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Amid serious concerns over the editorial mistakes made by the BBC, the downfall of its leaders has been greeted with undisguised glee by many on the right of British politics.

Former prime minister Liz Truss was quick off the mark to retweet gloating posts from Donald Trump and White House press secretary Karoline Leavitt with clapping emojis.

Ms Truss argued not just for the abolition of the licence fee, but for the end of nationalised broadcasting altogether.

Her former cabinet colleague Suella Braverman has also called for the licence fee to be scrapped.

It’s an idea long advocated by Nadine Dorries during her time as culture secretary. The recent Reform convert is particularly pessimistic about the BBC’s future – telling me she believes its “core bias” has worsened in recent years.

“I’m afraid the resignation of Tim Davie will change nothing,” she said. “Under this Labour government overseeing the new appointment… it will probably get worse.”

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Why ‘Teflon Tim’ resigned from BBC

All three politicians were close allies of Boris Johnson, who has been instrumental this week in piling the pressure on the BBC.

He dramatically threatened in the Daily Mail to boycott the licence fee until Tim Davie explained what happened with the Trump Panorama documentary – or resigned.

The official Conservative Party line is slightly more restrained.

Shadow culture secretary Nigel Huddleston told Sky News “we want them to be successful” – but he and his boss Kemi Badenoch are calling for wide-ranging editorial reforms to end what they describe as “institutional bias”.

Their list calls for changes to BBC Arabic, its coverage of the US and Middle East, and “basic matters of biology”, by which they mean its stories on trans issues.

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‘Catastrophic failure’ at BBC

The irony of demanding editorial changes from a supposedly independent organisation dealing with allegations of bias has been lost in the furore.

Similarly, Nigel Farage is calling for the government to appoint a new director-general from the private sector who has “a record of coming in and turning companies and cultures around”.

As part of its editorial independence, the appointment of the BBC’s next editor-in-chief is meant to be entirely down to its own independent board – and out of the hands of ministers.

The government’s own response to the scandal has therefore been relatively muted. In a statement, Culture Secretary Lisa Nandy thanked Mr Davie for his long service to public service broadcasting – and paid tribute to the BBC as “one of our most important national institutions”.

Tim Davie and Deborah Turness. Pics: PA
Image:
Tim Davie and Deborah Turness. Pics: PA

Before the news of the resignations broke, she had been expressing her “complete confidence” in how the BBC’s leadership were dealing with the “serious allegations” described in the leaked memo from Michael Prescott, a former external adviser to the corporation’s editorial standards committee.

The departure of Mr Davie and the CEO of BBC News Deborah Turness just hours later seemed to be something of a shock.

A more detailed government response is sure to come when parliament returns from recess tomorrow.

The Culture Media and Sport Committee of MPs – which has played an active role in the scandal by writing to the BBC chairman and demanding answers – is due to receive its response today, which is expected to include an apology for the Panorama edits.

Its chair Dame Caroline Dinenage described Mr Davie’s resignation as “regrettable” but said that “restoring trust in the corporation must come first”.

Read more:
Analysis: ‘Teflon Tim’ has come unstuck
The past controversies faced by Davie
Read their resignation letters in full

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Ex-Panorama staffer: ‘Worst crime imaginable’

So far, the only British political leader prepared to mount an outspoken defence of the BBC is Sir Ed Davey.

The Liberal Democrat argues that seeing the White House take credit for Mr Davie’s downfall – and attacking the BBC – “should worry us all”.

He’s called on the PM and all British political leaders to stand united in “telling Trump to keep his hands off it”.

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What did the BBC do to anger Trump?

Given the diplomatic contortions Sir Keir Starmer has gone through to develop close relations with the current president, this seems entirely unlikely.

But for a prime minister already juggling an overflowing in-tray of problems, controversy over the national broadcaster as the government prepares to enter negotiations about renewing its charter for the next decade is another political tripwire in waiting.

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Political Traitors: Who can you trust?

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Political Traitors: Who can you trust?

👉Listen to Politics at Sam and Anne’s on your podcast app👈

Sam reveals there might be some Traitors-style plotting going on behind the scenes in government – but from who? And how might Sir Keir Starmer see off this challenge?

Budget speculation continues, and specifically – who is and is not a “working person”? And, should it occur, what would the consequences be of breaking a manifesto commitment? How perilous a moment for Starmer could this be?

And after the BBC’s director general and CEO of news resign, what does Starmer now say about the organisation? And who will come next in the top BBC job?

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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.”