital�*s collapse and indeed by some of our biggest customers. to all of those affected by this, i�*m truly sorry. all of those affected by this, i'm truly sorry-— all o

and that was david cameron being grilled at the treasury select committee this afternoon by angela eagle rushanara ali, who you may be able to guess are all labour mps. now, gavin, i actually thought we didn't learn a huge amount more about what actually went on in all of this. but actually, david cameron did seem to be suggesting that there be some changes to how former prime ministers behave when they become former prime ministers, maybe a new committee that scrutinises their jobs, maybe a longer time frame before they can do stuff. do you think that is much needed? do you think that's what should be introduced? so i do think this is looking at, but i don't think it'sjust about former prime ministers, actually. i think that the whole system by which we regulate what people who worked right at the centre of government can do afterwards. and he's looking at the key, i think, is what laura was talking about earlier, which is transparency, first of all, that i think works both ways. it both enables you, your profession, to see what people are doing, and to ask questions if you think there'

this is the treasury select committee in parliament looking into this, the collapse of greensill capitale tough enough when it comes to regulating what former ministers and prime ministers can do after they've left office. whether or not they are using their contact, influence, and connections to friends still in power as a fair —— in a fair and transparent way. this story came out after very good journalism by the financial times and the sunday times. that's why we are talking about it. that's why lex greensill was brought in front of a committee. that's why david cameron will be brought in front of the same select committee on thursday. if greensill capital hadn't gone bankrupt, presumably this wouldn't be a story, and we wouldn't know what kind of lobbying david cameron had been doing. exactly. that's why the focus is on this company. if it had stayed afloat, got the insurance backing it needed to carry on, and if the government had decided that it should be part of this scheme, and the supply chain financing was something it was interested in using within government to pay the bills

is where we will end our coverage of the treasury select committee, with the treasury select committeee that we make that 2013 —— the 21st ofjune date is first around fixing the financial support so people don't have that terrible dilemma between doing the right thing for public health and their own family's financial circumstances, but secondly, the awful situation that we've got, in terms of our borders. now, the government has been slow on board is, frankly, throughout the pandemic. it was slow to a formal quarantining system, slow to hotel quarantining. we now have this shambolic situation of the amber list, which desperately needs to be sorted out, because of course the presence of variance is another fact of the prime minister has to take in account when looking at that 21st of june date, so the government has to act now to make sure they are in the best position on 21st ofjune. taste best position on 21st ofjune. we have 'ust best position on 21st ofjune. we have just heard france is going to ban nonessential travel from the uk from monday because of their fears about the so—cal

think there is no doubt that in particular from the release earlier in the afternoon by the treasury select committeeormer colleagues in the treasury and downing street to try to get them to change the rules around various covid borrowing schemes by the bank of england. the benefits of green silk capital, which is the supply chain finance happening that is now being worked for. when we broke that story a few days later by the sunday times, it revealed that they were directly texting rishi sunak at the chancellor. we had no idea about the extent of these communications and the documents which came out today showing that it was something like 57 instances of cameron leaning on ministers, cabinet ministers, chancellor, his old friend orfrenemy, michael gove, cabinet office secretary, and as well as various officials, and some of these messages have a kind of chummy tone. some of these messages have a slightly desperate tone. as one in particular where the home secretary of the treasury, david cameron, says he things it's bonkers that they are not doing what he wants, and said that he is going to get on

let's hear how he responded to a question from a labour member of the treasury select committee. at high rest at at investors. mr; selling bonds at high rest at at investors. ~ , selling bonds at high rest at at investors— selling bonds at high rest at at investors. g , ., selling bonds at high rest at at investors. y , ., ., , investors. my view is what i did was make a choice _ investors. my view is what i did was make a choice to _ investors. my view is what i did was make a choice to work _ investors. my view is what i did was make a choice to work for _ investors. my view is what i did was make a choice to work for a - investors. my view is what i did wasl make a choice to work for a business that i hope will be a uk fin tech success story. many people thought it would now want to help that company grow and expand. what i did at the beginning of the crisis, was put to a government what i genuinely believed to be a good idea to get money into the hands of small businesses and get bills paid early. panic buying is a weird phenomenon. at the start of the pandemic, it was toilet

