Former UK Chancellor Faces Investigation Over Lobbying Allegations
Date: 2024-02-11 Author: Dima Zakharov Categories: IN WORLD
Allegations and Investigation
Former UK Chancellor Philip Hammond, a vocal supporter of cryptocurrency, who held the position of Chancellor of the Exchequer of the United Kingdom from 2016 to 2019, might have breached lobbying rules concerning former ministers.
Financial Times Report
According to a report by the Financial Times dated February 9, 2023, in March 2021, Hammond played a role in facilitating communication between undisclosed Treasury officials and the then Financial Secretary to the Treasury John Glen, and the CEO of the crypto firm Copper, Dmitry Tokarev.
Denial and Explanation
Hammond denies considering his communication with Glen in spring 2021 as lobbying and claims he didn't ask the Economic Secretary to facilitate any meeting between the Treasury and Copper, deeming it inappropriate.
Official Denial
A spokesperson from the UK Treasury denies any wrongdoing, stating that Treasury officials meet with numerous crypto firms annually to better understand the sector and inform policy development for its proportionality and security.
Hammond's Concerns
In June 2022, Hammond publicly expressed concerns about the UK falling behind its competitors in the European Union regarding cryptocurrency regulation, citing issues with adaptability and regulatory capacity.
Conclusion
The situation surrounding Hammond's alleged lobbying activities continues to unfold as investigations may shed light on the extent of his involvement and potential breaches of lobbying regulations.
