Jacob Rees-Mogg hits back at BBC with 'impartiality' jibe
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Jacob Rees-Mogg claimed that Ms Husain’s question was not meeting the BBC’s requirement for impartiality. Ms Husain explained that her question was only whether he would consider moving the economic and fiscal plan forward, as the plan is set to be released at the end of the month on October 31. Ms Husain said: “What many people regard as a very serious economic and invest to confidence picture, that has been sparked by the mini-budget.
“And something you could do, something you could do, would be to bring forward the economic and fiscal plan that is scheduled for October 31. Is that possible?”
Mr Rees-Mogg told BBC Radio 4s Today Programme: “Look hold on. you suggest something is causal, which is a speculation.
“What has caused the effect in pension funds, because of some quite high risk, but low probability investment strategies is not necessarily the mini-budget.
“It could just as easily be the fact that the day before, the Bank of England did not raise interest rates as much as the federal reserve did.
“And I think jumping to conclusions about causality is not meeting the BBC’s requirement for impartiality, it is a commentary rather than a factual question.”
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Ms Husain added: “Well my question was, will you consider bringing forward the plan that is currently scheduled for October 31st?”
Mr Rees-Mogg said: “The Chancellor has made his announcement that it will be on the 31st… The Governments regularly bring forwards statements in relation to what they’re doing in terms of fiscal policy.
“The intervention a couple of weeks ago has a potential for GDP, is not that enormous… It is not out of the run of the mill of events that come before Parliament.”
Ms Husain said: “So why has it resulted then in such a shock to investor confidence?”
Mr Rees-Mogg added: “Well because the interest rate differential between the US and the UK has widened, it is much more to do with interest rates than it is to do with a minor part of fiscal policy.”
Ms Husain said: “Are you saying that what is happening on the markets, the turmoil in the last three weeks is not that serious, and we shouldn’t be concerned about it?”
The Tory frontbencher added: “No, I’m saying it’s primarily caused by interest rate differentials, rather than by the fiscal announcement.”
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Labour MP John McDonnell took to Twitter to slam Mr Rees-Mogg’s comments just after he made them.
Mr McDonnell wrote: “On @BBCr4today Rees Mogg claiming mini budget had nothing to do with market turmoil demonstrates how distant these Tories are from reality & reconfirms market assessment of a government led by fantasists.
“Then in desperation, he sinks to threateningly accusing the BBC of bias.”
Speaking at the Conservative Party conference, Barry O’Dwyer, Group Chief Executive of Royal London, the UK’s largest mutual life, pensions and investment company urged the British Government to do something to tackle the problem before the 14th of October.
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