The UK’s Labour Party launched its election manifesto on Thursday with a focus on lifting Britain out of economic malaise and a pledge to re-engage with the world if it wins power under its one-word slogan: Change.
Opposition leader Keir Starmer said Labour was the “party of wealth creation” as he made a pitch to the centre ground for Britain’s July 4 election.
Labour is also pledging a “Britain reconnected” in foreign affairs as it aims to retake power during conflict in the Middle East and Ukraine.
It said it was “committed to recognising a Palestinian state as a contribution to a renewed peace process”, without setting a deadline.
At a seven-party debate of leaders on Thursday, deputy leader Angela Rayner said a Labour government would review the legal advice and comply with international law about arms sales to Israel.
Senior politicians have clashed over immigration. Ms Rayner said net migration needs to fall as it has “gone up and up as our economy relies on overseas workers”.
Reform UK's Nigel Farage said: "Well, it's funny Angela Rayner says that because Labour launched their six key priorities at the general election and didn't mention the single most important issue affecting the lives of everybody in this country, namely the population explosion caused directly by migration."
Opinion polls show Labour on track to win amid widespread voter anger at the ruling Conservatives, which have fallen behind Reform for the first time.
A new poll, conducted on Wednesday and Thursday, shows Brexiteer Nigel Farage's Reform with 19 per cent support going into national elections next month, compared to the Conservatives' 18 per cent. Both are trailing far behind the Labour party.
The manifesto offers few surprises as Mr Starmer adopts what has been called a “Ming vase strategy” of keeping Labour's standing in the polls intact.
But the “manifesto for wealth creation” marks a break with the hard-left policies pledged by Mr Starmer's predecessor Jeremy Corbyn at the 2017 and 2019 elections.
Speaking over a heckler who accused Labour of offering the “same old Tory policies”, Mr Starmer said it “gave up on being a party of protest five years ago … we want to be a party of power”.
“Today, we can turn the page. Today, we can lay a new foundation of stability and on that foundation, we can start to rebuild Britain,” he told supporters in Manchester.
Middle East focus
Peace and security in the Middle East “will be an immediate focus” for a Labour government, the manifesto says.
It also promises Britain will “deepen our co-operation with partners across the Gulf on regional security, energy and trade and investment”.
On Israel-Palestine it vows to push for an immediate ceasefire, the release of hostages, the upholding of international law and a “rapid increase of aid” into Gaza.
“Palestinian statehood is the inalienable right of the Palestinian people. It is not in the gift of any neighbour and is also essential to the long-term security of Israel,” it says.
“We are committed to recognising a Palestinian state as a contribution to a renewed peace process which results in a two-state solution, with a safe and secure Israel alongside a viable and sovereign Palestinian state.”
Immigration
With Prime Minister Rishi Sunak's Conservatives making reduced migration a key election pledge, Labour said immigration “must be controlled and managed”.
It aims to scrap the government's plan to deport failed asylum seekers to Rwanda, which it calls unworkable and wasteful.
Instead, it is promising a new border security command that will be handed “counter terrorism-style powers” to tackle smuggling from France.
It wants to hire more staff to clear a backlog of asylum applications and form a separate unit to “fast-track removals” of people with no right to stay in Britain.
There are fewer concrete pledges on legal migration, with Labour saying it would look to train more British workers in areas of skills shortages.
Foreign policy
Labour's foreign policy pitch is headlined “Britain reconnected” after what it calls a Conservative failure on the international stage.
It said Labour would reverse a loss of soft power by “reinvigorating alliances”, backing Britain's cultural institutions and seeking a reputation as a leader on climate action.
“We will work with our proud diaspora communities to enhance our cultural links across the world,” the manifesto said.
Labour wants to improve post-Brexit ties with the EU, including with a new security pact, but is not offering a return to EU membership.
It said the UK's support for Ukraine would “remain steadfast”.
“Britain will be a reliable partner, a dependable ally and a good neighbour,” the manifesto said.
Economic boost
Labour emphasised economic growth at its manifesto launch, with Iceland supermarket boss Richard Walker called on stage to underscore its business-friendly pitch.
“We just cannot afford five more years of high tax, low growth and broken Tory promises,” Labour deputy leader Angela Rayner said.
Policy pledges include planning reforms to “get Britain building” and a state-owned Great British Energy company meant to bring green jobs and lower bills.
With a credo of “securonomics”, Labour is promising a stable business environment and investment in ports, battery factories and the steel industry.
Labour is pledging not to raise the level of income tax, VAT (sales tax) or national insurance. It says it would raise revenue by closing tax loopholes and charging VAT to private schools.
UK general election campaigning - in pictures
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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