Britain's Prime Minister Theresa May leaves after making a statement on the Brexit negotiations following a European Union summit in Salzburg, at no 10 Downing Street, central London on September 21, 2018. British Prime Minister Theresa May said Friday the European Union's abrupt dismissal of her Brexit plan was not acceptable, as she conceded talks were "at an impasse". / AFP / POOL / Paul Grover
Prime Minister Theresa May after making a statement from No 10 Downing Street in which she conceded that Brexit talks wiht EU leaders were "at an impasse". AFP/Paul Grover

Brexit is the naughtiest thing Theresa May has ever done



When she became Britain’s second woman prime minister in 2017, Theresa May was asked to describe the naughtiest thing she ever did. After a pause, she decided it was when she used to “run through fields of wheat”, much to the displeasure of local farmers. For the British media, this admission confirmed Mrs May as a dull goody-goody, a prim head-girl figure. She has also been described by her Conservative party colleague Kenneth Clarke as a “bloody difficult woman” who revels in her own stubbornness.

These two aspects of Mrs May’s character are important in understanding the parlous state of Britain, now six months away from leaving the European Union, in March 2019. Brexit is by far the naughtiest thing any British prime minister has attempted in living memory. Mrs May originally opposed Brexit, yet is now, stubbornly and incompetently, intent on delivering something she never wanted in the first place. The result is a humiliating mess.

Compared to the dislocation Brexit will cause, Britain’s first female prime minister Margaret Thatcher was a modest reformer. Thatcher was both loved and loathed, but she was also an undeniable achiever. She destroyed the power of trades unions, emasculated the opposition Labour party, helped bring down Communism, privatised state industries, fought a difficult war in the South Atlantic and secured an enormous rebate from what is now the European Union. In all of this, she planned carefully and moved slowly. She assembled allies and only then acted ruthlessly to achieve clear goals.

Mrs May has done the opposite. She unwisely set a timetable for leaving the EU by March 2019 without a plan. She failed to assemble true allies and failed to explain convincingly what leaving would mean. There is a proposal, agreed by the cabinet at Chequers, the UK prime minister’s country house, in July. But the Chequers plan has been rejected by the EU, and it isn’t even agreed across all of Mrs May’s own Conservative party. Some hate it. Prominent government members quit. One rival who stayed, Michael Gove, now claims the Chequers plan is not the end, but the beginning of interminable wrangling with the EU. Where Mrs Thatcher was feared and respected even by enemies, Mrs May is laughed at and pitied, even by friends.

Six months before Brexit, an increasingly disunited UK is led by a prime minister who cannot be strong abroad because she is profoundly weak at home. Her most disastrous error was to force an unnecessary general election in 2017, because she wanted a personal mandate to secure a deal with Brussels promising “strong and stable government”. She failed in this aim, losing votes, seats in parliament and credibility.

Britain is now limping towards its most momentous change for generations, with a weak, precarious government and a leader who cannot lead effectively. Some major businesses are now considering leaving the UK – a country that used to be considered the best in Europe to do business in. Others, such as the car manufacturers BMW and Jaguar Land Rover, have moved their annual factory shutdowns to mitigate parts shortages caused by Brexit or announced short-time working.

Given just 10 minutes to plead for concessions that will not be made, Mrs May was humiliated at a meeting of EU leaders in Salzburg, Austria, last week. The next day, she fired back at Brussels in a hurriedly arranged Downing Street statement. Perhaps she will, by some miracle, be able to strike a deal with the EU, but then she has to win a vote in the House of Commons. Even on her own side, many think she has made too many concessions already.

The result could be that the May government collapses, followed by a divisive general election. Alternatively, Mrs May could announce a People’s Vote − a referendum on any Brexit deal. Increasing numbers of non-partisan observers (including me) think this is the best way forward. Many politicians are considering this option seriously, perhaps seeking to extend the timetable for withdrawal beyond March 2019.

