This week Britain's coalition government announced its spending plans for the next four years. We are taking urgent steps to reduce the national debt and deal with the fiscal legacy we inherited. We have shown that we have the resolve and determination to live within our means. And we have set out to reinvigorate Britain's diplomatic engagement with the world, elevating our links with the fastest growing economies and championing Britain as a home for business and investment. We understand that economic recovery starts at home, but that we have to look beyond our shores for new opportunities and new partners.
The scale of the economic challenge is formidable. We inherited one of the largest budget deficits in Europe and the G20.
But we have a clear vision for the future of our country. We have chosen to spend on the country's most important priorities - the health care of our people, the education of our young, our nation's security and the infrastructure that supports our economic growth. We are building a fairer and more responsible society, with more opportunity for people to lift themselves out of poverty, and with state support focused on those who need it most.
We are reforming public services - improving transparency and accountability, giving more power and responsibility to citizens and enabling sustainable long-term improvements in services. And we are building a stronger economy, with more jobs, investment and growth for a private sector-led recovery. We have protected as far as possible those areas of public spending which matter for economic growth and pursued reforms to make these more cost-effective.
We know that we cannot have sustainable growth in the economy without healthy public finances. We have created a new independent Office for Budgetary Responsibility, so that the power to determine the growth and fiscal forecasts now resides with an independent body immune to the temptations of the political cycle. And we have pledged to eliminate the UK's structural deficit by the end of this parliament, which has been welcomed by the International Monetary Fund as a necessary path to ensuring fiscal sustainability and a balanced recovery.
Our spending review is part of an ambitious plan to create a business environment that is one of the most competitive anywhere in the world. We understand that the British economy of the future must be one that is built on investment, saving and exports, and are determined to use our tough plans for fiscal consolidation as a springboard for growth and recovery through the private sector.
From 2011, we will gradually reduce corporation tax to 24 per cent, giving Britain the lowest in the G7 and one of the lowest in the G20. We will reduce the small profits rate of corporation tax to 20 per cent. We will lower capital gains tax for entrepreneurs. And we will cut national insurance contributions for employers, extend help to small businesses needing to access credit, and make Britain the easiest place in the world to start a business.
But let us not forget that throughout the recession the UK has remained the sixth largest economy in the world. We have one of the most flexible labour markets in Europe and, according to the Organisation for Economic Co-operation and Development, the least number of barriers to entrepreneurship in the world. Our unrivalled financial services industry, our strong skills base, our global outlook and orientation, our creative talents, our world class universities and our central position between Asian and American time zones all contribute to our open economy and demonstrate that we are open for business.
So we have a strong base on which to build. With that in mind, we are injecting a renewed commercial focus into our relationship here in the United Arab Emirates through the UK/UAE Task Force, which was set up soon after the UK coalition government came to power, as part of a wider effort to invest more time and energy in our relationship with the Gulf countries. Our trade and investment ties are central to this and the figures speak for themselves: the UAE is the UK's 13th largest export market, and by far the largest in the Middle East.
Last year the UK government helped more than 2,000 British businesses set up and invest in Abu Dhabi and Dubai. Through the Task Force, we are building a network of strengthened bilateral relationships between Britain and the United Arab Emirates that can act as the veins and arteries along which trade can flow in both directions so our two countries can grow and prosper together and reach our joint goal of expanding two-way trade to £12 billion (Dh70 billion) by 2015.
So we are confident that we are taking the right steps at home and abroad to help economic recovery in our own countries, and to contribute to a stable and prosperous global economy.
William Hague is the British foreign secretary. This article is exclusive to The National and Al Ittihad newspapers
DUNE: PART TWO
Director: Denis Villeneuve
Starring: Timothee Chamalet, Zendaya, Austin Butler
Rating: 5/5
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Killing of Qassem Suleimani
Company Profile
Name: Takestep
Started: March 2018
Founders: Mohamed Khashaba, Mohamed Abdallah, Mohamed Adel Wafiq and Ayman Taha
Based: Cairo, Egypt
Sector: health technology
Employees: 11 full time and 22 part time
Investment stage: pre-Series A
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures