She is no stranger to the spotlight. A book deal, regular television appearances and a prolific presence on Instagram, all part of a carefully crafted public image that helped Michelle Mone secure a peerage in 2015.
Yet, Baroness Mone – or “Lady M” as she often refers to herself – has been keeping a low profile in recent weeks.
A series of damaging allegations have thrust the lingerie entrepreneur and Conservative peer into the centre of an alleged scandal that is engulfing the House of Lords.
She is accused of attempting to “bully and hector” ministers into awarding public PPE contracts worth more than £200m to a company called PPE Medpro during the pandemic and of profiting from the deal – a claim she strongly denies.
On the Isle of Man, at the 154 acre-estate she shares with her husband Douglas Barrowman, preparations are under way for the festive period.
Christmas trees, wreaths and decorations adorn the home, but staff – who have been told not to speak to journalists – insist they have no idea where the couple are.
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It’s a peaceful corner of the island and the gated property may offer Mone some refuge from the growing scandal – but the issue is not going away any time soon.
The House of Lords is looking into whether Mone broke any rules and the National Crime Agency has launched a fraud investigation into PPE Medpro, whose gowns were unusable because they failed NHS checks.
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A number of official reports will follow but Lady Mone’s representatives have described it as a “witch hunt”.
At the centre of the storm is Michelle and her husband Douglas. According to files compiled by HSBC, which were first obtained by The Guardian, accounts linked to Barrowman, and later Mone, received millions of pounds in transfers from PPE Medpro.
Image: Michelle Mone is admitted to the House of Lords as Baroness Mone of Mayfair, after being made a Tory peer
Another leaked document lists PPE Medpro as an “entity” of Barrowman’s family office, the Knox family office on the Isle of Man.
It was prepared by Anthony Page, a finance director at one of its trusts and the registered owner of PPE Medpro.
At his home in the centre of the Isle, Mr Page was keeping a low profile.
He refused to speak when Sky News approached him for an interview.
Neighbours described him as “a very pleasant family man” and said they were surprised by the news of his involvement in the scandal.
Situation needs ‘proper investigation’
Residents told us that news usually travels fast on the Isle of Man, but there was a sense of resignation about the latest revelations. A feeling that this is just another Westminster scandal.
Frank Schuengel, a councillor for Douglas South Ward, said: “It’s a big topic in the UK, probably more there (than here) because we don’t have a House of Lords. It’s not applicable, we have our own government.
“It’s not the kind of politics that I would personally do but I’m sure there will be processes and investigations.
“It’s a shame whenever someone doesn’t act in a way that you would wish all politicians to act.
“But I think it’s being investigated and if something is not right, one would hope that any investigation would uncover that.”
Image: Baroness Mone (centre) ahead of the state opening of parliament by Queen Elizabeth II in 2017
Some wanted to avoid jumping to conclusions before investigations are completed, but others had already made up their minds.
On Strand Street, the main shopping high street in Douglas, one local resident said: “It is disappointing. I think that anybody that does that kind of thing just isn’t really a moral person. So, it’s a bad example. Hopefully more will come to light.”
Another added: “I just think it’s awful. There were a lot of irregularities surrounding all the PPE supplies during the pandemic. As far as Michelle Mone is concerned… and the situation around it, I think needs proper investigation.”
‘Corruption at the highest levels’
Mone’s lawyers claim she only made the “simple, solitary and brief step,” of referring the company to the government.
They insist she and her husband, Douglas, had no involvement in PPE Medpro, nor did they play any role in the process through which it was awarded its government contract.
Image: Baroness Michelle Mone attends the state opening of parliament in 2019
That was before a series of damaging emails appeared to show her pressuring ministers to award PPE Medpro government contracts.
At the height of the pandemic, she wrote to former health secretary Matt Hancock, allegedly saying: “I am going to blow this all wide open.
“I smell a rat here. It’s more than the usual red tape, incompetence and bureaucracy. That’s expected! I believe there is corruption here at the highest levels and a cover up is taking place… Don’t say I didn’t warn you when Panorama or Horizon run an exposé documentary on all this.
The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.
The president was also said to have taken actions “beyond the powers provided in the constitution”.
Image: Demonstrators stayed overnight near the constitutional court. Pic: AP
Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.
The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.
Image: The court was under heavy police security guard ahead of the announcement. Pic: AP
After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.
He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.
His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.
The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.
South Korea must hold a national election within two months to find a new leader.
Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
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Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”
Donald Trump has announced a 10% trade tariff on all imports from the UK – as he unleashed sweeping tariffs across the globe.
Speaking at a White House event entitled “Make America Wealthy Again”, the president held up a chart detailing the worst offenders – which also showed the new tariffs the US would be imposing.
“This is Liberation Day,” he told a cheering audience of supporters, while hitting out at foreign “cheaters”.
He claimed “trillions” of dollars from the “reciprocal” levies he was imposing on others’ trade barriers would provide relief for the US taxpayer and restore US jobs and factories.
Mr Trump said the US has been “looted, pillaged, raped, plundered” by other nations.
Image: Pic: AP
His first tariff announcement was a 25% duty on all car imports from midnight – 5am on Thursday, UK time.
Mr Trump confirmed the European Union would face a 20% reciprocal tariff on all other imports. China’s rate was set at 34%.
The UK’s rate of 10% was perhaps a shot across the bows over the country’s 20% VAT rate, though the president’s board suggested a 10% tariff imbalance between the two nations.
It was also confirmed that further US tariffs were planned on some individual sectors including semiconductors, pharmaceuticals and critical mineral imports.
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6:39
Trump’s tariffs explained
The ramping up of duties promises to be painful for the global economy. Tariffs on steel and aluminium are already in effect.
The UK government signalled there would be no immediate retaliation.
Business and Trade Secretary Jonathan Reynolds said: “We will always act in the best interests of UK businesses and consumers. That’s why, throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship.
“The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.
“We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.
“Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the government will do everything necessary to defend the UK’s national interest.”
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Who showed up for Trump’s tariff address?
The EU has pledged to retaliate, which is a problem for Northern Ireland.
Should that scenario play out, the region faces the prospect of rising prices because all its imports are tied to EU rules under post-Brexit trading arrangements.
It means US goods shipped to Northern Ireland would be subject to the EU’s reprisals.
The impact of a trade war would be expected to be widely negative, with tit-for-tat tariffs risking job losses, a ramping up of prices and cooling of global trade.
Research for the Institute for Public Policy Research has suggested more than 25,000 direct jobs in the UK car manufacturing industry alone could be at risk from the tariffs on car exports to the US.
The Society of Motor Manufacturers and Traders (SMMT) had said the tariff costs could not be absorbed by manufacturers and may lead to a review of output.
The tariffs now on UK exports pose a big risk to growth and the so-called headroom Chancellor Rachel Reeves was forced to restore to the public finances at the spring statement, risking further spending cuts or tax rises ahead to meet her fiscal rules.
A member of the Office for Budget Responsibility (OBR), David Miles, told MPs on Tuesday that US tariffs at 20% or 25% maintained on the UK for five years would “knock out all the headroom the government currently has”.
But he added that a “very limited tariff war” that the UK stays out of could be “mildly positive”.
He said: “There’s a bit of trade that will get diverted to the UK, and some of the exports from China, for example, that would have gone to the US, they’ll be looking for a home for them in the rest of the world.
“And stuff would be available in the UK a bit cheaper than otherwise would have been. So there is one, not central scenario at all, which is very, very mildly potentially positive to the UK. All the other ones which involve the UK facing tariffs are negative, and they’re negative to very different extents.”