An inflatable figure depicting British Prime Minister Boris Johnson in Hartlepool on Friday. The Conservatives may have won the Hartlepool election among others, but that does not mean the ruling party retains a pan-UK appeal. Reuters
An inflatable figure depicting British Prime Minister Boris Johnson in Hartlepool on Friday. The Conservatives may have won the Hartlepool election among others, but that does not mean the ruling party retains a pan-UK appeal. Reuters
An inflatable figure depicting British Prime Minister Boris Johnson in Hartlepool on Friday. The Conservatives may have won the Hartlepool election among others, but that does not mean the ruling part
Almost the entire UK – with the exception of Northern Ireland – has been counting votes in important elections over the past few days, and London-based newspapers have been trying to make sense of the results.
Some have talked up Prime Minister Boris Johnson as the UK's leader for the next 10 years. The Daily Mail explained it was "the day Boris blew up Labour", annihilating the main opposition party. The Times front page told us "PM eyes decade in power". The catch with these exaggerations is – as we will get to in a moment – that Mr Johnson might indeed be prime minister for 10 years, but the country he leads by 2030 may no longer be recognisable as today's UK.
Undoubtedly the ruling Conservative party he leads has had some astounding election wins – but only in England, not Scotland or Wales. In Hartlepool, a town in the north-east of England and a Labour stronghold for about six decades, voters gave the Conservatives a thumping victory. They were also triumphant in many English local council elections.
But the more significant story isn't "Conservatives up, Labour down". It is that the election results reveal how profoundly split and disunited the once United Kingdom really is. Labour did well in Wales, matching its best ever result as the largest party in Senedd Cymru, or the Welsh Parliament, and holding on to power for the next five years. In England's big cities and metropolitan regions – London, Greater Manchester, Liverpool City Region – Labour mayors were re-elected.
Of course, there is no doubt that in the working-class areas of England, the Conservatives have pulled off a series of remarkable victories, capturing traditional Labour votes. The reason is not just to the success of the coronavirus vaccination programme. It’s also the fact that the Labour party does not seem to have a coherent message about anything many English voters really care about, including Brexit.
Perhaps the most revealing insight comes from Khalid Mahmood, a Labour MP from Birmingham, who claimed that Labour has lost touch with ordinary British people. "A London-based bourgeoisie, with the support of brigades of woke social media warriors, has effectively captured the party. They mean well, of course, but their politics – obsessed with identity, division and even tech utopianism – have more in common with those of Californian high society than the kind of people who voted in Hartlepool.”
What is truly revealing here is that, as well as losing voters among the people Mr Mahmood represents, here is a Labour MP attacking other Labour voters as “woke social media warriors” from the “bourgeoisie". The party is offending and destroying all parts of its own traditional base. For more than a century, Labour was a party of three groups, centre-left intellectuals, manual workers and die-hard socialists. But now, as Mr Mahmood reveals, the party is composed of various groupings who seem to loathe each other, and don’t try to hide it.
The real problem with the Labour party is not its leader, Keir Starmer. It’s the Labour party itself. Getty Images
The party leader, Keir Starmer, is attacked within the party for being ineffectual, intellectual, a metropolitan lawyer, and not left-wing enough. But the real problem isn’t the leader. It’s the Labour party itself. The only Labour leader who has been a big-vote winner in the past 50 years is Tony Blair.
But before Mr Johnson settles back to a decade in power, the underlying problem in all these results is that the country he is nominally in charge of is moving apart. Mr Johnson and his party speak loudly – but for England only, and even there, not for some of its great cities.
The Scottish National Party has been in government in Scotland since 2007, even though the Scottish parliamentary voting system makes it difficult for any one party to have an overall majority. This year, those parties in favour of a second Scottish independence referendum – the SNP and the Greens – have together a clear mandate to demand an independence referendum. They represent more than 50 per cent of Scots voters. But Mr Johnson says he will refuse to allow another referendum, and while that may make him more popular in England, in Scotland he is already widely disliked and distrusted. Refusing a referendum will make that worse.
Scotland's First Minister Nicola Sturgeon is also leader of the Scottish National Party, which is in favour of a second independence referendum. AFP
Politics for the next decade in the UK will be full of competing nationalisms and divisions. To many Scots and others, the Conservatives are an "English" nationalist party. They speak of "Britain" but they mean England only. The Labour administration in Wales has gained greatly in confidence and will be more assertive. Northern Ireland remains uneasy and unstable, sometimes violently so. And while the big winner in these elections seems superficially to be Mr Johnson, the real winner will be those demanding much more devolution for England's cities, new powers for Wales and independence for Scotland.
Perhaps Mr Johnson, with a talent for shape-shifting, may yet find a convincingly sincere vision for a truly United Kingdom. After all, as the American comedian George Burns put it: “The key to success is sincerity. If you can fake that you've got it made.”
Gavin Esler is a broadcaster and UK columnist for The National
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia