Live updates: Follow the latest news on the UK general election
A US election winner has 11 weeks to prepare for the White House. The Netherlands has just spent 233 days forming a new government. In Britain, Keir Starmer had barely a few hours to adjust.
After Labour’s election victory, King Charles III appointed Mr Starmer as Prime Minister at lunchtime on Friday. As well as the customary speech at No 10 Downing Street, there are also cabinet appointments and conversations with world leaders before the day is out.
In a sobering part of the handover, Mr Starmer sends “letters of last resort” to Britain’s nuclear missile submarines, with instructions in case the chain of command is wiped out. Rishi Sunak’s letters are destroyed.
By July 9, Mr Starmer is due in Washington for a Nato summit. Leaders such as France’s Emmanuel Macron battling to keep the far right out of power might envy Labour’s new (and supercharged) majority.
So how will Mr Starmer use his majority to govern Britain? Despite his campaign motto of “change”, he hardly has the manner of a revolutionary. Grey-haired and dutiful, the 61-year-old is often likened to a school headmaster.
Keir Starmer through the years – in pictures
Mr Starmer’s election pledges reflected what was seen as a safety-first ‘Ming vase strategy’ meant to protect Labour’s strong position, reassure floating voters and neutralise Conservative attacks.
Yet experienced MPs and political advisers, both Labour and Conservative, hope Mr Starmer will go on the front foot within his first 100 days to push priorities such as the economy, housing and clean energy.
A summit throwing the UK's doors open for investment is planned in that 100-day stretch. Businesses are being told to prepare for early moves on planning reform under Mr Starmer.
“This will be his victory and he will be in an extremely strong position in those early years. He will be wanting to put his own stamp on government,” said former Conservative MP turned independent peer Andrew Tyrie.
He told business leaders that Mr Starmer could go after economic wins such as planning and closer ties with Europe, which amount to “pretty tough political fruit to pick, and that’s why a large majority is so important”.
Labour missions
A key part of Mr Starmer’s pitch was five “missions” on the economy, health, crime, clean energy and equality, meant to bring a long-term focus after years of day-to-day political soap operas.
The idea has been pushed by Italian economist Mariana Mazzucato. Its success will depend in part on key figures in Mr Starmer’s team such as chief of staff Sue Gray and likely chancellor Rachel Reeves.
Westminster insiders are watching closely for any signs of tension between Mr Starmer and Ms Reeves, after a rift between Tony Blair and Gordon Brown derailed the 1997 to 2010 Labour government.
With Labour aware it will not have the money to repeat the health and education spending spree of the Blair-Brown years, it is relying on its push for economic growth to fill up the Treasury’s coffers.
One option being discussed is for Mr Starmer to centralise power around new ‘mission boards’ that would be tasked with banging departmental heads together on the five priorities.
Keir Starmer talks about a 10-year plan. The question remains, will British voters be patient to wait for the big change?
Eunice Goes
But the Treasury has a reputation for guarding its territory, and Ms Reeves has made clear she will not let pie-in-the-sky spending pledges get past her. Former Labour minister David Blunkett has warned of resentment towards overarching policy tsars.
Civil servants have already taken soundings on Labour policies under pre-election contacts that take place, by convention, with the government's permission.
Steve Bates, a former Labour adviser who now represents the UK’s biotech industry, said he would be “unsurprised” by an early restructuring, such as when Mr Brown reformed the Bank of England in 1997.
“I would mark your card to keep an eye on how they do the wiring,” he said. Ms Gray, the former civil servant who investigated the Boris Johnson party scandal, “knows a lot about how the wirings of Whitehall work”.
Then there are the unforeseen events that every prime minister must deal with. The aftermath of 9/11 derailed Tony Blair’s premiership. Gordon Brown had the global financial crash. Boris Johnson had Covid-19.
On the world stage, Mr Starmer could soon have to strike up a relationship with Donald Trump. European centrists who would be natural partners for Labour as it seeks to rebuild ties with the EU are under siege from the far right.
“We may wake up on Monday with a far-right government in France and this is going to present a very immediate challenge for the incoming Labour government,” said Eunice Goes, an author on the British left at Richmond American University London.
In the event of a Trump comeback, Mr Starmer’s policy is “to deal with him as he has to”, she told The National. “It will be difficult but they will have to deal with the problems as they come.”
Party management
Mr Starmer, a former chief prosecutor for England and Wales, likes to tell voters he is came to politics late – he was elected an MP aged 52 – and is not absorbed in party tribalism.
His critics on both right and left say he lacks political principles, having dropped left-wing positions he once supported such as abolishing university tuition fees.
“He's not someone – nor is Rishi Sunak – who can tell us a story about where the country's going in a convincing manner,” said politics professor Anand Menon of the think tank UK in a Changing Europe.
“He’s someone who seems to have changed his mind on an awful lot of issues so people are uncertain where his real centre of gravity is. That being said, those who have worked with him will say he’s very, very competent.”
Labour’s expected huge gains mean scores of its MPs will be newcomers who owe their election to Mr Starmer’s landslide, although there are not enough ministerial jobs to satisfy all their ambitions.
A purge of the left has softened Labour’s brand but angered sections of the party. Mr Starmer will not be able to keep ignoring it if ambitious MPs side with trade unions to cause trouble for the government, Mr Tyrie said.
Labour’s intraparty management “is going to be every bit as crucial in the years ahead as it has been difficult for the Conservatives,” he said.
Keir Starmer wins general election – in pictures
On the Conservative side, Mr Tyrie – who was one of 165 Tory MPs elected in the 1997 drubbing – said that was not enough to mount an effective opposition to the Blair government.
Former ministers “more or less go on holiday for a while, exhausted” and “leave you with a very small group trying to run the whole of the opposition” for which 200 MPs would be a bare minimum, he said.
It means “important points from the point of view of balance and argument won’t be made”.
With the Tories facing a period of reflection, Labour is “already betting on being re-elected at the next election,” said Dr Goes.
“Keir Starmer talks about a 10-year plan. The question remains, will British voters be patient to wait for the big change?”.
SECRET%20INVASION
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
First Person
Richard Flanagan
Chatto & Windus
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How%20to%20avoid%20getting%20scammed
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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.”
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
COMPANY%20PROFILE
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FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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Company%20profile
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MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
AT%20A%20GLANCE
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.