It was one of those off-the-cuff remarks that sometimes come back to haunt government ministers, a clever response to a difficult question. During Britain's Brexit debate in 2016 the cabinet minister Michael Gove was challenged to name any leading economists who backed Britain leaving the European Union.
Mr Gove, whether you like his politics or not, is hard working and intelligent. He refused to name anyone, since most economics experts think Brexit is a daft idea, a kind of self-harm. Instead Mr Gove retorted that “people in this country have had enough of experts.”
Last year at Edinburgh Book Festival I was with a panel of experts including Anand Menon, Professor of European Politics at King's College London. He recounted a similar challenge to expertise.
He had been discussing with an audience how leaving the EU would undoubtedly make Britain poorer by reducing growth figures measured the usual way, by gross domestic product.
A heckler yelled out "that's your GDP." There was some wisdom in what the heckler had to say.
Experts may know about GDP figures going up or down, stock markets rising and falling, economic forecasts and so on – but for millions and millions of us these macro-economic measurements are gobbledygook with little relation to the lives we actually lead.
A few years ago I wrote a book about this phenomenon in the US. Every US newspaper I read had wonderful stories about how the Dow Jones index was up, productivity was up, Hollywood movies and US TV shows were conquering the world, America was the last great superpower – and yet so many ordinary Americans I talked with were angry about their own lives. They worked hard and were disappointed that, as they put it, they “couldn’t get ahead.”
Some of them compared their lives with their parents and claimed that things were better in the past. Then along came Donald Trump saying he would "Make America Great Again."
He hit exactly the right note with these hard working Americans, and like Michael Gove, Mr Trump is not much of an admirer of “experts”.
But then came a big surprise: coronavirus. Suddenly experts – people who actually know things – are back in fashion. On both sides of the Atlantic politicians can’t get enough of them.
Political leaders rarely appear alone to take questions or to speak about the pandemic. They always have adult supervision, speaking alongside experts with medical degrees, PhDs and other impressive qualifications.
What is striking is the way experts answer questions directly while politicians recite rehearsed lines, slogans and briefing notes
In the US Mr Trump is typically seen alongside Anthony Fauci from the National Institute of Allergy and Infectious Diseases.
In the UK prime minister Boris Johnson, before he took ill with the virus, and various UK government ministers who substitute for him, appear with British experts.
What is striking is the way experts answer questions directly while politicians recite rehearsed lines, slogans and briefing notes. Dominic Raab, for example, the British Foreign Secretary who has been filling in for Mr Johnson, said the prime minister would recover because he was a “fighter.” This hollow rhetoric provoked widespread criticism.
Roughly half of us will suffer from cancer at some time and everyone knows someone who has been through a serious illness. A letter in a British newspaper from a reader summed up the backlash: "I hope all the victims of this illness, including Boris Johnson, make a full recovery. But if they do it won't be due to some steely inner quality of theirs, but because of a combination of luck and excellent medical care. I am tired of politicians and commentators telling us Boris Johnson is a "fighter", "very determined" or "strong", as if all those who have succumbed, including medical and care staff, were victims of some personal weakness or absence of determination."
Medical experts, of course, would never use the language of being a “fighter” to overcome disease. Medical and other experts have another quality which many political leaders lack.
The experts know what they do not know – and freely admit when they cannot make a firm answer. Political leaders often pretend to know everything. In years of interviewing politicians on television I can think of only a handful of times when a political leader has surprised me by saying, "Sorry – that's a really difficult issue and I don't know the answer." Wouldn't it be refreshing if they admitted they don't know? Scientists do that all the time – that's why they carry out research, to find answers.
If anything positive can come from this pandemic, perhaps it could be that we treat experts with more respect. And perhaps we could also praise politicians who say “in all honesty I don’t have an answer to every question you may ask.” But maybe there’s no need.
One or two world leaders appear to know everything about everything and are experts in anything you can name.
It is just surprising that given their supposed genius they did not prepare their countries better for the global pandemic which real experts are now trying to stop. We really have not had enough of experts.
Gavin Esler is a journalist, author and presenter
The five new places of worship
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)