Data reported by the official UK's official statistics body suggests that 594,000 foreign workers have left the country in the past year.
It is a staggering figure, and it is reasonable to approach it with a degree of scepticism. Reliable data is difficult to gather amid a pandemic. But if the UK is serious about creating a post-Brexit “Global Britain”, these numbers indicate a trend that should trigger concern in Whitehall.
This has, of course, been a uniquely tough year for the whole world. But the UK’s especially chaotic handling of the ongoing coronavirus pandemic, and its economic impacts, has dissuaded many non-Brits from pursuing work or other prospects in the UK.
One hugely profitable sector that has ground to a halt is hospitality, given its close links to the tourism industry. In 2019, there were 40.9 million visits to the UK, bringing $37.5 billion in revenue. A lack of tourists means potentially permanent damage to restaurants, hotels and countless cultural institutions.
British students have grown resentful of spending their university terms confined to dormitories amid the coronavirus pandemic. Reuters
A particularly lucrative part of Britain’s economy is the university sector, in which international students are a fundamental driver. They have become, in many ways, key to British universities’ survival. Since the onset of the pandemic, however, resentment among all students, particularly foreign ones who pay much higher fees than their local counterparts, is growing unchecked.
Over the past decade, since the election of the Conservative party under David Cameron, opportunities for overseas students to live and work in the UK after their studies have been steadily curtailed. The alienation of these students, even after they were labelled a priority in the government’s “Britain is Great” campaign, marks a serious departure from the Brexit brief of creating a global Britain. Fears over their fate have become so severe that in 2016 India’s Prime Minister, Narendra Modi, made a prospective UK-India trade deal conditional upon easier access to the UK for Indian students. But with levels of unhappiness reportedly rising among Indian students already in the UK due to a lack of support, will future students from the country even want to come?
A story in The National about a spike in UAE students heading for US universities after the election of Joe Biden demonstrates that the global student body has other options. Many having begun to factor political stability to their calculations; they have never been the most financially secure demographic. And while Britain is still home to the English-speaking world's oldest universities, it may no longer be the safest of harbours.
The numbers indicate a trend that should trigger concern in Whitehall
Many Britons seem to agree with that assessment, too. A study published in August found that migration from the UK to the EU had increased by 30 per cent since the Brexit referendum. The study also established that migrants from the UK were some of the best educated and highest-earning of any group.
A drain of talent, in universities or in the work force, threatens to erase the image of Britain as a global hub. That image was built over the course of the 20th century, in large part as a result of Conservative policies. If Mr Johnson loses the confidence of his most well-educated compatriots, many in his party will not forgive him.
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.”
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Conservative MPs who have publicly revealed sending letters of no confidence
Steve Baker
Peter Bone
Ben Bradley
Andrew Bridgen
Maria Caulfield
Simon Clarke
Philip Davies
Nadine Dorries
James Duddridge
Mark Francois
Chris Green
Adam Holloway
Andrea Jenkyns
Anne-Marie Morris
Sheryll Murray
Jacob Rees-Mogg
Laurence Robertson
Lee Rowley
Henry Smith
Martin Vickers
John Whittingdale
Gifts exchanged
King Charles - replica of President Eisenhower Sword
Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
Donald Trump - hand-bound leather book with Declaration of Independence