Maryam, with the support of her influential guests, put up an impressive verbal fight, protesting her innocence. Things nearly turned ugly when she summoned her two bodyguards, however, the local gendarmes were prepared for resistance and the bodyguards were quickly outnumbered and overpowered.
In the commotion Maryam was bundled out of the room by two SAS men, down the service lift into a waiting car and transported to the nearby airport. At the same time, a substitute with a coat draped over her head was taken away to the local gendarmerie to keep up the pretence. Nineteen minutes after the main group of terrorists were safely on board the submarine, Maryam was in custody aboard a private jet taking off for the UK.
At that moment, Colonel Turner gave the order for a message to be passed to the Chancellor of the Exchequer, who was still speaking at the dispatch box.
There was shuffling behind the Chancellor as he was handed a small folded slip of paper. He finished what he was saying, paused and then opened out the sheet so he could read the message. He read it twice. All eyes in the Chamber were on him. The silence was deafening.
‘Mr Speaker, I have been informed of a development; one which this House should be made aware. If the Speaker will permit, I believe that the Prime Minister should communicate this important news.’ The Speaker nodded.
Rafi grinned as he thought about the Chancellor’s stalling for time and the excellent initiatives he had produced.
The PM was passed the message, he read it, stood up and moved to the dispatch box. He hesitated, a ripple of uncertainty spread around the Chamber. ‘Thank you, Mr Speaker, I have some breaking news. I can inform the House that we have just received information regarding the terrorists who committed the recent atrocities.’ He straightened his shoulders and stood upright. The PM looked calm and confident. No doubt under the surface he was jumping for joy, but he was a master of his trade. ‘I can inform this House that special forces units have in the past few minutes successfully apprehended nine terrorists. They have captured the four leaders of the terrorist cell, the two mercenaries who wrought the carnage on Stratford and Cruden Bay, a recruiter of the Bishopsgate bomber and two accomplices.’
The PM paused to let the House take in the implications of what he had just said. ‘Furthermore, I am able to report that the two mercenaries involved in the attacks on Hartlepool and Heysham are safely out of action, as are the three who attacked Aldermaston. I am advised by the intelligence services that we now have in custody the leading players who conspired against us and wrought such terrible damage and grief on our country.’
There was a brief silence as the news sank in. Then, en masse, the MPs sitting behind the PM rose to their feet and started clapping and waving their order papers. Applause and cheers from the other side of the House soon followed.
Rafi watched as the Speaker let the House enjoy the moment before calling, ‘Order, order; pray let the Prime Minster continue.’
‘Whilst the terrorists were at large, I can reveal that we have been waging a war of deception against them. The terrorist attacks on Aldermaston, Heysham and Hartlepool were in fact foiled and what you witnessed on television were the army’s pyrotechnic skills being put to use. Attacks on the St Fergus, Bacton and Easington gas facilities were also foiled, as was an attack on the nuclear reprocessing plant at Sellafield. Sadly, these seven successes were overshadowed by the tragic events at Cruden Bay and Stratford. The catastrophic damage suffered at Stratford greatly saddens me. Memories of this attack will haunt me, forever.’
He paused to let the words of his last sentence sink in. ‘As we face up to the enormous losses incurred at Stratford, it is impossible to contemplate what the position might have been had the terrorists succeeded with all their planned attacks. Suffice it to say that we would have lost over fifty percent of our electricity and gas supplies and would be facing horrendous radioactive contamination in five locations.’
The PM looked up at the camera. ‘We owe a debt of gratitude to the commander-in-chief of our armed forces and his colleagues, who in the early hours of Friday morning responded to our intelligence sources and set in motion a vast damage limitation strategy. Operation Counterpane was set up to counter the anticipated attacks. It was the commander-in-chief’s foresightedness that enabled help to be at Stratford within minutes of the disaster occurring. We owe a huge debt of gratitude to the Royal Netherlands Air Force whose unreserved assistance was outstanding. And the Government’s thanks go to all those who ably and promptly came to our aid, in our time of need.’
Applause rippled around the Chamber.
‘The terrorists’ plotting was uncovered last week by the City of London police, during their investigations into the Bishopsgate bombing. The police and MI5 were helped to a significant degree by a tenacious individual whom they had wrongly arrested in conjunction with the Bishopsgate bombing. There are very many people to whom I would like to pay tribute. Their resolve helped stop the majority of the terrorist attacks, and their unstinting work following the Stratford disaster has been far beyond the call of duty. They know who they are. They did their jobs not to gain from being in the spotlight and to spin their story, but because it was in their very nature to fight against those who sought to bring this country to its knees. Their identities will be revealed in due course, but for the time being, let them relax in the knowledge that what they have done has been exceptional.’
The Chamber reverberated to loud cheers from all sides.
‘The past few days have been doubly difficult. We have been on the trail of the terrorists, but have feared that they might be tipped off that we were on to them, only to disappear from our radar screens and then go on to commit a series of horrendous attacks about which we had no intelligence. The terrorists used their huge wealth to build a network of clandestine informants and to extend their influence far wider than we could hitherto have anticipated. They took advantage of the opaque intricacies of our corporate system and our lax border controls to manipulate and steer events to their own end. The extent of their plotting will be revealed over the next few days.
