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An exclusive poll for The National reveals a generational split in Britain over the Israel-Palestine conflict.
Younger people tend to criticise the UK’s stance on Gaza and say the war will influence their general election vote on July 4.
Older voters are more likely to defend the UK’s policy and look unfavourably on ceasefire protests in Britain.
Our poll also shows the Conservatives cratering among younger generations and barely holding on to their elderly support base. The anti-Tory mood extends well beyond typically left-leaning students and young people to middle-aged Britons who are scathing about Prime Minister Rishi Sunak and his economic record.
There is support for recognising Palestine, and halting arms sales to Israel, from all four age groups in the Deltapoll survey.
But millennials (in their late twenties to early forties) and Generation Z (teenagers and early twenties) tend to take more pro-Palestinian views.
Asked about ceasefire protests in Britain, 59 per cent of those in Gen Z say they should be allowed to continue.
By contrast, 46 per cent of baby boomers (mainly in their sixties and seventies) say future protests should not go ahead.
The rallies in London and other cities have sparked bitter debate, with former Conservative home secretary Suella Braverman calling them “hate marches”.
Another march is planned in central London two days after the election to “tell the new government” to stop arming Israel.
Neither the Conservatives or Labour have committed to ending arms exports, while both say they will recognise Palestinian statehood at a future point.
Boomers are the only age group who tend to say the government has done the right thing on Gaza so far, by a margin of 42 to 15 per cent.
Among Gen Z voters, 43 per cent criticise Britain’s policy and 29 per cent see it positively. Many people are unsure.
Several parties and candidates are trying to mobilise a pro-Palestinian vote but the polling suggests it is mainly younger people who will be receptive.
Only 18 per cent of boomers and 25 per cent of Generation X (in their forties to early sixties) say Gaza is important to their vote on July 4.
On the other hand, 58 per cent of Gen Z and 43 per cent of millennials say the war does matter to their choice of party.
A point of broader consensus is that Britain should publicly demand a full ceasefire in Gaza, our poll finds.
A total of 62 per cent agree, including majorities in all age brackets.
While all generations tend to support banning arms sales to Israel, this feeling is strongest among Gen Z (73 per cent).
Among boomers, 47 per cent say Britain should stop selling weapons to Israel and 24 per cent disagree.
It is a similar story with regard to recognising a state of Palestine, which has 45 per cent overall to 13 per cent opposed.
All age groups are broadly in favour, but only among Gen Z (65 per cent) is there majority support.
Tory struggles
Our poll also finds that the Conservatives are struggling even to hold on to their usually loyal older voter base.
Despite attempts to draw up pensioner-friendly policies, the Conservatives are backed by only 33 per cent of boomers with 32 per cent going to Labour.
Conservative support falls to 14 per cent in Gen X, 15 per cent among millennials and 9 per cent among Gen Z.
However, there is not universal enthusiasm for Labour among the younger generations.
While Labour could win 45 per cent of the Gen Z vote, Reform UK scores 20 per cent and the Green Party 16 per cent in our poll.
Labour’s support is highest among millennials, standing at 57 per cent.
Deltapoll interviewed 2,077 British adults online between June 24 and 26. The data has been weighted to be representative of the British adult population as a whole.
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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