Latent Hazard

by Piers Venmore-Rowland

  In Luxembourg, as soon as Golden Sundancer had reached international waters, Giles gave the signal to the local police team. The gendarmerie was waiting outside Maryam’s offices. Her arrest had been authorised by the Chief of the Luxembourg police. The evidence he’d been shown was overwhelming and, off the record, he had agreed that a trial in London with the other three terrorists would be the simplest solution. Neither spoke of extradition. A British SWAT team, including a couple of SAS operatives, was standing by.

  David was standing next to Rafi. ‘Their Chief of Police is being most cooperative,’ he commented.

  When the knock at the door came, Maryam was found entertaining a group of EU politicians in her boardroom. Their lunch had stretched right through the afternoon. For her part she was celebrating.

  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 her bodyguards were quickly outnumbered and overpowered.

  In the commotion that followed, 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 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; he was handed a small folded sheet of paper. He finished what he was saying, paused and then opened it out. He read the message twice. All eyes in the Chamber were on him. The silence was deafening.

  ‘Mr Speaker, I have been informed of a development of which I believe this House should be made aware. If the Speaker will permit, I understand that the Prime Minister has received 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, stood up and moved to the dispatch box, and read it. As he hesitated, a ripple of uncertainty spread around the Chamber. ‘Thank you, Mr Speaker, I have some news. I can inform the House that I 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 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 the attack on the nuclear reprocessing plant at Sellafield. Sadly, the 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, for ever.’

  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 50% 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 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 and beyond what might have been asked of them.’

  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 find this out only to disappear off 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 w
as 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 formed part of the terrorists’ information network.’

  Rafi watched as the PM was forced to pause because the House was reverberating 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, directly 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 were part of their network.’

  A shocked silence gave way to a rising crescendo of 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 solemnly asked him to proceed.

  The Members’ names were read out one by one. They were not in alphabetical order, which only added to the theatrical 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 struggle, whereas the others left with whatever dignity they could muster.

  The Prime Minister watched as the door closed behind the last to leave. 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. They were bewildered.

  ‘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 triple ‘A’ credit rating, steep rises in interest rates and gilt yields, which would be very counterproductive.’

  There was utter disbelief on the faces of those opposite him.

  ‘So how then can we pay for all these vast financial liabilities if we do not borrow more money?’

  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 asset holdings is £900 billion, or thereabouts. A significant 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 decontamination and decommissioning costs of nuclear plants 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 back into silence and the Chancellor continued.

  ‘I shall also make provision for there to be gilts repurchases targeted at the long end of the market, and will use the proceeds of some additional REIT share sales to pay for this,’ 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 within very acceptable bounds. 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.

  ‘In the context of pensions, I have asked the Treasury to publish proposals which are designed to resolve the unfunded public sector pension deficits within fifteen years. These deficits are currently costing taxpayers £30 billion a year and represent a total liability in excess of £1,000 billion. The Stratford disaster has thrown all the Government’s finances into the spotlight, which is why we have to tackle this huge liability now, or potentially face the consequences of investors being unwilling to invest in the rebuilding of our economy. I will be publishing a consultation document which will set out our proposals for the introduction of unit-linked pensions for those public sector employees on above average wages, and the phased introduction of pensions which start to address the equity of the size of the payout relative to the contributions made. I would ask that the contents of the consultation document on public sector pensions are read in the context of our proposals for the introduction of not-for-profit corporations.’

  Rafi grinned; the unfunded pension problem had at last been brought out into the open. The proposals would not be to everyone’s liking, but something had to be done to reduce the potentially crippling costs, and it seemed that the Chancellor was going to tackle the problem with fairness.

  ‘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 strong 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 how desperate a position do we find ourselves in? We have found a workable solution to meet all the costs associated with Stratford and this will inject billions of pounds into our economy. We are to 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.