The Wrong Kind of Muscular Leadership
Poland's new president Karol Nawrocki is the latest political leader obsessed with muscle. But it will inevitably make Poland weaker, says Bloomberg Opinion's Adrian Wooldridge. (Source: Bloomberg)
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Reform declares war on all gold-plated public sector pensions
A Reform UK government would radically overhaul gold-plated public sector pensions to stop them bankrupting Britain. Richard Tice told The Telegraph he would put everything on the table and end the taxpayer 'rip off' if his party won the next general election. Reform's deputy leader said the party would consider moving all public sector employees out of their 'Rolls-Royce' pension plans and into the defined contribution schemes almost all private sector workers have. Britain currently hands £54bn a year to public sector retirees and another £35bn in pension contributions to current state workers, with both groups entitled to guaranteed, inflation-linked payments for life. It comes after Reform pledged to axe defined benefit council pensions, which a recent Telegraph investigation revealed now costs some local authorities more than half of what they raise in council tax. Britain currently has more than three million public sector pensioners, the vast majority of whom are retired NHS workers, teachers, civil servants and members of the armed forces. Their schemes are all unfunded, meaning the contributions that come in from employers and employees are immediately used to pay current retirees, rather than being prudently invested to pay future pensions. However, contributions have fallen short of the amounts paid out, with taxpayers funding a £49bn shortfall over the past decade alone. Historically, they also haven't covered the cost of new pension rights built up by current workers. John Ralfe, a pensions consultant, calculated that the shortfall between contributions and future pensions was £208bn between 2013-23 – and it will be met by current and future taxpayers. The system, which would be illegal in the private sector, has built up pension liabilities running into the trillions. Speaking to The Telegraph, Mr Tice said action was needed where successive governments had failed. He said: 'We've got to have these conversations over the next few years and wake people up as to why we're in such a financial mess. Public sector pay and benefits have soared and yet productivity has collapsed, and it's a catastrophe. 'I want to be honest with the country. I want to say, 'if we don't sort this out, this will be a major factor in the country going bankrupt'. It's that serious.' He also confirmed that Reform would consider moving every public sector worker into the type of defined contribution schemes that almost all private sector workers are members of. He added: 'Everything has got to be on the table. The old rule was that public pay was less than the private sector because they had a more generous pension scheme, but successive governments have lifted pay in the public sector and therefore the old deal is no longer valid. 'Bluntly, there's been a failure to be honest about this. The public sector has pulled the wool over the eyes of the taxpayer. We're going to talk about it for the next four years: that taxpayers are being ripped off and it can't go on.' Last week, Mr Tice said that Reform-controlled councils would stop offering the generous pension scheme to new employees and reduce pay rises for existing workers to balance out the cost of funding their retirements. The Local Government Pension Scheme, the largest funded scheme in the UK, already spends £15bn a year on paying pensions across Britain. A recent Telegraph investigation uncovered five local authorities that stuff more than half of their council tax into staff pension pots. Another 19 fork out more than a third, while 60 spend more than a fifth on funding the generous schemes. It came after a series of Telegraph revelations about the cost of public sector pensions. Last year, we calculated that Britain's current bill was £4.9 trillion, with each household on the hook for £173,000. In October, we reported that another £20bn would be added to taxpayer-funded pension payouts after they rose another 1.7pc following September's inflation figure. Last month, we showed how the latest public sector pay rise would cost another £1bn in pension contributions alone. We also revealed how taxpayers have been handed extra pension bills of £45bn for Royal Mail, £1.7bn for the Environment Agency and more than £300m for retired train drivers. Switching public sector workers to defined contribution pensions could send the taxpayer's annual bill plummeting to around £4.5bn, saving almost £28bn a year, calculations have shown. However, Barry McKay, of pensions firm Barnett Waddingham, warned it would be difficult to make the change. He said: 'If you move to defined contribution, those contributions paid by existing workers would go into a pot somewhere to be invested and grow for the benefit of each worker, but in doing so there would be no money coming in to pay existing pensions. 'The Treasury would have to find a huge amount of money to pay the existing pensioners from somewhere else, because they don't have the contribution income any more. That leaves a massive hole in the Treasury accounts.' He added: 'There is a problem that we're effectively stuck with defined benefit.' Neil Record, a pensions expert and former Bank of England economist, said: 'The only practical solution to public sector pensions' increasingly intolerable burden on taxpayers is for the Government to offer a cash alternative, as an option, to all public sector employees. 'My guess is that in return for an approximately 30pc pay rise, most public sector employees would choose to give up accruing new pension rights as long as their existing rights were fully honoured.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
