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Jacob Rees-Mogg has declared his confidence in the governor of the Bank of England, but disputed that pension funds are at “systemic” risk.

Speaking to Sky News, the business secretary said “of course” he has confidence in Andrew Bailey, describing him as “respected”.

He questioned, however, whether there was a “systemic problem” with pensions after the Bank of England expanded its market intervention to help pension funds for the second time in two days on Tuesday by buying up index-linked gilts.

Bank confirms market support to end – politics latest

The Bank had warned of a “material risk to UK financial stability” with “fire sales” of assets if it did not act.

The business secretary said that on the whole, pension funds “aren’t at risk”, but added: “Some pension funds have taken some high risk investments.”

He told Sky News that the “rightly independent” Bank intervened to protect these “risky investments”.

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The Bank confirmed yesterday that its emergency support operation to protect pension funds would end this week.

Mr Rees-Mogg repeatedly refused to be drawn on whether the Bank was right to signal an end to its market intervention.

“I’m not going to criticise the Bank of England or the governor,” he said. “It is not for me to speculate on what the Bank of England is doing.”

He also insisted to Kay Burley that parts of the economy were in a “good state” as he admitted that after the economic turmoil of recent weeks his own mortgage payments have gone up.

“Mortgage rates have gone up for everyone who has a mortgage, and I have a mortgage,” he said.

“Any floating rate mortgages have gone up.”

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Kwarteng’s options for national debt

‘Be careful about forecasts’

Earlier this morning, new Office for National Statistics figures indicated that the economy shrank by 0.3% between July and August, a fall from downwardly revised growth of 0.1% the previous month.

Mr Rees-Mogg urged caution in interpreting them.

“The previous quarter’s figure showed a contraction [and] was then revised to show economic growth. So, be very careful about how you interpret figures immediately after they’re released,” he told Sky News.

“It’s a small amount of a very large economy, but these figures are notorious for being revised afterwards.”

The business secretary also refused to indicate his own view on whether benefits should rise in line with inflation, an issue that has split the Conservative Party.

“We haven’t yet had the inflation figure on which benefits will be set. So, that is something that will be decided once the figure is available,” he said.

“Most predictions, most economic forecasts, turn out to be inaccurate rather than spot on. So, one has got to be careful about forecasts.”

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Are we set for another era of austerity?

‘Routine decision-making’

Mr Rees-Mogg said the decision on benefits would be made once inflation figures come out.

“There is a process for making this decision,” he said.

“The statutory instrument has to be laid in November to put through the increase. That will be done in the normal way. This is completely routine governmental decision-making.”

In the Commons on Tuesday Julian Smith, a former cabinet minister, warned Kwasi Kwarteng, the chancellor, that the government must not balance tax cuts “on the back of the poorest people in our country”.

The government has already been forced to abandon plans to scrap the top 45p rate of tax in the face of a threatened revolt.

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Liz Truss, the prime minister, will face MPs in the Commons on Wednesday for the first time since Mr Kwarteng’s £43bn tax-cutting mini-budget caused economic turmoil.

On Tuesday, the International Monetary Fund warned that Mr Kwarteng’s package of unfunded tax cuts was making it harder for the Bank to get soaring inflation rates under control.

The Institute for Fiscal Studies has warned the chancellor he will have to find £60bn in public spending cuts if he persists with his tax plans.

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Three men jailed for plotting to murder £54m Securitas robber Paul Allen

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Three men jailed for plotting to murder £54m Securitas robber Paul Allen

Three men have been jailed for a combined total of 99 years for plotting to murder a member of a gang that carried out Britain’s biggest-ever cash robbery.

Paul Allen, 46, was shot twice as he stood in his kitchen in Woodford, east London, on 11 July 2019.

He was a member of the Securitas heist gang that stole £54m from a cash depot in Tonbridge, Kent, in 2006.

The former cage fighter was living in a large detached rented house with his partner and three young children after being released from an 18-year prison sentence over the raid.

