Lagging 20 points or more behind in the opinion polls, UK Prime Minister Rishi Sunak’s government and his fledgling premiership are already in trouble.
On issues ranging from the economy to immigration, the Tories have generated widespread electoral discontent. And no longer can Mr Sunak count on rebuilding trust by banging the Brexit drum, chanting the mantra that withdrawal from the EU is safe only in Conservative hands.
Let us leave aside the reality, uncomfortable for Brexit supporters, that as evidence of the project’s failure mounts, popular support for it wanes. A clear majority of voters, including a chunky minority of those who voted Leave in the 2016 referendum, has come to regard the outcome as a mistake.
The leader of Britain’s Labour opposition, Keir Starmer, has chosen this strangest of moments to pull the Brexit rug briskly from beneath the Conservatives’ feet. Almost as if unhappiness with Brexit were no more than a remote, middle-class "Remoaner" tantrum, he has made the most pro-Leave declaration imaginable from a politician who always valued Britain’s former place in the EU.
“I will always seek a close relationship with our neighbours,” he said, beginning on a harmless enough tone. “We’ve seen through the Ukraine crisis that a strong, united Europe is important.”
Then came the bombshell. “But I’ve been very clear – that better relationship won’t be about the single market, customs union or freedom of movement.”
With that unambiguous policy statement, Mr Starmer actually went much further than hitherto. He presented himself as a Brexit standard bearer as staunch as those on the right of the Conservative party or even the populist and, many argue, extreme rightwing UK Independence Party (Ukip).
Starmer has made the most pro-Leave declaration imaginable from a politician who always valued Britain’s former place in the EU
His senior colleagues have for some time observed an unwritten rule to avoid open criticism of Brexit. Yet it is difficult to think of any senior politician who has undergone such a dramatic conversion, whether the benefiting cause is a lost one or an idea that may yet recover after languishing in intensive care.
The simple explanation lies in Mr Starmer’s pursuit of power. Betraying the caution of a lawyer who formerly headed Britain’s criminal prosecution service, he is unconvinced that Labour’s lead will necessarily translate into a strong parliamentary majority in a general election up to two years away.
He calculates that he still needs to win back so-called “red wall” seats, once rock-solid Labour constituencies in the English north and midlands that switched to the Conservatives in 2019, helping Boris Johnson to victory on the strength of his “getting Brexit done” boasts. A working-class vote that saw no benefit in EU membership then, and in any case suspects Labour of being soft on immigration, was quick to embrace Leave and Mr Johnson; it will be slow to rediscover its traditional allegiance.
Paradoxically, the Tory government is seen as hopelessly unfit to resolve the problem - wildly exaggerated - of “small boats” migration across the English Channel. But the anti-immigrant rhetoric of Mr Sunak’s home secretary (interior minister) Suella Braverman, like the prime minister of Indian origin, plays well to a xenophobic gallery.
It is an electoral catchment area that remains impervious to ample data showing immigration to be broadly beneficial to Britain, both economically and culturally. Nor does it fully appreciate that much of business and the public services need more, not fewer, employees from overseas. If low-wage Britons never felt EU membership did them any good – despite the generous grants from Brussels that the UK government has failed to replace – theirs is one area of Brexit support that still resists all the economic analysis highlighting its negative consequences.
By ruling out a return to freedom of movement, Mr Starmer is re-courting that newly volatile red wall vote. It alarms many others among Labour’s natural supporters, who cherish the same pro-European philosophy he oozed before electoral ambition became more important. But he presumably feels sure sufficient of them will stick with him, content finally to drive the Tories out of power.
And by choosing, as the platform for his declaration, a rightwing newspaper, The Mail on Sunday, he is also reaching out to Conservative voters disillusioned with a 12-year run in office muddied by sleaze, much economy of truth and calamitous budgetary incompetence.
Some Starmer loyalists persuade themselves he is playing a canny long game, protecting against the fall-out of a blistering rightwing media reaction to any hint that he would dishonour the referendum result
They acknowledge that acquiescence in Brexit – advocacy even - must remain Labour policy in 2024 since the Tories and rightwing media would tear him apart if he went back on the forthright statement he has now made.
A typical tweet from this camp presents a scenario, four or five years from then, when Starmer, hypothetically calls an election seeking a second term as prime minister. He announces that having tried all feasible ways of “making Brexit work”, he has concluded that it cannot be done and wishes to apply once again for UK membership of the EU.
If this prediction were to prove accurate, it would bring belated reward for a bold gamble that pre-supposes success at not one but successive general elections.
The counter view is that Brexit is such a mess that the Tories will sooner or later be punished for clinging to it as a drowning man might clutch a flimsy reed – and punished again for the disastrous mini-budget for which Liz Truss’s mercifully short tenure at 10 Downing Street will be remembered.
The scathingly anti-Brexit commentator William Keegan wrote in his column in The Observer newspaper that Britain had regained the “sick man of Europe” stigma it managed to shrug off after joining the bloc. Without minimising the economic effects of war in Ukraine and the Covid pandemic, he identified Brexit as the key reason for Britain’s economy faring the worst of G20 countries.
Probably as significant as the red wall are Northern Ireland and Scotland. Both voted firmly against Brexit. Campaigning on a pro-Brexit ticket, Labour will struggle to win back seats lost to Scottish nationalists. Northern Ireland has a steadily growing Catholic population with little or no affection for the union with Great Britain and much reason to look fondly towards Europe.
Mr Starmer has given himself a boxful of eggs to juggle. He will need to take extraordinary care to stop them crashing to the floor, condemning Labour to an electoral failure seized from the jaws of a triumph that even many dispirited Tory MPs see as a racing certainty.
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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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
'Cheb%20Khaled'
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Company%20profile
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km