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There is a danger on days like today of focusing on dazzling but smaller-scale revelations that have come out of today’s evidence at the COVID inquiry hearings. 

This includes the eye-opening WhatsApps appearing on the courtroom screens, the biblical language about the cabinet and prime minister, the misogynist comments about officials, a prime minister on holiday left undisturbed at a critical time as the virus spread and the failings of individual politicians and government departments.

We saw Dominic Cummings blocking – digitally prevent communications with – the prime minister on WhatsApp after a row over the influence and alleged briefings by Boris Johnson’s wife.

Each one a vital, depressing component of what we’ve learnt today.

But what really hits you, listening to six hours of testimony, is the overall quantum of the dysfunction we heard about; first from Lee Cain, Mr Johnson’s director of communications, and then from Dominic Cummings, his most senior adviser, over the period from January 2020 until end of the emergency phase of the pandemic.

Behind the door of Number 10, Mr Johnson and officials were handling the worst crisis Britain had faced since the Second World War.

COVID inquiry latest: ‘I was much ruder about men’ – Dominic Cummings denies misogyny

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At the time, a lot of people cut them some slack, hoping and praying they would get things right.

Perhaps everyone should not have been so tolerant.

The sheer scale of the feuding, contempt and dysfunction we’ve heard about today beggars belief.

There was no pandemic plan in March 2020, just people lying about there being a pandemic plan. In Number 10, they were told on 16 March that the civil contingencies secretariat did not even have these plans centrally. That message, Mr Cummings said, was such a shock that people thought it was a spoof.

There was a core, wrong-headed belief at the beginning of the pandemic in Number 10, where people believed Britain could never be locked down until 10 days before it was, based on a dogged, widespread misreading of the nature of the British people.

And we heard how the prime minister’s most senior adviser, Mr Cummings, was trying to keep him away from pandemic planning meetings, fearing he would be a distraction. A simply incredible thing to admit.

But more than anything else, we hear in different ways through different bits of testimony how Britain at that point had an unfocused, indecisive prime minister who at one point looked willing to write off an entire older generation for the sake of the young.

Yes, at points he resisted the Whitehall health “blob”, asking questions and challenging assumptions in a way few others were prepared to do – but often to little effect, outmanoeuvred by those around him.

Chief scientific adviser Sir Patrick Vallance wrote in one of his notebooks in August 2020 that Mr Johnson was “obsessed with older people accepting their fate and letting the young get on with life and the economy going”.

Quite bonkers set of exchanges. Another note from Sir Patrick in December 2020 said that the prime minister was suggesting that COVID “is just nature’s way of dealing with old people”.

Extraordinary remarks not least from a prime minister whose voting coalition depends on older voters at its core.

It should be no surprise that cabinet government in this country does not work effectively, or that 10 years into the Tories being in power, not every person around the top table is highly regarded by Tory colleagues.

Nor should it be a surprise that the structures in government to handle a pandemic were failing – secret exercises four years earlier in Whitehall ended in failure, and Brexit had distracted many for years.

The failings that led to the pandemic response have a long tail.

Read more:
Johnson suggested COVID was ‘nature’s way of dealing with old people’
Key WhatsApp messages from the COVID inquiry

However, what we learnt from the COVID inquiry today was that layered on top of this was a uniquely toxic, destructive set of individuals trying to work their way through the crisis.

It was an environment where the prime minister’s right hand aide described himself as being in a “homicidal” mood at points, wanting to go back to Number 10 and fire people. At one point Mr Cummings launched four-letter diatribes about a senior official and said he wanted to “handcuff” her and remove her from the building.

Mr Cummings said during his testimony that during February he began to realise the pandemic plans Matt Hancock had told him existed did not actually exist.

This level of toxicity would make governing in normal times all but impossible. During a crisis it feels unforgivable.

Is what we’ve heard today enough to shame future politicians to ensure this never happens again?

