The Terracotta State Drawing Room in Downing Street, where the major deals between the UAE and UK were signed today, serves as the second reception room of the British Prime Minister's residence.
On the first floor of Number 10 Downing Street, it is the middle of three interlinked state drawing rooms, sandwiched between the Pillared Drawing Room, which is used to for events and grand receptions, and the White Drawing Room, which is often used for Downing Street staff meetings.
The Terracotta Room derives its name from the colour in which it is painted. When Margaret Thatcher came to power in the late 1970s it was called the Blue Room.
She appointed architect Quinlan Terry to refurbish the state drawing rooms at the end of the 1980s. The refurbishment included ornate plasterwork on the ceilings to present a more stately look.
Mr Terry built large Doric order columns into the door surrounds as part of the refurbishment. He also designed a vast Palladian overmantel for the fireplace with small double Doric columns on each side with the royal arms above.
After the refurbishment it was renamed the Green Room, before becoming the Terracotta Room.
Sir Robert Walpole, who held the title of First Lord of the Treasury and effectively served as Britain's first prime minister, used this space as a dining room during his time in office.
The walls of the room are decorated with famous works of art on loan from the Government Art Collection.
More from Neighbourhood Watch:
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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