Jacob Rees-Mogg says he has ‘confidence’ in Bank of England governor Andrew Bailey but disputes pension funds ‘at risk’
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”.
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.
A woman who accused Conor McGregor of raping her has said “justice has been served” after she won her civil case against the Irish mixed martial arts fighter.
Nikita Hand has been awarded €248,603 (£206,000) in damages after a jury at Dublin’s High Court found McGregor assaulted her in a Dublin hotel in 2018.
McGregor, 36, made no comment as he swiftly left court following the decision on Friday evening.
He had previously told the court he had consensual sex with Ms Hand in a penthouse at the Beacon Hotel in December 2018.
Speaking outside court after the decision, an emotional Ms Hand said the weeks of her civil case against the fighter have been a “nightmare” and has impacted not only her life but her daughter’s, friends and loved ones.
“I would like to start off by saying I’m overwhelmed and touched by the support I have received from everybody,” the mother-of-one said.
Ms Hand said the civil case had been a ‘nightmare’. Pic: Brian Lawless/PA
“It’s something that I’ll never forget for the rest of my life.
“Now that justice has been served, I can now try and move on and look forward to the future with my family and friends and daughter.”
Addressing other victims of sexual assault, Ms Hand continued: “I hope my story is a reminder that no matter how afraid you might be: Speak up, you have a voice and keep on fighting for justice.
“You can stand up for yourself if something happens to you – no matter who the person is – and justice will be served.”
McGregor and partner Dee Devlin leave the High Court. Pic: Brian Lawless/PA
Ms Hand told the court McGregor pinned her to a bed, choked her three times and “brutally raped and battered” her.
The civil court jury was told she was left with extensive injuries, including purple and blue bruising along her hands and wrists, a bloodied scratch to her breast and tenderness to her neck.
But lawyers for the fighter contested the lawsuit and accused her of attempted “extortion”.
They pointed to CCTV footage of Ms Hand arriving at and leaving the hotel with McGregor and a second man, James Lawrence, whom she also accused of sexual assault.
Both McGregor and Lawrence denied any wrongdoing. While Ms Hand won her case against McGregor, she lost her claim against Lawrence.
On Monday, McGregor’s legal team told jurors it did not matter if they did not like or even loathed the famous fighter, urging them to look at the evidence and not his character.
McGregor and Ms Hand knew each other and had occasionally been in contact on social media, the civil trial heard.
Before the assault, Ms Hand had contacted the fighter, who picked up her and a friend in his car.
McGregor “came on to her”, but she did not want to have sexual intercourse with him as she was on her period, the court heard.
World
Arrest warrants issued for Israeli PM Netanyahu and former defence secretary Gallant and senior Hamas commander over alleged war crimes
Arrest warrants have been issued for Israeli Prime Minister Benjamin Netanyahu, former defence secretary Yoav Gallant and a senior Hamas commander by the International Criminal Court (ICC).
The warrants against the senior Israeli figures are for alleged war crimes and crimes against humanity related to the war in Gaza that Israel launched following the 7 October attacks by Hamas.
The prime minister’s office said the warrants against him and Gallant were “anti-semitic” and said Israel “rejects with disgust the absurd and false actions”.
Another warrant was issued for the arrest of Hamas leader Mohammed Diab Ibrahim al Masri for alleged war crimes and crimes against humanity.
Al Masri, also known as Mohammed Deif, was the mastermind behind the 7 October attacks. It is unclear if he is still alive, following an airstrike that Israel claimed killed him earlier this year.
Neither Israel nor the US are members of the ICC. Israel has rejected the court’s jurisdiction and denies committing war crimes in Gaza.
US President Joe Biden described the warrants against Israeli leaders as “outrageous”, adding “whatever the ICC might imply, there is no equivalence – none – between Israel and Hamas”.
Former Israeli prime minister Naftali Bennett said the warrants for Netanyahu and Gallant were a “mark of shame” for the ICC.
The court originally said it was seeking arrest warrants for the three men in May for the alleged crimes and today announced that it had rejected challenges by Israel and issued warrants of arrest.
The new UK Labour government said in the summer it would not oppose the ICC’s right to issue the warrants.
Benjamin Netanyahu addresses the UN general assembly. Pic: Reuters
Warrants for Netanyahu and Gallant
In its update, the ICC said it found “reasonable grounds to believe” that Netanyahu and Gallant “bear criminal responsibility” for alleged crimes.
These, the court said, include “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts”.
Netanyahu previously spoke of his “disgust” at the suggestion the ICC would seek an arrest warrant for him.
