The Second World War hero Noor Inayat Khan may be pictured the new British £50 note. PA
The Second World War hero Noor Inayat Khan may be pictured the new British £50 note. PA

The Bank of England needs to put its money where its mouth is



The first person thought to have put their own face on currency was the Roman emperor Julius Caesar. It was probably mostly inspired by vanity but his image was also an important form of propaganda. It conveyed to the state and soldiers in his pay that he was in charge. Whoever is on money says something to the people who use money.
Today's banknotes have become an increasingly contentious and powerful tool in displaying who or what is important to a nation's self identity.

This week the UK's Sunday Times newspaper published a letter calling for the Bank of England's next £50 banknote to feature someone from a BAME (black, Asian or minority ethnic) background. The petition was signed by more than 200 politicians, activists and cultural leaders.

I was one of the signatories to the letter, which read: "Ethnic minority communities represent 14 per cent of the British population. We do not lack candidates and arguably their achievements were the greater for having been made at a time when many careers and were effectively closed to them.” The letter also pointed out: “No one from an ethnic minority has yet featured on a banknote.”

It is an important point to make and one that would be a critical recognition of diversity and acceptance by a core British institution at a time when racism and divisions prevail across Europe.

Manchester City player Raheem Sterling has recently spoken about being targeted by racial abuse both from the terraces and and in lopsided media coverage of how he chooses to spend his earnings, compared to white footballers. And earlier this year, UN special rapporteur on racism E Tendayi Achiume said: "A Brexit-related trend that threatens racial equality in the UK has been the growth in the acceptability of explicit racial, ethnic and religious intolerance."

So even while diversity is given lip service, the reality for people of colour is quite different. The Bank of England’s failure to date to be inclusive is an example par excellence. Governor Mark Carney pledged earlier this year to increase diversity among the bank's 4,000-plus staff but when it comes to the actual money it trades in, this has not translated into anything.

When such issues are raised, they typically garner an accusatory response. For example, when writer and broadcaster Afua Hirsch looked at Britain's imperialist past though the prism of race in her book Brit(ish): On Race, Identity And Belonging, she was met with the comment: "Couldn't she summon a smidgen of gratitude for the institutions that have nurtured her?"

The irony is that underpinning many of the pro-Brexit claims have been conversations around re-igniting Commonwealth links and trading with a wider world under the guise of a "global Britain". So the petition rightly asked, in its call for someone from a BAME background to be on the banknote: "What better representation of 'global Britain' could there be?"

This is not the first time British currency has come in for criticism. After £5 notes featuring the prison reformer Elizabeth Fry were withdrawn in 2017, it was pointed out that aside from Queen Elizabeth II, there were no women featured on banknotes. Author Jane Austen was hastily added to the £10 note, with Mr Carney saying: "Our banknotes serve as repositories of the country’s collective memory, promoting awareness of the United Kingdom’s glorious history and highlighting the contributions of its greatest citizens".

Canada is already ahead of the game in featuring individuals from minority backgrounds. Since last month, Viola Desmond has featured on the $10 note. A black civil rights pioneer, she was arrested in 1946 after refusing to leave a whites-only section of a theatre in Nova Scotia and was only pardoned 63 years after her death.

In New Zealand, the $50 banknote featuring Sir Apirana Ngata has been in circulation since 2000. He played a significant role in the revival of Maori culture and was the first Maori to graduate from a New Zealand university as well as sitting as a member of parliament for 38 years.

The hostile responses to the current campaign in the UK speak to a wider implicit racism. Typically, it is framed as a defence of meritocracy. It also includes the back-to-front justification that "you can't pick someone just for their skin colour" – except for the fact that the default position is set to white. And perhaps the most frequently repeated accusation concerns political correctness. But this is not about political correctness; it's about being historically accurate.

Putting a black or ethnic figure on money might be a small gesture but it would make a significant statement. It would mean revered British institutions literally putting their money where their mouth is.

Shelina Janmohamed is the author of Love in a Headscarf and Generation M: Young Muslims Changing the World

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
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Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

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.”

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
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Kick-off: Thursday, 4.30pm (UAE)
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The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

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10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

When to visit

March-May and September-November

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The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

German intelligence warnings
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  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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England's all-time record goalscorers:
Wayne Rooney 53
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Jimmy Greaves 44
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Nat Lofthouse 30
Alan Shearer 30
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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A