Brexit moneyman in £8m criminal probe
Bank warns: Pound fall is risk to rates ‘Back Brexit or we’ll lose heartlands’ ‘Get set for 3 months’ disruption’ Hunt is on for source of cash
BANK of England Governor Mark Carney has warned interest rates could rise if a no-deal Brexit sends the pound into freefall.
Mr Carney said policy “might need to be tightened in the event of a no-deal, no-transition Brexit” should a plunge in sterling cause inflation to surge.
He stressed a no-deal Brexit was “not the most likely scenario”, but said the Bank had to be prepared.
Mr Carney cautioned that monetary policy might not be able to soften the blow.
The Bank voted to leave interest rates unchanged at 0.75% as it awaits the outcome of Brexit talks. LABOUR has been warned it faces being “wiped out” in its traditional heartlands if it tries to thwart Brexit.
Laura Bierer-Nielsen of Labour Leave said: “The roots of the party lie within working-class communities – and it’s many of those people who voted to Leave.
“If Labour wishes to be in power it must recognise over three in 10 of its voters voted to Leave and 70% of Labour constituencies did.”
Former Labour MP Gisela Stuart highlighted the crash in Scotland, from 41 seats in 2010 to one in 2015, adding: “It is possible for a party that’s deeply entrenched to be wiped out.” TOWN halls have been told to prepare for three months of disruption in the case of a no-deal Brexit, a leaked briefing has revealed.
“Reasonable worst-case scenarios” have been ordered for runs on food, petrol and the banks.
Officials have been told they will report to central government every eight hours and Easter holidays for staff may be cancelled.
The briefing was sent to council chiefs and leaked to the Municipal Journal.
Shadow Local Government Secretary Andrew Gwynne called the intervention “too little too late”. ELECTORAL COMMISSION ON ARRON BANKS FINDINGS Why has Arron Banks been referred to the National Crime Agency?
The elections watchdog has spent months investigating the source of cash he pumped into the Leave campaign. And the multi-millionaire denies claims money was funnelled from Russia. But the Electoral Commission suspects criminal offences may have been committed over £8million of EU poll campaign funding.
Who is Arron Banks?
The colourful businessman made his cash from insurance and owns a diamond mine in South Africa. He has admitted meeting Russian embassy officials in the run-up to the Brexit vote, but insisted they had just discussed investments. Previously a Tory donor, he switched to UKIP aft er ex-Tory leader William Hague said he had never heard of him. Mr Banks has been married to Russian Ekaterina Paderina for 17 years. She is said to drive a Range Rover with the plate “X MI5 SPY”.
What is Leave.EU?
The UKIP-linked group was the biggest unofficial Leave campaign and counted Banks with Nigel Farage ex-UKIP leader Nigel Farage among supporters. It is now working to ensure pre-referendum promises are met.
Was it controversial at the time?
The campaign was seen as more “hardcore” than the official Vote Leave organisation, which was spearheaded by Boris Johnson and Michael Gove. It fought more on immigration, whereas the official campaign tried to build broader support. Vote Leave distanced itself from Leave. SUPER-RICH Brexit donor Arron Banks is being probed for suspected criminal offences over where £8million in EU referendum campaign cash came from.
The National Crime Agency announced it is investigating Mr Banks, thought to be worth £250million, after the elections watchdog said it had grounds to suspect the Leave campaign donor was not the true source of the cash.
The Electoral Commission also referred Leave.EU, its boss Elizabeth Bilney, and the organisation that ran it, Better for the Country, to the NCA.
The Commission’s director of political finance, Bob Posner, said: “We have reasonable grounds to suspect money came from impermissible sources and Mr Banks and Ms Bilney knowingly concealed the true circumstances under which this money was provided.”
Mr Banks has been criticised by MPs for seeming to “want to hide the extent of contacts with Russia”.
PRESSURE
Some Remain reporters claim a second EU referendum could be triggered by any wrongdoing. Banks, who yesterday posted a photo of himself in Bermuda, claimed the Commission referred him to the crime-busters under “intense political pressure” from anti-Brexit supporters. He said: “I am confident that a full and frank investigation will finally put an end to the ludicrous allegations.” Ms Bilney said she was confident of being exonerated and dismissed ideas of money coming via Russia. But the Commission believes a number of criminal offences may have been committed.
The NCA added: “The potential for offences to have been committed other than under electoral law lead us to consider an NCA investigation appropriate in this instance.” Shadow Cabinet Office Minister Jon Trickett said: “These are serious allegations and it’s vital the NCA is allowed to investigate fully.” EU on several occasions. But many experts believe Leave.EU played a crucial role in drumming up support for victory.
Could the referendum be re-run?
If it was proved foreign money helped sway the result, demands for a re-run would receive a huge boost. But the NCA investigation could take months if not years – and the UK is due to quit the bloc on March 29. Brexiteers say just a rump of die-hard “Remoaners” want another vote, and the majority of ordinary people just want to get on with Brexit. Another referendum seems highly unlikely.
We have reasonable grounds to suspect money came from impermissible sources