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Explaining how they plan to tackle what they described as illegal migration, Nigel Farage and his Reform UK colleague Zia Yusuf were happy to disclose some of the finer details – how much money migrants would be offered to leave and what punishments they would receive if they returned.

But the bigger picture was less clear.

How would Reform win a Commons majority, at least another 320 seats, in four years’ time – or sooner if, as Mr Farage implied, Labour was forced to call an early election?

How would his party win an election at all if, as its leader suggested, other parties began to adopt his policies?

Politics latest: Starmer ‘angry’ about Farage’s language on migrant hotels

Highly detailed legislation would be needed – what Mr Farage calls his Illegal Migration (Mass Deportation) Bill.

But Reform would not have a majority in the House of Lords and, given the responsibilities of the upper house to scrutinise legislation in detail, it could take a year or more from the date of an election for his bill to become law.

Reform’s four-page policy document says the legislation would have to disapply:

The United Nations refugee convention of 1951, extended in 1967, which says people who have a well-founded fear of persecution must not be sent back to a country where they face serious threats to their life or freedom

The United Nations convention against torture, whose signatories agree not expel, return or extradite anyone to a country where there are substantial grounds to believe the returned person would be in danger of being tortured

The Council of Europe anti-trafficking convention, which requires states to provide assistance for victims

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Farage sets out migration plan

According to the policy document, derogation from these treaties is “justified under the Vienna Convention doctrine of state necessity”.

That’s odd, because there’s no mention of necessity in the Vienna Convention on the law of treaties – and because member states can already “denounce” (leave) the three treaties by giving notice.

It would take up to a year – but so would the legislation. Only six months’ notice would be needed to leave the European Convention on Human Rights, another of Reform’s objectives.

Read more:
Women and children will be detained under Farage plans
Far right ’emboldened’ says MP as Starmer faces mounting pressure over immigration

Mr Farage acknowledged that other European states were having to cope with an influx of migrants. Why weren’t those countries trying to give up their international obligations?

His answer was to blame UK judges for applying the law. Once his legislation had been passed, Mr Farage promised, there would be nothing the courts could do to stop people being deported to countries that would take them. His British Bill of Rights would make that clear.

Courts will certainly give effect to the will of parliament as expressed in legislation. But the meaning of that legislation is for the judiciary to decide. Did parliament really intend to send migrants back to countries where they are likely to face torture or death, the judges may be asking themselves in the years to come.

They will answer questions such as that by examining the common law that Mr Farage so much admires – the wisdom expressed in past decisions that have not been superseded by legislation. He cannot be confident that the courts will see the problem in quite the same way that he does.

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Stablecoin demand is growing, and it can push down interest rates: Fed’s Miran

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Stablecoin demand is growing, and it can push down interest rates: Fed’s Miran

A growing demand for US dollar-tied crypto stablecoins could help push down the interest rate, says US Federal Reserve Governor Stephen Miran.

The Donald Trump-appointed Miran told the BCVC summit in New York on Friday that the dollar-pegged crypto tokens could be “putting downward pressure” on the neutral rate, or r-star, that doesn’t stimulate or impede the economy.

If the neutral rate drops, then the central bank would also react by dropping its interest rate, he said.

The total current market cap of all stablecoins sits at $310.7 million according to CoinGecko data, and Miran suggested that Fed research found the market could grow to up to $3 trillion in value in the next five years.

Stephen Miran speaking at a conference in New York on Friday. Source: BCVC

“My thesis is that stablecoins are already increasing demand for US Treasury bills and other dollar-denominated liquid assets by purchasers outside the United States and that this demand will continue growing,” Miran said.

“Stablecoins may become a multitrillion-dollar elephant in the room for central bankers.”