The Board of Deputies of British Jews said the ICC’s decision sent a “terrible message”.
“The court has minimised how Hamas fights – deliberately from within civilian infrastructure and cruelly using Palestinian civilians as human shields, tragically leading to many casualties,” the board said.
“Democratic governments, and people around the world, should consider how they would have responded to an October 7th perpetrated against their country, involving mass murder, rape, and hostage-taking.
“We should all be focused on defeating the Hamas terrorists, liberating the hostages, ensuring that civilians in Gaza receive all necessary aid and working towards a sustainable peace for Israelis and Palestinians to prevent these horrible conflicts in the future.
“The decision of the ICC is counter-productive in all these respects.”
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A video released by Hamas in 2005 shows a man identified as Mohammed Deif. Pic: AP
Warrant for Hamas leader
The ICC also said it has issued an arrest warrant for Hamas leader Al Masri, saying it has “reasonable grounds to believe” that he is responsible for crimes against humanity including murder, extermination, torture, rape, as well as war crimes including taking hostages.
Discussing the 7 October attacks, the court said: “In light of the coordinated killings of members of civilians at several separate locations, the Chamber also found that the conduct took place as part of a mass killing of members of the civilian population, and it therefore concluded that there are reasonable grounds to believe that the crime against humanity of extermination was committed.”
In its statement, the ICC said the prosecution was not in a position to determine whether Al Masri is dead or alive, so was issuing the arrest warrant.
The court previously said it was seeking an arrest warrant for Ismail Haniyeh, the leader of Hamas who was subsequently killed in July.
The home secretary has refused to say if Israeli Prime Minister Benjamin Netanyahu would be arrested if he landed on British soil after an international arrest warrant was issued for him.
On Thursday, the International Criminal Court (ICC) issued arrest warrants for Netanyahu and former Israeli defence secretary Yoav Gallant for alleged war crimes and crimes against humanity related to the war in Gaza.
But Yvette Cooper said the ICC, which the UK is a member of, is independent and while the government respects that, it “wouldn’t be appropriate for me to comment” on the processes involved.
She told Sky News: “We’ve always respected the importance of international law, but in the majority of the cases that they pursue, they don’t become part of the British legal process.
“What I can say is that obviously, the UK government’s position remains that we believe the focus should be on getting a ceasefire in Gaza.”
However, Emily Thornberry, Labour chair of the foreign affairs committee in parliament, told Sky News: “If Netanyahu comes to Britain, our obligation under the Rome Convention would be to arrest him under the warrant from the ICC.
“Not really a question of should, we are required to because we are members of the ICC.”
The government said after winning July’s election it would not oppose the ICC’s right to issue the warrants.
An ICC arrest warrant was also issued for Hamas leader Mohammed Diab Ibrahim al Masri, the mastermind behind the 7 October attacks in Israel, for alleged war crimes and crimes against humanity.
Israel claims Al Masri was killed earlier this year but the ICC said that has not been confirmed, so it was issuing the arrest warrant.
Benjamin Netanyahu and Yoav Gallant (right) have arrest warrants against them. File pic: Reuters
Netanyahu’s office said the warrants against him and Gallant were “anti-semitic” and said Israel “rejects with disgust the absurd and false actions”.
Neither Israel nor the US are members of the ICC. Israel has rejected the court’s jurisdiction and denies committing war crimes in Gaza.
US President Joe Biden described the warrants against Israeli leaders as “outrageous”, adding: “Whatever the ICC might imply, there is no equivalence – none – between Israel and Hamas.”
Former Israeli prime minister Naftali Bennett said the warrants for Netanyahu and Gallant were a “mark of shame” for the ICC.
The Board of Deputies of British Jews said the ICC’s decision sent a “terrible message”.
Hungarian Prime Minister Viktor Orban said on Friday he would invite Netanyahu to visit Hungary and he would guarantee the arrest warrant would “not be observed”.
However, both France and Italy signalled they would arrest Netanyahu if he came to their countries.
Read more:
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Why have arrest warrants been issued?
The ICC originally said it was seeking arrest warrants for the three men in May for the alleged crimes and on Thursday announced that it had rejected challenges by Israel and issued warrants of arrest.
In its update, the ICC said it found “reasonable grounds to believe” that Netanyahu and Gallant “bear criminal responsibility” for alleged crimes.
These, the court said, include “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts”.
It is the first time a sitting leader of a major Western ally has been accused of war crimes and crimes against humanity by a global court of justice.
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