‘It is with humility, regret and deep sadness that I have to report to the House that my Government has been tarnished by this episode. The terrorists used a significant number of people to assist them. I am advised by the police and MI5 that the terrorists had in place a significant number of influential sleepers or moles, who in return for excessive remuneration became their eyes and ears. The identity of these sleepers has caused the intelligence services and me grave concern.’
Gasps echoed around the Chamber.
‘For example, MI5 identified two members of COBRA who were on the terrorists’ payroll, which is why an Operations Room was set up at the City of London police headquarters in Wood Street. The scale and magnitude of the recent attacks has made me realise how vulnerable we are to those with immense wealth, who take it upon themselves to either attack our society or use their money to influence those around them. Our freedoms, love of material things, and the chasm between the vastly wealthy and the rest of us have made too many people easy and obliging targets. It is with great sadness that I have to report that a large number of people in senior positions took huge sums of money for nominal amounts of work and did not seek to question what was going on – they were in reality working for the terrorists. They should have guessed it was too good to be true. Furthermore, in their greed, many were all too happy to receive this money in secret accounts offshore. Little did they appreciate that they were being groomed, and that they formed part of the terrorists’ information network.’
Rafi watched as the PM was forced to pause as the House reverberated with retorts of: ‘Shame, shame!’ The noise grew to a crescendo, as the displeasure was voiced in no uncertain terms.
‘Silence, silence!’ boomed the Speaker of the House.
The PM continued. ‘MI5, working with the City of London police force, have identified over 300 well-connected individuals who were on the terrorists’ payroll, di
rectly or indirectly.’
More gasps were clearly audible.
The PM paused and looked around the House. ‘It is with sadness and displeasure that I have to report to the House that six members sitting in this Chamber succumbed to the terrorists’ financial advances and thus became part of their network.’
A shocked silence gave way to calls for justice to be done. It took the Speaker a full four minutes to suppress the noise before the Prime Minister was able to be heard again.
‘I should remind everyone that under British Law a person is innocent until proved guilty. Sergeant-at-Arms, are you and your colleagues ready?’ enquired the Prime Minister.
‘Yes, sir!’ came the clear reply.
‘Are you in possession of the list of the Members’ names, for whom arrest warrants have been issued by the City of London police in connection with aiding and abetting the terrorists’ attacks at Stratford and other locations around the UK last Friday?’
‘Yes, sir!’
‘With the Speaker’s permission, I would ask you, please, to proceed.’
The PM sat down while the sergeant-at-arms – the head of Parliament’s police force – walked over and passed the arrest warrants to the Speaker, who looked at the papers and then solemnly asked her to proceed.
The Members’ names were slowly read out one by one. They were not in alphabetical order, which only added to the dramatic tension. The six included a newly appointed junior minister and a backbench MP from the Government’s party, an MP from each of the two main opposition parties and two MPs from the smaller parties. Protests of innocence rang out around the Chamber. Shock and incredulity spread around the House, as Members who had hitherto been seen as whiter than white had their names called out. Only one MP put up a real struggle, whereas the others left with whatever dignity they could muster.
The Prime Minister watched as the door closed behind the last to be escorted out. The hubbub and mutterings gradually subsided. ‘If the Speaker will permit, it would be helpful if the Chancellor of the Exchequer could now complete his outline of the Government’s financial proposals, before he and I put ourselves before the House to answer questions.’
‘Agreed. Pray continue.’
Rafi was on tenterhooks. How much of their advice would the Chancellor take on board? He looked at the faces of the opposition MPs on the TV screen. There was a look of bewilderment.
‘Thank you, Prime Minister,’ said the Chancellor. ‘I have outlined a number of initiatives to enhance economic activity. I will now turn to our proposals of how the Government is to deal with the huge costs associated with the Stratford disaster.’ He paused and then went on, ‘As Members are no doubt aware, the credit crunch and the various state bail outs have necessitated significant Government guarantees and a substantial increase in borrowings. We shall not be undertaking any further borrowings. Indeed, as things stand it would not be possible to do so without, risking the UK’s credit rating, and triggering steep rises in interest rates and gilt yields. This would be very counterproductive.’
There was utter disbelief on the faces of those opposite him.
‘So how then can we meet these new and very large financial liabilities?’ The Chancellor paused whilst those in the Chamber were left to imagine the starkness of the position. ‘I am pleased to report that we have a plan. Under this plan the costs associated with the disaster will be met via the issue of shares in new Government Real Estate Investment Trusts – REITs. The value of the public sector’s property and tangible assets is around £900 billion, or thereabouts. A proportion of these assets will be transferred into these Government REIT vehicles, which will be listed on the London Stock Exchange. We will compensate each and every person who lost their health, their home, their possessions or their business as a result of the terrorist attacks by transferring to them shares in the Government REITs. A cash alternative will be provided by a consortium of banks who will offer a cost-effective trading facility.’
