Nick Macpherson

This article is part of the Revolving Door project of Spinwatch.

Lord Nick Macpherson was the Permanent Secretary of the HM Treasury until he left his role in March 2016.

Revolving Door

British Land plc

Lord Macpherson sought advice from ACOBA on accepting an appointment as non-executive director of British Land plc.

'The Committee noted that the role would be a paid, part-time position, involving 12-18 days’ work per year. It is not likely to include any contact or dealings with either the Treasury or with Government more widely.

When considering this application the Committee took into account that Lord Macpherson had no contact with the company while in post; that HM Treasury had no concerns about the appointment and that eight months had passed since Lord Macpherson’s last day in Crown service.

The Prime Minister accepted the Committee’s advice that, in accordance with the Government’s Business Appointment Rules, the appointment be subject to the following conditions:

He should not draw on privileged information available to him from his time in Crown service; and

For two years from his last day in service, Lord Macpherson should not become personally involved in lobbying the UK Government on behalf of British Land plc, or make use, directly or indirectly, of his contacts in Government and/or Crown service to influence policy or secure business on behalf of British Land plc.'

The letter containing the final advice was sent in December 2016 and the appointment was taken up later that month.

Scottish American Investment Trust

Lord Macpherson sought advice on accepting an appointment as non-executive director of the Scottish American Investment Trust. The role would involve around six days’ work per year and would not include any contact with HMT or Government more generally.

'The Committee took into account that Lord Macpherson had no dealings with the Trust while in post. Neither did he have any contact with Baillie Gifford, the asset management firm that manages the Trust. HM Treasury has confirmed that, other than in relation to general tax policy, which affects all companies, he has had no direct involvement in policy making that could affect the Trust.

The Committee also took into account that HM Treasury had no concerns about the appointment and that nearly six months have past since Lord Macpherson’s last day in Crown service. The Prime Minister accepted the Committee’s advice that there was no reason why Lord Macpherson should not take up this position, subject to the following conditions:

He should not draw on (disclose or use for the benefit of himself or the organisation to which this advice refers) privileged information available to him from his time in Crown service; and

For two years from his last day in service, Lord Macpherson should not become personally involved in lobbying the UK Government on behalf of Scottish American Investment Trust or its parent company, Scottish American Investment Company plc, or make use, directly or indirectly, of his contacts in Government and/or Crown service to influence policy or secure business on behalf of Scottish American Investment Trust or its parent company.'

The letter containing the final advice was sent in September 2016 and the appointment was taken up later that month.

C Hoare & Co

Lord Macpherson sought advice on accepting an appointment as Chairman of C Hoare & Co, a small retail bank. This would be a part time role, involving around two days’ work per week, and would not include any contact with HMT or Government more generally.

The Committee noted the following facts about HMT’s relationship with banks:

'While HMT sets the overall legislative framework within which banks operate, it has no role in regulatory decisions as regards individual banks;

Decisions concerning the Prudential and Conduct Regulation of banks are taken by the PRA and FCA respectively;

These regulators have statutory independence from HMT, with their own boards and independent decision making processes;

On tax, HMT sets the overall tax regime, but has no role in the tax affairs of individual companies, which are handled by HMRC completely independently of HMT.

The Committee noted that HMT had contacted potential competitors of C Hoare & Co about this move, none of whom raised any concerns.'

The response of the Committee was positive:

'The Prime Minister accepted the Committee’s advice that there was no reason why Lord Macpherson should not take up this position, subject to the following conditions:

A waiting period of three months from his last day in Crown service;

He should not draw on (disclose or use for the benefit of himself or the organisation to which this advice refers) privileged information available to him from his time in Crown service; and

For two years from his last day in service, Lord Macpherson should not become personally involved in lobbying the UK Government on behalf of C Hoare & Co or its clients, or make use, directly or indirectly, of his contacts in Government and/or Crown service to influence policy or secure business on behalf of C Hoare & Co.'

The letter containing the final advice was sent in July 2016 and the appointment was announced that month.