Throughout his life and political career, Boris Johnson has believed the rules don’t apply to him. And as he marks his second anniversary as prime minister this weekend, it seems nothing’s changed.
It was a claim first made by one of his masters at Eton. And the view was reinforced as recently as last Sunday when he tried to dodge self-isolating after coming into contact with COVID-positive Sajid Javid.
Forced into a humiliating U-turn, Mr Johnson is spending his second anniversary as PM isolating at Chequers. So no chums, political cronies or family members to celebrate with him. Or so we’re told.
Image: Boris Johnson won the 2019 election with a pledge to ‘get Brexit done’
But, hey, there are worse places to self-isolate than the PM’s 16th century grace and favour mansion house in the Chilterns, a 1,500-acre hideaway with a tennis court and swimming pool.
Plenty of time for the PM to reflect on a tumultuous two years even by the standards of his rollercoaster life: a second divorce, a third marriage, another child and – of course – narrowly escaping death from COVID.
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Image: Boris Johnson was greeted by staff in Downing Street as he returned after winning the 2019 general election with a landslide majority of 80
As well as all that, he’s imposed three national lockdowns – so far – in England, held 57 coronavirus news conferences in Downing Street and introduced countless draconian rules and restrictions that have put him on collision course with Tory MPs and triggered several big backbench rebellions.
That’s after a Brexit war of attrition in his first year in which he shut down parliament illegally, kicked out 21 rebel Conservative MPs, won the Tories’ biggest election victory since Margaret Thatcher in 1987 and fulfilled his pledge to “get Brexit done”.
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Image: Boris Johnson met then US President Donald Trump in September 2019
It’s been two years in which he has hired – and fired – Dominic Cummings, broken a Tory manifesto pledge on overseas aid and been accused of breaking an international treaty on trade and ripping up his own Brexit deal on the Northern Ireland protocol.
After his brush with death, he’s become a fitness obsessive, declaring in a speech last year “My friends, I was too fat” and embarking on a punishing exercise regime involving early morning runs through London parks with his Jack Russell cross Dilyn.
Image: The prime minister posted a message on social media in April 2020 to say he had contracted COVID-19 – he was later hospitalised with the virus
He even – temporarily, perhaps – became a football fan during the Euros, wearing his England jersey over his shirt and tie at Wembley in a display that was denounced as a crime against fashion.
Is it really only two years ago that Mr Johnson entered 10 Downing Street on 24 July 2019 and vowed to prove the “doubters, doomsters and gloomsters” wrong over Brexit? Oh, and he also promised to “fix the crisis in social care once and for all”.
Image: Boris Johnson announced the first national lockdown on 23 March 2020
Two years on, we’re still waiting on social care, with the PM squabbling with his chancellor, Rishi Sunak, about how it should be paid for and a blueprint promised earlier this week now postponed until the autumn.
With no Commons majority to speak of in the summer of 2019, Mr Johnson dragged the Queen into the Brexit row by proroguing parliament, a move later ruled unlawful by the Supreme Court.
Image: In February 2020 a family court judge approved a financial settlement between Boris Johnson and his ex-wife Marina Wheeler
He then suspended 21 pro-European Tory MPs, including two former Chancellors of the Exchequer – Ken Clarke and Philip Hammond – and his hero Winston Churchill’s grandson, Sir Nicholas Soames.
But after Labour dropped its opposition to a general election, he called a poll for 12 December. And after a typically flamboyant Johnson campaign involving a bulldozer and a pledge of an “oven-ready” deal on Brexit, he won an 80-seat majority.
Image: The prime minister’s now wife Carrie Johnson moved into Number 10 with him when he took up the role
Jeremy Corbyn’s Labour Party was crushed as the Conservatives won seats in a so-called “Red Wall” in the north of England and the midlands that had been held by Labour for generations. British politics had been turned upside down.
On 31 January 2020, the UK finally left the European Union. But even now the battles between London and Brussels over the small print of the deal are still raging, with the Northern Ireland protocol disagreement no closer to being resolved.
