Prime Minister Theresa May has survived an attempt to oust her, but her worries are far from over.Bloomberg
Prime Minister Theresa May has survived an attempt to oust her, but her worries are far from over.Bloomberg

In Theresa May's Brexit pantomime, a second referendum is the only final act that makes sense



December is pantomime season in Britain. In theatres across the country, children watch adaptations of fairy tales, in which actors perform slapstick comedy and tell old jokes to the audience. A standard feature of the genre is when the villain skulks onto the stage, unnoticed by the main character. The crowd shouts, “Behind you!”, and the hero gets a fright, but always survives.

Pantomime season has also opened in the House of Commons, where a number of MPs have been loudly warning Prime Minister Theresa May that hard-line Eurosceptics within the Conservative party were plotting to stab her in the back. This internal campaign to unseat Mrs May culminated last night in a confidence vote among her own MPs.

The conspirators failed. Mrs May won the vote by 200 to 117. This means that she has the trust of almost two-thirds of her parliamentary party, but none from a third of them. She has survived as prime minister and no further challenge is possible for a year. But the backstabbing is not over, and now the Brexit pantomime is entering its final and decisive act.

Later today, Mrs May will speak with her Irish counterpart and other leaders of the European Union, in the hope of miraculously renegotiating some part of the complex deal she agreed with the EU last month. EU leaders are adamant that renegotiation is not an option, although they may offer some kind of pleasantly worded additional document to help the wounded Mrs May stagger on to her self-imposed deadline of March 29, 2019.

However, Brexit may not happen at all now. There is no deal that commands majority parliamentary support. Some MPs want a hard or no-deal Brexit, some accept Mrs May’s version, others fantasise about a deal similar to those of Norway or Canada, while many simply want to remain in the EU.

Mrs May, like Conservative leaders before her, is trying to appease the hard-line leave faction − the ones who have just tried and failed to overthrow her − by winning concessions from the EU. That mission, however, now looks impossible.

The simple truth is that appeasing her right-wing Conservative critics − who have come together since 1993 as the euphemistically named European Research Group – has not worked and never will.

That’s because Brexit has never been about what is best for the people of Britain. It has always been a violent ideological feud within the Conservative party itself. Lasting for generations, in political terms, it is like a narcissistic Mafia vendetta. As the Conservative Attorney General Geoffrey Cox put it, the vote to unseat Theresa May was another “self-indulgent spasm”. Meanwhile, Scotland’s First Minister Nicola Sturgeon, of the Scottish National Party, summed it up perfectly. “The UK is facing chaos and crisis entirely because of a vicious civil war within the Tory party,” she said. “What a self-centred bunch they are.”

The Conservative party always saw itself as the "party of business", of competence and of "the Union" that binds together the interests and identities of England, Wales, Scotland and Northern Ireland. Now, its self-seeking infighting has jeopardised each of these claims. This government has dismayed business leaders, emboldened the independence movement in Scotland, and given plenty of encouragement to those in Northern Ireland who wish to secede from the UK and become part of a unified Ireland.

This whole sorry story began back in the 1990s, when the Conservative prime minister John Major faced similar attacks to those that have been carried out on Mrs May. They came from Eurosceptic colleagues with powerful friends in right-wing think tanks and newspapers, especially the Daily Mail and those owned by Rupert Murdoch, who helped to spread anti-EU ideas for many years.

When David Cameron became prime minister in 2010, he pandered to demands that he pull his party out of the most important conservative grouping in the European parliament, the EPP – much to the dismay of Angela Merkel and other centre-right leaders. Cameron appeased the Europhobes once again by promising the 2016 referendum on EU membership.

When Mr Cameron lost the referendum, he handed the poisoned chalice of leadership to Mrs May, who tried to balance negotiating a Brexit deal with the EU and mollifying the right-wingers who had undermined both her Conservative predecessors.

Yet again, those attempts at compromise have not worked. Mrs May is now a prime minister viewed as profoundly weak at home and pitied abroad. She may achieve minor EU concessions, but the 117 Conservative MPs who opposed her leadership are unlikely to be impressed with any of them.

Labour, the Liberal Democrats, the Greens and Scottish National Party remain implacably hostile, and Northern Ireland’s Democratic Unionist Party is not especially helpful to her cause. It is difficult – almost impossible – to see how any Brexit deal negotiated by Mrs May can succeed in parliament.

That leaves only two options: no deal, or no Brexit. The no-deal scenario is one of economic and political suicide and, as such, unacceptable to most MPs. So, now, when the crowd calls out “behind you”, Mrs May is likely to find a second referendum looking over her. A People’s Vote seems to be the only final act that could make any sense in Britain’s Brexit pantomime.

Gavin Esler is a journalist, television presenter and author

Ireland (15-1):

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Challenge Cup result:

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2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Is it worth it? We put cheesecake frap to the test.

The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?

My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.

The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.

So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.

 

 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

The%C2%A0specs%20
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Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

India squad

Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.