Weaver Vale MP ‘relieved’ Airbus not badly affected by Greensill collapse

Cheshire MP Mike Amesbury is ‘relieved’ Airbus has not been seriously impacted by the collapse of a finance giant that cost hundreds of jobs in his constituency.

Mr Amesbury is already angry Greensill Capital played ‘fast and loose’ with employees’ futures, leading to 305 redundancies at its Daresbury base after going into administration.

Now the Weaver Vale MP has discovered a knock-on effect for Airbus because Greensill provided swift access to cash for companies across a range of sectors including aerospace.

Airbus, which employs many of his constituents at its Broughton wing-making plant, has confirmed its banks had to step in to support firms in its supply chain.  

Mr Amesbury said: “The negative impact of this collapse is spreading through the economy like ripples on a pond. You start with the devastating consequences for the hundreds of workers who lost their jobs, many of whom have families to support.

“Then you look at the knock-on effects for other firms. I’m relieved Airbus appears to be safe given hundreds of jobs have already been lost due to the pandemic. But 5,000 jobs are at risk across the UK at Liberty Steel, with a potential impact on Airbus supplier Rolls Royce which needs speciality steel for its jet engines.   

“Closer to home, the landlords at Daresbury now have more than 60,000 sq ft of empty office space to re-let. What is the impact on other suppliers, like the company that cleaned the offices?

“The 300-plus job losses have taken millions of pounds of spending power out of the local economy overnight. A large chunk of that money would have been spent in local shops, pubs and restaurants.”

The Labour MP believes Greensill founder, Chester-based businessman Lex Greensill, and his adviser, former Tory prime minister David Cameron, should be held to account by Parliament for the damage wreaked on thousands of people.

He said: “The inquiry announced by the Government is designed to brush this whole embarrassing episode under the carpet. Instead it must be independent, legally binding and these characters need to come before Parliament where they can be held to account. No more cronyism, no more whitewashes.”

An Airbus spokesperson said: “Greensill supported Airbus as a broker (middle man) for a short-term financing mechanism of the supply chain.”

Confirming Airbus banks had stepped in to support its suppliers, company spokesman Justin Dubon added: “This platform is now up and running and no suppliers have been disrupted.”

Pictured - Weaver Vale Labour MP Mike Amesbury.