“It’s Howard o’clock” has become a slogan used on swimsuits, t-shirts, bags, mugs, bottles of wine and, even, turned into a monopoly-style drinking game.
But while Isle of Man chief minister Howard Quayle might have become an almost cult-like personality during the COVID crisis, he was also working 20 hour days, scrambling to purchase an oxygen-generating plant, and taking the “hardest decisions in my life”.
As he prepares to step down from his role next month, Mr Quayle also spoke to Sky News about the island’s strict coronavirus quarantine rules – which led to some people being imprisoned – and the effect of Brexit on the Isle of Man.
“At ‘Howard o’clock’ at 4pm every day, people would stop, get a drink and sit and listen to the briefings to let them know what was going on,” he said, as the chief minister explained how his televised news conferences gripped the Isle of Man’s 85,000-strong population last year.
The 54-year-old described the “bizarre” notion of people now wanting selfies with him, as the number of people who now recognise him on the island has rocketed, but also how he was “delighted” at the “community spirit” that was generated in the fight against coronavirus.
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In March 2020, as COVID struck the world, Mr Quayle was utilising the Isle of Man’s engineering sector to leverage contacts around the world in order to secure PPE, while he faced a dilemma over ensuring the island did not run short of oxygen.
“We had always brought in our oxygen in bulk – a container or tanker would come over on a boat and fill up our holding tanks,” he said.
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“That would last us a fortnight in normal times for our hospital. But, obviously with COVID we were under the impression we needed a shedload more.”
With a fear that supplies could be interrupted – as well as the thought a tanker journeying to and from the Isle of Man might have supplied four or five hospitals in the UK during the same time – Mr Quayle moved to buy the last oxygen-generating plant in Britain.
“If I hadn’t bought it by lunchtime, it was going to go to the Nightingale hospital in London,” he added.
Image: The Isle of Man has had more than 7,000 COVID cases and 48 deaths
The next challenge was to build a shed in which to store the plant, as well as create a hospital unit ready to accept COVID patients. And, later, a testing centre was established at the island’s famous TT grandstand.
But there were also tough actions to be taken.
“One of the hardest decisions of my life was stopping people coming back to the island who were island residents,” Mr Quayle said.
“We’d given them warnings, we’d told them ‘get home, we’re going to be shutting shortly’.
“Some didn’t heed the warnings and we did shut down. But once we’d eliminated COVID, we were the first place in the British Isles – if not Europe – to open up internally with no restrictions.”
Until January this year, residents on the Isle of Man enjoyed a freedom to their lives that those in the UK didn’t, but “somebody broke the rules, got in, and we had to lockdown again”.
That freedom was, in part, provided by the taking of other robust decisions.
“If you broke our quarantine rules, if you put people’s lives at risk and you were caught, you went to prison,” Mr Quayle said.
He admitted that the handing out of prison sentences caused a degree of outrage, including when a group of welders from Newcastle were caught in a supermarket when they were supposed to be isolating.
How were they caught? Because they “went in there wearing masks” when the rest of the Isle of Man’s population had no requirement to, due to their zero number of cases.
Image: Boris Johnson is purported to want a roundabout under the Isle of Man
Although the Isle of Man is a self-governing British Crown Dependency sitting in the Irish Sea, the island was “treated as if we were in Coventry or Cornwall” when it came to the coronavirus crisis, which has seen more than 7,000 cases and 48 deaths on the island.
Mr Quayle explained that the relationship between the island and London “really improved dramatically” following Brexit, even despite the chaos that was occurring in Westminster after the 2016 referendum.
“We were lucky that we were getting information really quickly – historically that hasn’t always been the case,” he said.
“The ability for our offices to speak to their UK counterparts and discuss problems and get information back – so that we can prepare our legislation to make sure we’re compliant and get our industries ready for whatever’s going to happen – is the best it’s ever been.
“We don’t want to slip back to the old way.”
The Isle of Man government now enjoys a wide range of relationships with departments across Whitehall, rather than having just one relationship with their “godparents” in the Ministry of Justice, which formally manages the UK’s relationship with the crown dependencies.
However, a closer relationship with Westminster doesn’t appear to stretch to all aspects of UK government thinking.