Image: Boris Johnson and Carrie Johnson announced the birth of their son Wilfred on April 29 2020
In February last year it was all change for the PM: Sajid Javid quit as chancellor after Mr Cummings told him to sack his advisers, Mr Johnson was divorced from his long-suffering wife Marina Wheeler and 11 days later he announced that he and his girlfriend Carrie Symonds were engaged and expecting a baby.
What could possibly go wrong? Well, nearly everything, as it turned out.
Image: The couple adopted Dilyn the Jack Russell cross in 2019
In March COVID-19 was declared a pandemic by the World Health Organisation, Mr Johnson was forced to announce the first lockdown in England, in a grim TV address to the nation, and then he tested positive.
But the drama was only just beginning. The day after Sir Keir Starmer was elected Labour leader, the PM was admitted to hospital for a week, including three nights in intensive care. Two weeks after he left hospital, Carrie gave birth to a son, Wilfred.
Image: The prime minister met the Queen in person for the first time in over a year in June
Lockdown measures were eased in May, but the PM’s whole COVID strategy was undermined by Mr Cummings making a lockdown-busting trip to Durham, including a drive to nearby Barnard Castle, he claimed, to test his eyesight.
Although it was the beginning of the end for the maverick Mr Cummings, the PM should have fired him there and then. Instead, the soap opera reached a climax – or nadir – with an excruciating news conference by Mr Cummings in the Downing Street garden.
Image: The PM’s former senior aide Dominic Cummings left Downing Street in November 2020 and the pair have since been engaged in a war of words
It was November, after a second lockdown in England, before Mr Cummings left Number 10, carrying a cardboard box containing his belongings. Also ousted was the PM’s spin doctor, Lee Cain, in what the pair claim to this day was a coup masterminded by the PM’s fiancée.
Meanwhile, the PM was earning a reputation for COVID U-turns by easing lockdown measures in England in December, only to cancel Christmas, bring in tough new rules and then a third national lockdown – including shutting schools – in early January as the UK death toll topped 100,000. There has been criticism, too, of COVID contracts being awarded to Tory cronies.
Image: Allegra Stratton was soon appointed as the Downing Street Press Secretary
But then came the vaccine breakthrough: the best news for the PM throughout the whole coronavirus crisis. Even his harshest critics wouldn’t begrudge him the success of the government’s rolling out of the vaccination programme.
The Tories also enjoyed what looked like a vaccine bounce in the opinion polls, although a new poll on the day of the PM’s second anniversary, in the i newspaper, suggests his vaccine bounce may now be ending, with his approval rating slipping into negative territory after a jab high three months ago and a majority now believing he is “dishonest, inconsistent and disorganised”.
And he has used this success to his considerable political advantage. “We vaccinate, he vacillates,” Mr Johnson has taunted Sir Keir several times during Prime Minister’s Questions this year. And the Tories have enjoyed what looks like a vaccine bounce in the opinion polls.
Image: Chancellor Rishi Sunak announced on social media that he would not be taking part in a Test and Release pilot scheme and would instead self-isolate for 10 days
But as well as criticism for coronavirus U-turns, the PM has also come under fire over his financial arrangements and who is paying for his luxury lifestyle: a holiday in the millionaires’ playground of Mustique at Christmas/New Year 2019-20 and a costly makeover for the Downing Street flat, above Number 11, where he, Carrie, Wilfred and the dog live.
On the Mustique holiday, he was criticised by the Standards Committee for failing to ascertain who paid for it. And on the flat, his own ethics adviser, Lord Geidt, found that he acted unwisely over its funding.
Image: Both Boris Johnson and Rishi Sunak were identified as close contacts of Health Secretary Sajid Javid when he tested positive for coronavirus
More criticism of the PM came last month when the Health Secretary Matt Hancock was exposed by a video of what the Sun called a “steamy clinch” with his close aide, Gina Colandangelo, in his Whitehall office.