an hour ago
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A timeline of the twists and turns in the Trump-Musk relationship
The escalating war of words this week between President Donald Trump and tech mogul Elon Musk marked the most contentious chapter in a yearslong and at-times rocky relationship between two of the most influential figures in business and politics. Musk, a former Democrat, has criticized Trump in the past, but over the past year forged a strong relationship with the president that positioned him to wield significant power in the early months of Trump's second administration. Those close ties, though, came after years of ups and downs stretching back to 2016 when Musk accepted a spot on several of Trump's business advisory councils. Here are some of the highlights of Trump and Musk's volatile relationship from the past few years. Musk, who would ultimately emerge as one of the most loyal contributors to Trump's 2024 campaign, was initially a vocal opponent. Despite a solid working relationship with Trump during his first term, the enigmatic tech leader called on Trump to skip the 2024 race. "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset," Musk wrote on X. "Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America." The post was not without provocation — Trump days earlier at a campaign rally in Alaska bashed Musk for his effort to purchase X, then known as Twitter, and for saying in an interview that he never voted for a Republican. "He told me he voted for me," Trump said at the rally. "He's another bulls--- artist." Musk in response threw his support behind Florida Gov. Ron DeSantis. "If DeSantis runs against Biden in 2024, then DeSantis will easily win — he doesn't even need to campaign," he wrote on X. Weeks after officially taking control of X, Musk extended an olive branch to Trump by reinstating his account on the social media platform — once his favorite online megaphone — after it was banned following the Jan. 6 attack on the Capitol. Musk reinstated the account on Nov. 19, four days after Trump formally launched his 2024 campaign. By the summer of 2023, Trump had been indicted in three separate criminal cases. Musk, who months earlier predicted Trump would win the 2024 election if arrested, condemned the prosecutions. "I did not vote for him last election, but such aggressive legal action against a former president is not right," Musk wrote. The post served as a shift for Musk, who soon after began posting more sympathetic messages about Trump. In the first few months of 2024, Trump's campaign found itself in a cash crunch after allocating upwards of $50 million toward his legal defense. So when Trump met with Musk alongside several other wealthy Republican donors in Palm Beach, Florida, most political observers were quick to connect the dots. Musk, the world's richest man, has insisted that the meeting was unplanned and maintains that Trump never explicitly requested funding. 'I'm not paying his legal bills in any way, shape or form … and he did not ask me for money,' Musk said in an interview after the meeting, though he did say afterward that he was at least "leaning away" from President Joe Biden. When asked about their meeting, Trump said he'd "helped" Musk in the past, without providing details. According to campaign finance documents, Musk created America PAC, a pro-Trump Super PAC, on May 22. Soon after, reports emerged that Trump and Musk had discussed a possible advisory role for the Tesla CEO in a second Trump administration, an effort to ensure Musk would hold a key position in the White House. Less than an hour after an assassination attempt on Trump at a rally in Pennsylvania, Musk officially threw his support behind Trump's candidacy. "I fully endorse President Trump and hope for his rapid recovery," Musk wrote on X. Trump responded by touting reports that Musk planned to contribute $45 million a month to his re-election effort and promising to make life "good" for him. "We have to make life good for our smart people. You know, we have some smart people. We have to make life good for our smart people, and he's as smart as you get," Trump said at his first campaign event after the assassination attempt. In an event billed by Trump's campaign as "the interview of the century," Trump joined Musk for an online rally on X. The event was repeatedly delayed due to tech issues, but saw the pair bond over their shared disdain for Biden's immigration policies. It also saw Musk unsuccessfully try to prod Trump into prioritizing renewable energy over fossil fuels. When Trump returned to the site of the first assassination attempt against him, he shared the rally stage with Musk, who accused Democrats of seeking to take away voters' freedom of speech and right to bear arms. Musk emphatically encouraged Trump supporters to "vote, vote, vote." By October, Musk had already given nearly $75 million to the super PAC he created to support Trump, according to campaign finance filings. That money was used in part to fund sprawling get-out-the-vote drives in battleground states, including door-knocking programs in deep-red, traditionally low-turnout areas. Trump's striking victory, in which he won all seven battleground states and the popular vote for the first time, came as