Mr Quayle said his government “had no involvement whatsoever” in Boris Johnson’s purported plan for road tunnels between Great Britain and Northern Ireland, to conjoin in an underground roundabout beneath the Isle of Man.
“We looked upon it with a level of bemusement!,” he admitted.
He added it “would have been nice to have that connectivity” but doubted whether the level of vehicle traffic would make such a project economically viable.
“It was a little bit frustrating that people just hadn’t thought it through – it was a good soundbite, but I never thought it was going to happen,” Mr Quayle said.
“We have our regular flights, we have our ferry service, it would have been nice to have but I couldn’t see the British taxpayer getting a return.
“At the end of the day you’ve got to get bang for your buck.”
Image: There are numerous dark sky sites on the island
But while Brexit may have brought benefits, recent staff shortages – especially in hospitality – on the Isle of Man are “probably an element” of the UK’s exit from the EU, coupled with the historically low unemployment rate on the island.
“We need to attract more people to come to the island and that’s something we’re working on,” Mr Quayle said.
“We help, we offer grants and things to 20-40-year-olds, we’re looking to attract entrepreneurs.”
And he touted the island’s countryside, with a UNESCO status as a biosphere region; along with its numerous dark sky sites for galaxy-gazing, low crime rates, and a recent boost to internet speeds, as pull factors for those in the UK who now find themselves mainly working remotely.
“We had an IT company who relocated to the island and we didn’t know how that would go – it went exceptionally well,” he said.
“Because people who were working on software would go home and within 10 minutes they could be on their mountain bikes in a plantation.”
But Mr Quayle, who is standing down next month after the island’s upcoming general election, will leave a decision on whether the Isle of Man will copy the UK in taking Afghan refugees, following Afghanistan’s capture by the Taliban, to whoever succeeds him as chief minister.
So, as his five-year term as chief minister comes to an end, are there any regrets?
“I’ve given it my best, you’re always going to make mistakes, I’m not perfect,” he said.
“Everything I’ve done has always been, in my head, what’s the best I could do for the island so I don’t have any regrets.
“With COVID, hindsight is a wonderful thing and, if we’d shut down a week earlier, we would have had even less cases.”
But he added: “There was no manual. We were all making it up, in all jurisdictions, as we were going along.”
Michael Selig, who serves as chief counsel for the crypto task force at the US Securities and Exchange Commission, faced questions from lawmakers on the Senate Agriculture Committee for his nomination to be the next chair of the Commodity Futures Trading Commission.
On Wednesday, Selig appeared before the committee and addressed questions and concerns from lawmakers on both sides of the aisle regarding his potential conflicts of interest, policy views and experience as the next CFTC chair, succeeding Caroline Pham.
In his opening statement, Selig said he had advised a wide range of market participants, including digital asset companies, and warned against the agency taking a regulation-by-enforcement approach, stating that it would drive companies offshore.
“We’re at a unique moment in the history of our financial markets,” said Selig. “A wide range of new technologies, products, and platforms are emerging […] the digital asset economy alone has grown from a mere curiosity to a nearly $4 trillion market.”
The confirmation of Selig, whom US President Donald Trump nominated to chair the CFTC following the removal of his first pick, Brian Quintenz, is expected to head for a vote soon. According to the Senate calendar, the Agriculture Committee is scheduled to discuss his nomination on Thursday.
Addressing DeFi, crypto enforcement, roles of agency
The prospective CFTC chair responded to questions from the committee chair, Senator John Boozman, who advocated for the agency to take a leading role in regulating spot digital commodity markets. The senator’s remarks came as the committee is expected to consider a market structure bill that would give the CFTC more authority to regulate crypto.
“The CFTC, and only the CFTC, should regulate the trading of digital commodities,” said Boozman.
The Arkansas senator questioned Selig about his potential approach to decentralized finance if he were to be confirmed, an issue that reportedly divided many lawmakers on the market structure bill.
“When we’re thinking about DeFi, it’s something of a buzzword, but really we should be looking to onchain markets and onchain applications and thinking about the features of these applications as well as where there’s an actual intermediary involved […]” said Selig.