bank of england and governor daily and including those that appeared other than how the treasury select committee playing into that central bank orthodoxy of mainly suggesting it will be transitory. that will probably play out in the context of the u.k., but inflation is on a much higher plane in the u.k. relative to other developed markets. the bank has to be mindful of that, but nevertheless, the bank of englund have shown a tendency historically to be able to look through a spike in inflation i suspect that is what they will do this time around. but the narrative in terms of the consumer rebound, we will see that in the distributed trade survey later today. validate that sterling has a potential upside irrespective of the inflationary concerns. anna: another thing the bank of england was asked about yesterday, thinking of governor bailey, cryptocurrencies. governor bailey describing crypto as dangerous. saying he is skeptical about it. it has currency in the name. your thoughts on where we got sue in the crypto narrative, because there has been lots of volatility. a lot of attention on it, a l

the usda's treasury select committee is looking to learn what lessons -- looking into what lessons canfrom the demise of the lender. >> every asset we sold was correctly described, and that information was prepared and made available to our investors, to our auditors, and to our regulators. they had full and complete information at all times. laura: that is the bloomberg business flash. anna: thanks. coming out, healthy numbers. merck reports a strong third-quarter boosted by high demand for pandemic-related products. we speak to the company's cfo about that and other parts of the business. ♪ anna: welcome back. we still have 18 minutes to go before the start of equity trading. the german market boosted by equities stories we have had out this morning. it's focus in on the positives and the arming story across europe, particularly germany. merck reported a strong first quarter, beating estimates. its life science division site boost from pandemic-related products. joining us is merck's cfo. it is great to speak with you today. we will come to other parts of the business in a moment, bu

he is appearing in front of two different select committees today, so he will be answering questions for hours. the treasurywill speak to the public accounts committee. they are looking at greensill capital's business model, something called supply chain finance, which is where businesses got advanced money on the basis of invoices they were going to get paid in the future, and that is something david cameron brought into government, with lex greensill, when he was prime minister. so there are a host of areas for mps to ask questions about.— a host of areas for mps to ask questions about. a host of areas for mps to ask ruestions about. 1, _ ., ,., �*, questions about. boris johnson's new adviser on ministerial— questions about. boris johnson's new adviser on ministerial interests, i adviser on ministerial interests, lord geidt, he is also in front of a committee this morning, what more can you tell us about that �*s that is starting in about half an hour. lord geidt�*s previousjob was private secretary to the queen. somebody who worked completely in the background and had to be 100% discreet. it will be int

my question there really is, and one of the remits of our enquiry here at the treasury select committees isn't the right time to make this point, but there is a lot of innovation taking place that are taking things that banks tend to do quite badly and making it cheaper and more effective for our constituents. i take the example for example of remittances forced we all have many constituents who worked very hard and send some of the money home to families in other countries. for years, they placed high charges and poor service, and now technology, blockchain and other mechanisms, and companies like mons though and all the rest of it are making it that much easier. —— like monzo. so as we regulate better let's not lose the ability of technology and capital markets to deliver low—cost finance for people who can really benefit. i deliver low-cost finance for people who can really benefit.— who can really benefit. i certainly su ort who can really benefit. i certainly support that- _ who can really benefit. i certainly support that- l — who can really benefit. i certainly support that. i sh

well known in the commons, especially during the financial crisis because he chaired the treasury select committeeplace. it is his first state opening. he is ready for her majesty's arrival. the lord high chancellor. this is robert buckland qc. i think i am allowed to say that he is the second lord high chancellor to come from the welsh town of len exley —— llanelli. he is in his post and will be part of the procession again for the state opening. in view once again of the royal staircase and the lord high chancellor has arrived. and this is the scene outside. prince of wales and the duchess of cornwall being brought to the palace of westminster. they are pretty much on time. just passing parliament square and approaching the palace itself. and if we cross central london and if we go across st james's park central london and if we go across stjames's park and green park, this wonderfully green and beautiful part of central london, we can see buckingham palace once again. approaching the sovereign's entrance. and in they go, ready for the procession a little later. the prince of wales and the duche

lex greensill l their giving evidence at the start of a treasury select committee into the lobbying scandaly. in fact, it was awful. but what gave us the strength to get through was there every day of evidence was another blow for the mod. we remain determined and is the truth was finally recognised by the court and the lies by the british government were laid bare for the world to see. it has taken us 50 years to get to this point. we are families from ballymurphy, but we have held the british government and the minister of defence to account today. the truth is more powerful than any government. we hope to date will give strength to all the other families who like ourselves are looking for truth and justice for their loved ones. it can be done, do not give up. you will succeed. today is all about correcting history. we welcome the immediate presence here today. many of you have supported us and helped us to have our voices heard. the media let us down in 1971. they accepted the army's version of events. and published terrible lies about our innocent family members. you, the media, have an