Musk's spending for the effort surpassed a quarter billion dollars, according to campaign finance reports. Of that total, $120 million came in the final weeks of the race. In his election night speech, Trump praised Musk, saying, "A star is born." One week after the election, Trump appointed Musk and Vivek Ramaswamy to head up a newly formed Department of Government Efficiency, fulfilling a campaign promise to allow Musk to oversee cuts to government spending. Ramaswamy later left to pursue a gubernatorial bid in Ohio. Toward the end of the month, Trump traveled to Texas to watch the launch of Musk's SpaceX Starship rocket, despite previously ridiculing the company. Musk spoke at Trump's inauguration rally at Capital One Arena, emphatically lauding Trump's victory, jubilantly raising the prospect of taking DOGE to Mars and thanking the crowd for voting to guarantee "the future of civilization is assured." "My heart goes out to you," Musk said before forcefully touching his heart and raising his hand in a gesture some critics likened to a Nazi salute. Musk has denied that assertion. Among the first executive orders Trump signed on Jan. 20 was one that formalized the creation of the Musk-led Department of Government Efficiency. The White House officially announced Musk's role in early February, clearing way for him to oversee a wide-ranging effort to reduce to the size of the federal government through mass job cuts, the cancellation of research programs and grants and the dismantling a federal agencies. In an early sign of tensions between Musk and several Cabinet members, Trump placed limits on his adviser, making clear in a Truth Social post that staffing decisions across the federal government will be determined by agency heads, not Musk. The Tesla CEO had been exercising authority over rank-and-file federal workers, including a threat to fire them if they didn't respond to inquiries regarding their work output. The new publicly established guardrails appeared to do little to hurt the pair's relationship, with Trump a week later turning the South Lawn of the White House into a Tesla show room to demonstrate support for Musk amid slumping sales for his electric vehicle company. On the first day of May, Musk told reporters at the White House that he would soon step back from DOGE to focus on his companies, comparing the shift to going from full-time to part-time work. The announcement came after Tesla reported a drop in its first-quarter profit and revenue. By the end of the month, Musk's exit was formalized. The White House on May 28 confirmed that Musk's tenure as a special government employee, a temporary role that he soon would legally have to exit anyway, had come to an end. Musk thanked Trump "for the opportunity to reduce wasteful spending," and the president at a news conference with Musk days later said, "Elon's service to America has been without comparison in modern history." Trump presented Musk with a gold-colored key at the event. But underneath the polite exchanges hid simmering tension: Musk days earlier appeared on CBS' "Sunday Morning" and bashed a massive Republican bill, designed to fund much of Trump's domestic agenda, by condemning the expected impact of the legislation on the national debt. Trump soon after pulled the nomination of billionaire Jared Isaacman, an associate of Musk, to be NASA administrator. Days after formally departing the White House, Musk launched a scathing attack on the Trump-backed bill making its way through Congress. 'I'm sorry, but I just can't stand it anymore,' Musk wrote in a post on X. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' Asked about those criticisms, Trump expressed disappointment. "Elon knew the inner workings of this bill,' Trump told reporters, before suggesting Musk's opposition to the bill was personal. 'Elon is upset because we took the EV mandate which was a lot of money for electric vehicles. They're having a hard time the electric vehicles, and they want us to pay billions of dollars in subsidy," Trump said. The attacks quickly grew more personal. Musk called out Trump's "ingratitude," arguing that Republicans would have lost the 2024 election without his support. Trump in response said Musk "went crazy" after being asked to leave his White House role, and he toyed with the idea of severing government ties with Musk's companies. Musk replied by claiming Trump was in what are known as "the Epstein Files," and said Trump's tariff policy would cause a recession. He also amplified a post calling for Trump to be impeached and replaced by Vice President JD Vance. A day after the barrage of attacks, Trump told reporters he's no longer thinking of Musk. "Honestly, I've been so busy working on China, working on Russia, working on Iran, working on so many — I'm not thinking about Elon. You know, I just wish him well," he said. This article was originally published on
Yahoo
an hour ago
- Yahoo
Biggest Russian drone strike hits Ukraine's second city
At least three people have been killed and another 17 injured in the biggest Russian drone attack on Ukraine's Kharkiv, the city's mayor says Ihor Terekhov says Russia launched 48 drones, two missiles and four gliding bombs towards the city overnight There is "a lot of damage" with three high-rise residential buildings hit, he says Intense strikes across Ukraine happened the previous night, when six people were killed and 80 injured It follows Ukraine's major drone attack on Russian airfields last Sunday, which Russian President Vladimir Putin later said he would need to respond to Biggest Russian drone strike hits Ukraine's second city