The attack at his home has left him paralysed from the chest down.

Louis Ahearne, 36, Stewart Ahearne, 46, and Daniel Kelly, 46, denied conspiring to murder Allen but were found guilty last month following a trial at the Old Bailey.

The trio were sentenced at the Old Bailey in central London on Friday.

Kelly was sentenced to 36 years in prison and an extra five years on licence, Louis Ahearne was jailed for 33 years, and his sibling Stewart Ahearne – 30 years.

Damage to the kitchen door.
Pic: Met Police/PA
Image:
Damage to the kitchen door. Pic: Met Police/PA

A bullet casing found in the back garden. Pic: Met Police
Image:
A bullet casing found in the back garden. Pic: Met Police

Prosecutors did not give a motive for the murder plot, though they described the victim as a “sophisticated” career criminal.

Detectives said the shooting could seem like “the plot [of] a Hollywood blockbuster” but added it was actually “horrific criminality” from “hardened organised criminals”.

In her sentencing remarks, the judge said she believed the trio “were motivated by a promise of financial gain”.

Judge Sarah Whitehouse KC said: “I have no doubt that this agreement to murder Paul Allen involved other people apart from the three of you and that you three were motivated by a promise of financial gain.

“The culpability of each one of you is very high.

“The harm caused to the victim was very serious – indeed, short of killing him it could hardly be more serious. He is currently paralysed and relies on others for every single need.”

The shooting was just the latest act in a long list of criminal deeds. The day before, Kelly and Louise Ahearne used a rented car to carry out a burglary in Kent, accessing the gated community by pretending to be police officers.

A month before that, the trio had stolen more than $3.5m (£2.78m) worth of Ming dynasty antiques from the Museum of Far Eastern Arts in Geneva, for which the Ahearne brothers had been jailed in Switzerland.

Kelly is also wanted in Japan over the robbery of a Tokyo jewellery store in 2015 in which a security guard was punched in the face.

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Claire Chick: Paul Butler jailed for life for murdering Plymouth university lecturer

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Claire Chick: Paul Butler jailed for life for murdering Plymouth university lecturer

A man has been jailed for life for the murder of university lecturer Claire Chick.

Paul Butler was sentenced to a minimum term of 27 years for killing his estranged wife after a six-month campaign of stalking and harassment when he refused to accept their relationship was over.

Ms Chick, 48, was found seriously injured on West Hoe Road in Plymouth just before 9pm on 22 January. She was taken to hospital, but died the next day.

Previously known as Claire Butler, Ms Chick worked at the University of Plymouth.

Paul Antony Butler.
Pic: Devon & Cornwall Police
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Paul Butler has been jailed for murder. Pic: Devon & Cornwall Police


She died after a frenzied attack outside her home – the attack a culmination of months of harassment, stalking and violence at the hands of Butler.

Following her death, Devon and Cornwall Police made a referral to the police watchdog due to previous contact prior to her death.

Jo Martin KC, prosecuting, said Ms Chick had made six statements to the police about Butler and he had been arrested three times.

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In her final statement to police the day before he killed her outside her own home, she said: “I only feel that Butler will kill me if further action is not taken. I am in fear of leaving my house.”

Butler was arrested around 20 miles away in the Liskeard area on 24 January.

He was sentenced on Friday at Plymouth Crown Court, having previously pleaded guilty to murder, and to one charge of possession of a bladed article.

‘I loved Claire’

The family of Ms Chick told the court how her murder left a “huge void” in their lives.

Her eldest daughter, Bethany Hancock-Baxter, described Butler as “evil”.

She said: “I want this evil man to listen to me. I want you to know what you have done to us as a family.

“Despite all the hate I have for you, I cannot bring myself to do what you did to my mum – that’s because I am not evil like you.”

Her sister, Lydia Peers, said Butler was a “parasite”.

After her short-lived marriage to Butler, Ms Chick began a relationship with another man, Paul Maxwell.