He added that it was “vitally important that we have a cop on the beat” in response to a question on regulating crypto, specifically spot digital asset commodity markets.
Democratic concerns about CFTC leadership
Senator Amy Klobuchar, the Democratic ranking member of the Agriculture Committee, pressed Selig and other lawmakers on the leadership at the CFTC. Since September, acting Chair Caroline Pham has been the sole commissioner at the agency, which usually has five members. Pham is expected to resign should the Senate confirm Selig.
“The CFTC has operated much of the last year without a full complement of bipartisan commissioners, and has been operating for months with only an acting chairman,” said Klobuchar. “This uncertainty surrounding the leadership at the CFTC has only created more chaos for people who rely on the CFTC.”
Selig said it was “very valuable to have a diversity of viewpoints,” and would “work with whoever the president chooses to appoint.” As of Wednesday, Trump had not announced any additional nominations for the CFTC commissioners, leaving four open seats if Selig were to be confirmed and Pham were to leave.
China’s foreign ministry has hit back at what it called “unfounded” accusations of spying in Westminster, saying it has “no interest” in gathering intelligence on the UK.
Yesterday, the security service MI5 sent a warning to MPs and peers about two recruitment headhunters who are working for Chinese security services.
They are Amanda Qiu of BR-YR Executive Search and Shirly Shen of the Internship Union.
But speaking in response to a question by Asia correspondent Helen-Ann Smith, Chinese foreign ministry spokesperson Mao Ning replied: “China has repeatedly made clear its solemn position on this matter.
“We firmly oppose such unfounded allegations and the exaggerated portrayal and sensationalism that project one’s own biases onto others.
“Judgements based on erroneous information will only lead astray.
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Ms Mao added: “China never interferes in the internal affairs of other countries, nor does it have any interest in gathering so-called intelligence on the British parliament.”
Chinese spying accusations may signal thorny period ahead
It is China’s standard playbook to outright deny allegations of spying.
But given that it’s common knowledge countries spy on each other, and given the recent spate of allegations of this nature, it might feel a little far-fetched for China to stick so rigorously to the position that the UK is just making it all up.
Not so, says Mao Ning, the spokesperson for China’s Ministry of Foreign Affairs.
When I put it to her, she said that these allegations are, in fact, a “projection of one’s own biases on to others”, and that China doesn’t “have any interest in gathering so-called intelligence on the British parliament”.
That is almost certainly not true. China is commonly understood to run a highly sophisticated espionage operation.
But, in a way, the truth or untruth might be immaterial to the impact on the bilateral relationship.
While the UK government may seek to send strong signals amidst criticism that it’s being too soft, China really does not appreciate this type of laundry being aired in public.
It may well signal a thorny period ahead.
In a message seen by Sky News about parliamentary staff, MPs and peers were warned that the MI5 alert “highlights how the Chinese Ministry of State Security (MSS) is actively reaching out to individuals in our community”.
The message continued: “Their aim is to collect information and lay the groundwork for long-term relationships, using professional networking sites, recruitment agents and consultants acting on their behalf.”
Security minister Dan Jarvis later said in a statement to parliament that “China has a low threshold for what information is considered to be of value, and will gather individual pieces of information to build a wider picture”.
He added: “Let me speak plainly. This activity involves a covert and calculated attempt by a foreign power to interfere with our sovereign affairs in favour of its own interests, and this government will not tolerate it.”
The government made a statement in the House of Commons following the revelations, saying it would take all “necessary measures” to protect the UK.
Westminster employees were warned that two individuals were both known to be reaching out on LinkedIn to “conduct outreach at scale on behalf of MSS”.
This latest warning comes after the collapse of a prosecution of two people suspected of spying on behalf of China.
The previous spying allegations led to controversy over how the government under Labour responded to the Crown Prosecution Service’s requests for evidence.
Sir Keir Starmer sought to blame the previous Conservative government for the issues, which centred on whether China could be designated an “enemy” under First World War-era legislation.
Sir Keir has sought to keep relationships with Beijing somewhat warm, highlighting the value of China as a trading partner.
New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
The New Hampshire State House in Concord. Source: Wikimedia
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
New Hampshire dives headfirst into crypto
The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.