Labour leader Keir Starmer talks at a campaign event in London on Saturday. Getty Images
Labour leader Keir Starmer talks at a campaign event in London on Saturday. Getty Images
Labour leader Keir Starmer talks at a campaign event in London on Saturday. Getty Images
Labour leader Keir Starmer talks at a campaign event in London on Saturday. Getty Images


Time for Starmer to tell Britons what they need to hear – not what they want to hear


  • English
  • Arabic

July 02, 2024

With the UK due to vote later this week, Labour party leader Keir Starmer has a precious vase problem. He has campaigned on the precautionary principle of not dropping his lead in the polls. But experienced hands in government are now warning him that he should actually shed some votes to govern better, should he be installed in Downing Street at the end of the week.

Jonathan Powell, who was chief of staff under former Labour prime minister Tony Blair, confided last week that the entry into power is filled with pitfalls, describing his own early experiences in 1997 as a “post-euphoria and pre-delivery” trap.

In other words, there is a great danger of an immediate loss of momentum as the adjustment to party of government takes place.

Chris Patten, the former Conservative party chairman, offered the same advice from the other end of the spectrum, saying that he understands why Mr Starmer feels he has to get over the finish line without spilling his cargo at the last minute.

Live updates: Follow the latest news on the UK general election

But, according to Mr Patten, the “horrible problems” the UK faces mean that Mr Starmer should start showing the people the tough medicine he will need to administer. Otherwise, Mr Pattern thinks, people will come out of the election with expectations being higher than his government could possibly meet.

Mr Powell’s recommendation, one that was backed by the eminent pollster John Curtice, was that Mr Starmer finds time to make a keynote address in the final week, making plain what his government would be about. That would be a radical departure for a leadership that has been iron-willed in holding to its campaign strategy of making no second guesses on the outcome of the election.

  • Conservative Prime Minister Rishi Sunak and Labour leader Keir Starmer explain their policies during the first TV debate in Manchester. PA
    Conservative Prime Minister Rishi Sunak and Labour leader Keir Starmer explain their policies during the first TV debate in Manchester. PA
  • Julie Etchingham (centre) with Mr Sunak (left) and Mr Starmer at the ITV studios. Getty
    Julie Etchingham (centre) with Mr Sunak (left) and Mr Starmer at the ITV studios. Getty
  • Ms Etchingham subjects the leaders to intense questioning. PA
    Ms Etchingham subjects the leaders to intense questioning. PA
  • Mr Sunak arrives for the first pre-election leaders debate. Reuters
    Mr Sunak arrives for the first pre-election leaders debate. Reuters
  • Mr Starmer arrives in Manchester. Reuters
    Mr Starmer arrives in Manchester. Reuters
  • ITV's director of television Kevin Lygo meets Mr Sunak at the Manchester studio. Getty
    ITV's director of television Kevin Lygo meets Mr Sunak at the Manchester studio. Getty
  • Mr Starmer was also greeted by Mr Lygo. Getty
    Mr Starmer was also greeted by Mr Lygo. Getty
  • Shadow health secretary Wes Streeting speaks outside ITV. Getty
    Shadow health secretary Wes Streeting speaks outside ITV. Getty
  • An anti-Conservative sign was displayed in a window of a building overlooking the debate venue. Reuters
    An anti-Conservative sign was displayed in a window of a building overlooking the debate venue. Reuters
For Starmer, the challenge of winning power cannot be said to match the intensity of facing the big decisions once ensconced in Downing Street

The National’s own poll of UK voters showed that Labour has 42 per cent support while the Conservatives are on 20 per cent. Mr Curtice, in his remarks, said there was no hope of a Conservative comeback. In fact, he said that the electoral system was likely to over-reward the Labour party with parliamentary seats and punish the Conservatives. That is because the right is divided like never before since the rise of the Reform UK party.

WhatsApp communities that promote tactical voting against the Conservatives have emerged in recent weeks. These have boosted the chances of Labour and the other main opposition parties.

One scenario to look out for on Friday morning, once the votes have been counted, is whether the Liberal Democrats have roughly half the Conservative national vote share but a higher number of MPs, as is expected. This would make Ed Davey, a man who has so far campaigned by making outlandish stunts like falling repeatedly into a lake his main selling point, the official leader of the opposition.

People are talking about the election having a systemic impact. This is not least because there are five parties running candidates in nearly every seat. Comparisons are also being made with the eclipse of the Liberal Party by Labour in 1922.

In its findings, The National poll has made clear that the next government will be confronted with foreign policy issues, with some hard choices for it to make. These are not being reflected in a campaign that has seen exchanges on immigration and sewage in rivers.

Mr Powell points out that the first tasks of the new government will be dominated by questions on foreign affairs. In the first week, there will be a Nato leaders’ summit in Washington. Making the right points on Ukraine will be expected of the new team.

A week later, the UK will host the European Political Community summit at Blenheim Palace. Our poll demonstrated that there is strong support for the UK to re-join the EU by a margin of 46 per cent to 37 per cent, a double-digit gap.

Hungarian Prime Minister Viktor Orban and Ukrainian President Volodymyr Zelenskyy attend an EU leaders' summit in Brussels on Thursday. Reuters
Hungarian Prime Minister Viktor Orban and Ukrainian President Volodymyr Zelenskyy attend an EU leaders' summit in Brussels on Thursday. Reuters

It also showed that there was a groundswell of pressure for a change of direction on the Middle East and, in particular, the Palestine-Israel conflict. A demand for an immediate ceasefire (62 per cent support), followed by banning arms sales to Israel (54 per cent) and recognising an independent state of Palestine (45 per cent) all polled strongly. It is significant, too, that 32 per cent of respondents identified Gaza as an important issue for voters, a figure that rose above 50 per cent among voters aged under 34.

Those are the kinds of big decisions that swirl fluidly in front of a new government. With a mandate that allows for real domestic reforms, it can gain some breathing space from the daily pressures and the hot topics that arise.

The election campaign has, so far, managed to obscure the big-picture topics that are unaltered by what happens when the votes are cast. That is why Mr Powell worries that the new government must have a 100-day plan to accommodate these fundamental choices as well as the summits and timetables.

For Mr Starmer, the challenge of winning power cannot be said to match the intensity of facing the big decisions once ensconced in Downing Street. That’s why a big speech now would give him a sounder platform to govern.

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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.”

UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

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The%20specs
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Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain

Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain

Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines

Tuesday, February 22: 2pm – semi-finals

Thursday, February 24: 2pm – final

UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

All matches to be streamed live on icc.tv

Dunbar
Edward St Aubyn
Hogarth

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Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

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Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

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 Mercedes-AMG C63 S Cabriolet

Price, base: Dh429,090

Engine 4.0-litre twin-turbo V8

Transmission Seven-speed automatic

Power 510hp @ 5,500rpm

Torque 700Nm @ 1,750rpm

Fuel economy, combined 9.2L / 100km

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

Sole survivors
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A timeline of the Historical Dictionary of the Arabic Language
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  • November 2024: All 127 volumes completed
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Rating: 1/5

Updated: July 02, 2024, 3:52 PM