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Cutting cash ISA allowance could backfire – and make mortgages more expensive, MPs warn

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Cutting cash ISA allowance could backfire - and make mortgages more expensive, MPs warn

Cutting the annual allowance for cash ISAs could backfire in multiple ways, an influential group of MPs has warned the government.

For months, speculation has been growing that the chancellor may slash the yearly limit for tax-free savings – potentially from £20,000 to £10,000.

The government is hoping to encourage savers to invest in stocks and shares ISAs instead, which can offer greater long-term returns and improve financial health.

But according to the Treasury Committee, slashing allowances would be unlikely to achieve this – and could lead to higher prices for consumers.

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Chancellor faces tough budget choices

Building societies rely on cash ISA savings to fund mortgage lending – and a drop in deposits might lead to higher interest rates or fewer products on the market.

Committee chairwoman Dame Meg Hillier said “we are a long way” from achieving a culture where substantial numbers of Britons invest in the stock market.

“This is not the right time to cut the cash ISA limit,” she warned. “Instead, the Treasury should focus on ensuring that people are equipped with the necessary information and confidence to make informed investment decisions.

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“Without this, I fear the chancellor’s attempts to transform the UK’s investment culture simply will not deliver the change she seeks, instead hitting savers and borrowers.”

Read more: How to get started with a stocks and shares ISA

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Govt ‘not satisfied’ after inflation sticks at 3.8%

The latest figures suggest two-thirds of contributions to ISAs in the 2023/24 tax year went to cash accounts – bringing total holdings to £360bn.

An estimated 14.4 million consumers solely save in a cash ISA, with the average balance standing at £6,993.

Surveys suggest that, if allowances were cut, consumers may move their cash to alternative savings accounts where they would have to pay tax on interest.

Skipton Group executive Charlotte Harrison previously warned: “Building societies, which funds over a third of all first-time buyer mortgages, rely on retail deposits like cash ISAs to fund their lending.

“If ISA inflows fall, the cost of funding is likely to rise, and that means mortgages could become both more expensive and harder to access.”

She claimed a policy change could end up “penalising savers who want low-risk, flexible options” – adding: “Cash ISAs work. Undermining them doesn’t.”

Read more money news:
What’s behind surprising rise in retail sales

Tesco rolls out bodycams to security staff

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Tax hikes possible, Reeves tells Sky News

Chancellor Rachel Reeves said: “At the moment, often returns on savings and returns on pensions are lower than in comparable countries around the world.

“I do want to make sure that when people put something aside for the future, they get good returns on those savings.”

The committee’s warning comes amid speculation over whether Ms Reeves will raise income tax at next month’s budget – breaking a key Labour manifesto pledge.

Newspaper reports have suggested that the basic rate of income tax could be increased for the first time since the 1970s – up 1p to 21%.

This could raise about £8bn and help tackle a black hole in the country’s finances, but risks squeezing consumers further as a cost-of-living crisis continues.

A 1p rise to the higher band of income tax – taking that rate to 41% – is also believed to be under consideration, but this would only boost the nation’s coffers by £2bn.

Ms Reeves has refused to rule out such a move, telling Sky’s deputy political editor Sam Coates that she is looking at both tax rises and spending cuts ahead of her statement to the Commons on 26 November.

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Bank of England probes data-mining lending strategies fueling AI bets

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Bank of England probes data-mining lending strategies fueling AI bets

Bank of England probes data-mining lending strategies fueling AI bets

The Bank of England is worried that a rise in financiers’ lending to data center lending may cause an AI bubble reminiscent of the dot-com crash in the early 2000s.

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Trump to nominate SEC’s ‘pro-crypto’ Michael Selig as CFTC chair: Report

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<div>Trump to nominate SEC's 'pro-crypto' Michael Selig as CFTC chair: Report</div>

<div>Trump to nominate SEC's 'pro-crypto' Michael Selig as CFTC chair: Report</div>

The rumored nomination of Michael Selig follows the CFTC nomination process hitting a snag in September when Brian Quintenz was withdrawn.

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