Mr Maxwell spoke from the witness box and repeatedly stared at the defendant as he spoke. Butler stared back at him.

“I loved Claire. She was beautiful, funny and kind,” Mr Maxwell said.

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Vincent Nichols: British cardinal who will be in the conclave says picking the next pope is ‘intimidating’

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Vincent Nichols: British cardinal who will be in the conclave says picking the next pope is 'intimidating'

The head of the Catholic Church in England and Wales has told Sky News it’s “intimidating” to be one of those responsible for choosing the next pope.

Vincent Nichols is among four UK cardinals in Rome for the Pope’s funeral on Saturday.

Following the funeral, and after nine days of mourning, cardinals from around the world will gather in the Vatican’s Sistine Chapel to cast their votes, with white smoke announcing to the world when a new pope has been elected.

Cardinal Vincent Nichols with Anna Botting
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Cardinal Vincent Nichols speaks to Sky’s Anna Botting

Cardinal Nichols told Sky’s Anna Botting: “I hope nobody goes into this conclave, as it were, with the sole purpose of wanting to win. I think it’s very important that we go in wanting to listen to each other… It has to be together, trying to sense what God wants next. Not just for the church.”

He described the procession that took Pope Francis to lie in state as “the most moving thing I’ve ever attended here”.

Describing the Pope as a “master of the gesture and the phrase”, he also recalled the pontiff’s last journey away from the Vatican.

Cardinal Nichols said Pope Francis had visited the Regina Coeli prison, telling the inmates: “You know, except for the grace of God, it could well have been me … Don’t lose hope, God has you written in his heart.”

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‘Pope touched the hearts of millions’

The Pope later told his doctor his last regret was not being able to wash the feet of the prisoners during that visit.

Becoming emotional, he also said the final message he would like to have given Pope Francis is “thank you”.

The 88-year-old died peacefully on Easter Monday, the Vatican confirmed.

Heads of state – including Sir Keir Starmer, Donald Trump, Volodymyr Zelenskyy and Emmanuel Macron – have all confirmed their attendance at his funeral, which takes place on Saturday at St Peter’s Square.

Prince William will attend on behalf of the King, Kensington Palace has said.

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Where will Pope Francis be buried?

Talking about the seating plan at the funeral, Cardinal Nichols said he understood it to be “royalty first, then heads of state, then political leaders”.

Worldwide geopolitical tensions mean that many eyes will be on interactions between heads of state at the event, with particular focus on Donald Trump and Volodymyr Zelenskyy following their tense meeting at the Oval Office in February.

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Pope’s cause of death confirmed .

Looking back at the last papal funeral, Cardinal Nichols described the seating of the then Prince Charles one seat away from Zimbabwean present Robert Mugabe as “obviously a little bit tense”.

Cardinal Nichols explained event would be “exactly the same Catholic rite as everyone else – just on a grander scale”.

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3D map shows pope’s funeral route

In a break from tradition, Pope Francis will be the first pope in a century to be interred outside the Vatican – and will instead be laid to rest at his favourite church, Santa Maria Maggiore Basilica in Rome’s Esquilino neighbourhood.

He will also be buried in just one simple wooden coffin, instead of the traditional three coffins which are usually used for pontiffs.

Born in Crosby near Liverpool, Cardinal Vincent Nichols hoped to be a lorry driver as a child – but as a teenager reportedly felt the calling to join the priesthood while watching Liverpool FC.

As cardinal, he is known for leading the church’s work tackling human trafficking and modern slavery, for which he received the UN Path to Peace Award.

He was criticised by the UK’s Independent Inquiry into Child Sexual Abuse, which said he “demonstrated a lack of understanding” of the impact of abuse and “seemingly put the reputation of the church first”.

Cardinal Nichols, responding to the findings, previously told Sky News he was “ashamed at what has happened in the context of the Catholic Church” and promised to improve the church’s response.

He has appeared to rule himself out of the running for pope, telling reporters he was “too old, not capable”.

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