‘The sums involved will be large - in addition to the compensation costs there are a number of other significant costs, such as the decontamination and decommissioning costs of our nuclear power stations and the payment of guarantees… At present, the best estimate I have for Stratford and the associated costs is £195 billion. A full breakdown will be published by the Treasury in the next twenty-four hours.’
There were gasps around the Chamber – the figure was far larger than anyone had expected. The House fell silent once more and the Chancellor continued. ‘I also propose to use part of the proceeds of the REIT share sales to repurchase long dated gilts,’ continued the Chancellor.
Strike one for the terrorists, Rafi thought. This would underpin gilts prices and be the first nail in their financial coffin.
‘The Treasury’s best estimate is that the cost of the dividends on the Government REIT shares sold to third parties will be no more than £1.5 billion for the next fiscal year, rising to £3 billion in the following year, and will therefore be well within its scope to manage, without recourse to rises in national taxation.’ He paused momentarily and looked at the shadow chancellor opposite him.
Strike two: the Government funding requirements would remain on track. The second nail in the terrorists’ financial coffin has been hammered home, thought Rafi.
‘I shall also be introducing proposals which will allow pensioners and those planning for their retirement to invest in London listed REITs as an alternative to annuities. This will provide the REITs market with liquidity. Furthermore, I am advised by leading actuaries that the yield advantage of REITs over gilts and their inflation hedging characteristics will reduce the deficits of many pension funds.’ The Chancellor let those around him take in what he had said about Government REITs. He now had to move on to a particularly difficult area.
‘Our economy,’ the Chancellor continued, ‘our financial service industries, the City of London and our currency were badly bruised by the recent banking crisis and will be further injured by the nuclear disaster. To rebuild them we need a period of currency and interest rate stability. It is well known that the five criteria for our entry to the Euro have been long debated; this debate has been against the background of a strong currency and a positive economic outlook for the UK. Some eminent economists have argued that Stratford has materially changed the risk–reward relationship. They have advised me that the risks to our well-being, and to our economy, of being in the Euro are now significantly less than if we were to go it alone and keep Sterling.’
‘Wait for it…’ thought Rafi.
‘I have considered their arguments and have concluded that Sterling is part of our heritage, our identity, and our economic independence, and it should only be given up in extremis. So, in how desperate a position do we find ourselves? We have found a workable solution to meet all the costs associated with Stratford and this will inject billions of pounds into our economy. And we will make a start at reducing the scale of unfunded public sector pensions, which will improve the Government’s finances. The introduction of not-for-profit corporations will make our public sector services more efficient and will reduce the need for future tax increases.’
The Chancellor stopped and looked around the Chamber. People were on the edge of their seats. Back in the Ops Room Rafi suddenly wasn’t sure what to expect.
‘On the other hand, I have had to consider how much damage speculators might cause if they try to decimate our currency. Therefore, whether or not we join the Euro rests on whether or not we can hold our currency stable.’
The tension was palpable.
‘So, are we, or are we not going into the Euro?’ wondered Rafi.
‘Early yesterday, senior representatives of the Bank of England flew out to meet with the largest international Central Banks to ask for their help in supporting our currency and to determine the level at which support would be forthcoming. Without this support we would find ourselves in exceptionally difficult times and joining the Euro would become a necessi
ty. The results of these deliberations should be available to me now.’
There was movement behind the Chancellor. He turned round and was passed a large white envelope by the PM. He opened the envelope, pulled out two sheets of paper and read them. His face gave nothing away, but before he spoke, he pulled out a handkerchief and mopped his brow.
‘As of ten minutes ago, the Federal Reserve of America, the European Central Bank, the Chinese, Japanese, Indian, Saudi, UAE, and four other Central Banks have all agreed to support and be aggressive purchasers of Sterling, until such time as the UK economy has recovered from the recent catastrophe.’
Sighs of relief were heard around the Chamber.
‘The support level has been set at a figure four percent below Sterling’s trade weighted exchange rate as at close of business on Thursday evening.’
The Treasury had taken Aidan’s brief and added their own magic – Sterling was to remain independent! They had done a superb job. Rafi looked at the ceiling, let out a small whistle and smiled. Strike three! Sterling was to be protected. The third and final nail had been hammered home. The terrorists’ positions in the derivatives markets had become untenable and they would be sitting on truly massive losses when the market reopened in the morning!
A weary, but relieved-looking Chancellor surveyed the packed House of Commons. ‘Details supporting the initiatives I have set out this afternoon to the House will be published as soon as is practical – the printing presses are running as I speak. The events of the past few days have required much soul-searching and reprioritising.’ He paused and looked across at the shadow chancellor. I commend these proposals to the House.’ He sat down to growing applause from the House, which was taking its time to assimilate all he had put before them.
The Prime Minister rose to take his place at the dispatch box. ‘If the Speaker will permit me, I should like to tidy up a few loose ends. The reshuffle I spoke of earlier will be far-reaching. I have scheduled meetings with the leaders of the main opposition parties for later this evening. I will be speaking with many of you over the next twenty-four hours. I have received assurances from the party leaders sitting opposite me that they will place the interests of the country first.’
LATENT HAZARD: On the Edge Page 38