UK Prime Minister Rishi Sunak, right, should develop closer ties with the EU, settle the Northern Ireland protocol issue and redefine Britain’s status. PA
UK Prime Minister Rishi Sunak, right, should develop closer ties with the EU, settle the Northern Ireland protocol issue and redefine Britain’s status. PA
UK Prime Minister Rishi Sunak, right, should develop closer ties with the EU, settle the Northern Ireland protocol issue and redefine Britain’s status. PA
UK Prime Minister Rishi Sunak, right, should develop closer ties with the EU, settle the Northern Ireland protocol issue and redefine Britain’s status. PA


Public opinion shifts but will Britain look to rejoin the EU?


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January 03, 2023

Remainers rejoice. Nearly two-thirds of Britons now support the holding of a referendum with a view to rejoining the EU.

A survey conducted by Savanta for The Independent found that the number of people opposed to another vote was down to less than a quarter of voters. Those calling for another vote make up 65 per cent, although there are timing differences. People who want a ballot immediately amount to 22 per cent; while 24 per cent said it should be held within the next five years and 11 per cent within six to 10 years.

Only 4 per cent think another vote should be in more than 20 years.

Meanwhile, those who say “never” to a second referendum have fallen from 32 to 24 per cent.

The poll also found that 54 per cent now say Brexit was the wrong decision, up from 46 per cent last year, on the first anniversary of Britain’s exit.

A total of 56 per cent now think leaving the EU has made the economy worse, up from 44 per cent.

Half of Britons believe it has made the UK’s ability to control its own borders — a major Brexiteer promise — worse, up from 43 per cent to 50 per cent.

And the proportion who think it has weakened Britain’s global influence is also now 50 per cent, up from 39 per cent.

There’s no doubt that the drums are beating, that demands for a rethink are getting louder and more strident.

The evidence is stacking up: analysis from the London School of Economics shows that additional red tape caused by Brexit added £210 to the average household food bill in the two years to the end of 2021.

John Springford, at the Centre for European Reform, who tracks the impact of Brexit on the economy, calculates that tax revenues for the year to the end of June 2022 were £40 billion lower — this as Britain is hit by a wave of public worker strikes, with the government maintaining it does not have enough cash to meet their demands.

Business is fed up. The British Chambers of Commerce declared that Brexit is “not delivering”. Having surveyed 1,168 businesses, 92 per cent of them small and medium-sized enterprises (SMEs), researchers found that more than three-quarters (77 per cent) of those for which the Brexit deal is applicable said withdrawal was not helping them either increase sales or grow their businesses.

More than half (56 per cent) said they faced difficulties adapting to the new rules for trading goods. Almost half (45 per cent) said they were struggling to adapt to the rules for trading services. A similar number (44 per cent) had difficulties obtaining visas for staff.

We’ve got Brexit done, we’ve taken back control and it’s clear, we are paying the price. But try telling that to the Brexiteers. Quizzed on LBC radio whether there were benefits from leaving, Lord Michael Spencer, the City billionaire and former Tory party treasurer, said, “Yes, many.”

Pressed to name them, the peer cited: “European regulation … had been lumbered on financial services, which should be peeled off. And one of them which, of course, won't poll well, is take away the cap on bankers’ bonuses.”