But Mrs May is stubborn. Even if a People’s Vote could get her out of the mess she is in, she will undoubtedly persist in her failing course until forced to do otherwise. And then? Well, even with an orderly exit from the European Union, Mrs May’s legacy will be a divided, disconsolate country, poorer than it need be, regarded as incompetent by our friends, and forced to seek favour with the Trump administration and other unreliable allies. As the former US Secretary of State Colin Powell once said: “If you break it, you own it.”

When – or if – Britain leaves the EU, the blame for anything that goes wrong in the country’s economy or culture will be laid at the door of Mrs May and her party. The dismal forecasts include a brain drain, significant inflation, house prices falling, rising unemployment, skills shortages, trade disruption, social disorder, a run on the currency, plus banking, insurance and other bureaucratic problems.

Of course, if a Conservative Brexit leads Britain to a land of milk and honey, the party will prosper along with the country. But the risks posed by Brexit are enormous. Instead of a field of wheat, Mrs May is now running through a minefield.

Gavin Esler is a journalist, author and television presenter

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

A Round of Applause

Director: Berkun Oya
Starring: Aslihan Gürbüz, Fatih Artman, Cihat Suvarioglu
Rating: 4/5

SEMI-FINAL

Monterrey 1 

Funes Mori (14)

Liverpool 2

Keita (11), Firmino (90+1)

Napoleon

Director: Ridley Scott
Stars: Joaquin Phoenix, Vanessa Kirby, Tahar Rahim
Rating: 2/5

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

Uefa Champions League last 16 draw

Juventus v Tottenham Hotspur

Basel v Manchester City

Sevilla v  Manchester United

Porto v Liverpool

Real Madrid v Paris Saint-Germain

Shakhtar Donetsk v Roma

Chelsea v Barcelona

Bayern Munich v Besiktas

COMPANY PROFILE

Company name: Bedu

Started: 2021

Founders: Khaled Al Huraimel, Matti Zinder, Amin Al Zarouni

Based: Dubai, UAE

Industry: AI, metaverse, Web3 and blockchain

Funding: Currently in pre-seed round to raise $5 million to $7 million

Investors: Privately funded

THE DEALS

Hamilton $60m x 2 = $120m

Vettel $45m x 2 = $90m

Ricciardo $35m x 2 = $70m

Verstappen $55m x 3 = $165m

Leclerc $20m x 2 = $40m

TOTAL $485m

TOP 5 DRIVERS 2019

1 Lewis Hamilton, Mercedes, 10 wins 387 points

2 Valtteri Bottas, Mercedes, 4 wins, 314 points

3 Max Verstappen, Red Bull, 3 wins, 260 points

4 Charles Leclerc, Ferrari, 2 wins, 249 points

5 Sebastian Vettel, Ferrari, 1 win, 230 points

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

AUSTRALIA SQUAD

Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa

Sugary teas and iced coffees

The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.

For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

J Street Polling Results

97% of Jewish-Americans are concerned about the rise in anti-Semitism

76% of US Jewish voters believe Donald Trump and his allies in the Republican Party are responsible for a rise in anti-Semitism

74% of American Jews agreed that “Trump and the Maga movement are a threat to Jews in America"

Specs

Power train: 4.0-litre twin-turbo V8 and synchronous electric motor
Max power: 800hp
Max torque: 950Nm
Transmission: Eight-speed auto
Battery: 25.7kWh lithium-ion
0-100km/h: 3.4sec
0-200km/h: 11.4sec
Top speed: 312km/h
Max electric-only range: 60km (claimed)
On sale: Q3
Price: From Dh1.2m (estimate)

About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

Virtual banks explained

What is a virtual bank?

The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.

What’s the draw in Asia?

Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.

Is Hong Kong short of banks?

No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year. 

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah

 

The biog

Full name: Aisha Abdulqader Saeed

Age: 34

Emirate: Dubai

Favourite quote: "No one has ever become poor by giving"

How to become a Boglehead

Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.

•   Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.

•   Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.

•   Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.

•   Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.

•   Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.

•   Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.

•   Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.

•   Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government