The matter was closed, the prime minister declared. Oh no it wasn’t! Barely 24 hours later, Mr Hancock was out, replaced by Mr Javid. Bad judgement by Mr Johnson once again, his critics said.
And last Sunday’s abrupt U-turn on self-isolating? Everything we know about the PM and the chancellor suggests it was prompted by Mr Sunak insisting that dodging the rules was wrong and he wanted no part of it.
Image: Matt Hancock resigned as health secretary after breaking COVID rules with his aide in his Department of Health and Social Care office
There’s a common theme here – a casual relationship with the truth and a disdain for the rules – throughout Boris Johnson’s two years as prime minister, although it began much earlier.
Remember, as well of the recollection by his old Eton schoolmaster, he was sacked from The Times for making up a quote and from the Tory front bench by Michael Howard for lying about an affair.
When it was revealed he had a late-night row with Carrie Symonds at her flat two years ago, photos of his battered old car revealed unpaid parking tickets piled up against the windscreen.
Image: Boris Johnson has defended Home Secretary Priti Patel as she faced bullying allegations in his first two years in office
And there’s a story of him being chased off a tennis court in a London park by an attendant because he hadn’t paid his £10 fee.
Trivial anecdotes, certainly, but revealing about the PM’s character, critics claim.
So far, however, despite Sir Keir claiming this week the “road will run out” for the PM because the public believe in “integrity, honesty and accountability” and the left-wing Labour MP Dawn Butler being thrown out of the Commons for accusing him of lying, voters don’t seem to care.
Image: Speaker of the House of Commons Lindsay Hoyle has angrily reprimanded Downing Street multiple times for giving a COVID-19 news briefings before addressing MPs
To his supporters, he’s their hero who won the Brexit referendum, who won the Tories their biggest Commons majority since the glory days of Margaret Thatcher in the 1980s and who succeeded where Theresa May failed and got Brexit done, as he promised.
Two years from now, with the Fixed Term Parliaments Act repealed, Mr Johnson could be leading the Conservatives into another general election campaign. And if the voters are still forgiving or simply don’t care about all the criticisms about his dodgy boasts and ignoring the rules, he could prove his critics wrong once again.
China’s foreign ministry has hit back at what it called “unfounded” accusations of spying in Westminster, saying it has “no interest” in gathering intelligence on the UK.
Yesterday, the security service MI5 sent a warning to MPs and peers about two recruitment headhunters who are working for Chinese security services.
They are Amanda Qiu of BR-YR Executive Search and Shirly Shen of the Internship Union.
But speaking in response to a question by Asia correspondent Helen-Ann Smith, Chinese foreign ministry spokesperson Mao Ning replied: “China has repeatedly made clear its solemn position on this matter.
“We firmly oppose such unfounded allegations and the exaggerated portrayal and sensationalism that project one’s own biases onto others.
“Judgements based on erroneous information will only lead astray.
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Ms Mao added: “China never interferes in the internal affairs of other countries, nor does it have any interest in gathering so-called intelligence on the British parliament.”
Chinese spying accusations may signal thorny period ahead
It is China’s standard playbook to outright deny allegations of spying.
But given that it’s common knowledge countries spy on each other, and given the recent spate of allegations of this nature, it might feel a little far-fetched for China to stick so rigorously to the position that the UK is just making it all up.
Not so, says Mao Ning, the spokesperson for China’s Ministry of Foreign Affairs.
When I put it to her, she said that these allegations are, in fact, a “projection of one’s own biases on to others”, and that China doesn’t “have any interest in gathering so-called intelligence on the British parliament”.
That is almost certainly not true. China is commonly understood to run a highly sophisticated espionage operation.
But, in a way, the truth or untruth might be immaterial to the impact on the bilateral relationship.
While the UK government may seek to send strong signals amidst criticism that it’s being too soft, China really does not appreciate this type of laundry being aired in public.
It may well signal a thorny period ahead.
In a message seen by Sky News about parliamentary staff, MPs and peers were warned that the MI5 alert “highlights how the Chinese Ministry of State Security (MSS) is actively reaching out to individuals in our community”.
The message continued: “Their aim is to collect information and lay the groundwork for long-term relationships, using professional networking sites, recruitment agents and consultants acting on their behalf.”
Security minister Dan Jarvis later said in a statement to parliament that “China has a low threshold for what information is considered to be of value, and will gather individual pieces of information to build a wider picture”.
He added: “Let me speak plainly. This activity involves a covert and calculated attempt by a foreign power to interfere with our sovereign affairs in favour of its own interests, and this government will not tolerate it.”
The government made a statement in the House of Commons following the revelations, saying it would take all “necessary measures” to protect the UK.
Westminster employees were warned that two individuals were both known to be reaching out on LinkedIn to “conduct outreach at scale on behalf of MSS”.
This latest warning comes after the collapse of a prosecution of two people suspected of spying on behalf of China.
The previous spying allegations led to controversy over how the government under Labour responded to the Crown Prosecution Service’s requests for evidence.
Sir Keir Starmer sought to blame the previous Conservative government for the issues, which centred on whether China could be designated an “enemy” under First World War-era legislation.
Sir Keir has sought to keep relationships with Beijing somewhat warm, highlighting the value of China as a trading partner.
New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
The New Hampshire State House in Concord. Source: Wikimedia
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
New Hampshire dives headfirst into crypto
The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.
Global bank regulators are preparing to revisit their most stringent crypto rules after the United States and the United Kingdom refused to implement them, a move that threatens to unravel the long-standing consensus of the Basel Committee.
In an interview with the Financial Times, Erik Thedéen, the governor of the Swedish central bank and chair of the Basel Committee on Banking Supervision (BCBS), said they may need a “different approach” to the current 1,250% risk weighting for crypto exposures.
According to global law firm White & Case, the application of the 1,250% risk weight means that credit institutions must hold their own funds of at least equal value to the amount of the respective crypto-asset exposure.
Under the existing framework, crypto assets issued on a permissionless blockchain, which includes stablecoins such as USDt (USDT) and USDC (USDC), receive the same 1,250% risk weighting used for the riskiest venture investments.
However, Thedéen acknowledged that the rapid growth of regulated stablecoins has changed the policy landscape. “What has happened has been fairly dramatic,” Thedéen told the Financial Times, adding that there is a strong increase in stablecoins and that the amount of assets in the system calls for a new approach.
“We need to start analysing. But we need to be fairly quick on it,” Thedéen added, floating questions over stablecoin risks and if there was an argument that could approach the assets in “a different way.”
Explicit resistance from major economies
The resistance felt from major economies is now more explicit. According to the FT report, the US Federal Reserve does not plan to implement the Basel crypto rules as written, with policymakers calling the capital charges unrealistic.
The Bank of England also signaled that it will not apply the framework in its current form. At the same time, the European Union has only partially implemented the 2022 standard, excluding key provisions that cover permissionless blockchains.
Citing anonymous sources, Bloomberg previously reported that the Basel Committee is preparing to revise its 2022 guidance next year to be more favorable to banks participating in crypto markets.
The report said that many banks interpreted the framework as a deterrent to engaging with cryptocurrency or stablecoin services.
The talks reportedly intensified as regulated stablecoins gained traction in the US, supported by US President Donald Trump and the passage of the GENIUS Act, which formally authorized the use of these assets in payments.
Stablecoin boom requires rethink of rules
Thedéen echoed the concerns in the FT report, saying that the increase in stablecoin adoption requires fresh analysis and a potentially more lenient stance.
However, he also said that reaching an agreement may be difficult as regulators are divided on core assumptions about crypto’s risk profile and the role of bank-issued digital assets.
“Going further than that at this point in time is difficult, because I’m the chair and there are so many different views in this committee,” he said
The divergence in policies creates a competitive imbalance for global banks. If EU banks remain bound by these mandates while the US and the UK operate under more lenient frameworks, the playing field becomes significantly tilted.
This imbalance would influence which jurisdictions can build bank-issued stablecoin products, tokenized deposits or even crypto custody solutions.