  • A closed Birmingham Moor Street station during a strike by train drivers from the Aslef union, in a dispute over jobs and pensions. PA
    A closed Birmingham Moor Street station during a strike by train drivers from the Aslef union, in a dispute over jobs and pensions. PA
  • Southeastern trains sit in sidings at Ashford station in Kent, during a strike by train drivers. PA
    Southeastern trains sit in sidings at Ashford station in Kent, during a strike by train drivers. PA
  • An Aslef picket line at Birmingham Moor Street station. PA
    An Aslef picket line at Birmingham Moor Street station. PA
  • Passengers outside the locked gates of Southfields London Underground station, waiting for the first train of the day. PA
    Passengers outside the locked gates of Southfields London Underground station, waiting for the first train of the day. PA
  • Empty platforms in Euston station, London. PA
    Empty platforms in Euston station, London. PA
  • A deserted Paddington station in London, during a strike by members of the Rail, Maritime and Transport union over jobs and pensions. PA
    A deserted Paddington station in London, during a strike by members of the Rail, Maritime and Transport union over jobs and pensions. PA
  • Mick Lynch, general secretary of the RMT, joins union members on the picket line outside London's Euston station. Strikes have been taking place since last summer. PA
    Mick Lynch, general secretary of the RMT, joins union members on the picket line outside London's Euston station. Strikes have been taking place since last summer. PA
  • Passengers in an almost deserted Euston station during morning rush hour in London. PA
    Passengers in an almost deserted Euston station during morning rush hour in London. PA
  • A sign warning of industrial action at Barnham train station in West Sussex, southern England PA
    A sign warning of industrial action at Barnham train station in West Sussex, southern England PA
  • Passengers check the departure boards at Euston station. Getty Images
    Passengers check the departure boards at Euston station. Getty Images
  • An empty platform at Eustion station in London. Bloomberg
    An empty platform at Eustion station in London. Bloomberg
  • A lone train leaves Ashford station in Kent, where a reduced timetable is in operation. PA
    A lone train leaves Ashford station in Kent, where a reduced timetable is in operation. PA
  • Signs with information on the strikes are lined up at Waterloo station in London. PA
    Signs with information on the strikes are lined up at Waterloo station in London. PA
  • Members of the RMT on a picket line outside London Euston station. Bloomberg
    Members of the RMT on a picket line outside London Euston station. Bloomberg

That’s it, then. That’s what it was all for: so, the bankers could get bigger bonuses. Significantly, Spencer did not mention the trade deals struck with individual nations since Britain left. They too have been a disappointment. Even Brexiteers say so — more in private than public. But former minister George Eustice has broken cover to criticise the agreement with Australia, saying it “gave away far too much for far too little in return”.

Not so fast, Remainers. You can holler as much as they want but there is no prospect of re-entry, not in the near term anyway.

Politicians at the top of the main parties are under no illusion that the old wounds remain. Put simply, they’re not prepared to unleash that vicious national argument all over again. The EU, too, is ambivalent. There’s no doubt the EU is weaker for Britain’s absence. But it functions more smoothly. In Brussels, they do not miss the constant hectoring, frequently leading to downright abuse, and blocking tactics deployed by some of Britain’s Eurosceptic MEPs.

An EU triumph

The Franco-German axis is just as strong within the EU — more so, without an alternative — and there are few serious signs of any other member following Britain’s lead. Indeed, Britain’s failure to turn life outside the EU into unalloyed triumph is acting as a dampener for those tempted to try.

German Chancellor Olaf Scholz, left, andFrance's President Emmanuel Macron. The Franco-German axis remains strong within the EU. AP
German Chancellor Olaf Scholz, left, andFrance's President Emmanuel Macron. The Franco-German axis remains strong within the EU. AP

So far, the UK government’s response to the complaints has been to point in general, airy terms to the advantages of exiting. This was a representative replying to The Independent poll findings: “We are taking full advantage of the many benefits of Brexit, and are restoring the UK’s status as a sovereign, independent country that determines its own future. We have taken back control of our borders, restored domestic control over our lawmaking and axed numerous pieces of bureaucratic red tape, saving businesses and consumers money across the country.”

Rishi Sunak would be advised, however, to take a more serious, realistic line, to urgently develop closer ties with the EU, to settle the Northern Ireland protocol issue and after that, to explore redefining Britain’s status.

The word “Norway” is being mentioned increasingly at Westminster, in reference to that country’s access to the EU single market as a member of the European Economic Area.

Given the lack of tangible gains from Brexit to date and the building sense of frustration, bankers’ bonuses notwithstanding — even Brexiteers should be able to see the sense in that.

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29

The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

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7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

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Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

Results

5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)

6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass

6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer

7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby

7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass

8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi

RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

Updated: January 03, 2023, 2:15 PM