On Monday it was 20 years since Margaret Thatcher resigned as Prime Minister of the United Kingdom. Her health is now frail and she has made no public comments since 2002. Yet she remains an undiminished figure in British politics.
Political leaders - including Gordon Brown and Tony Blair - have sought her approval and all discussion of British social and political life, sooner or later, features the word "Thatcherite". She is widely recognised as a great figure in a way that has not been true of any other British politician since Winston Churchill, yet she still arouses extraordinary levels of animosity.
She will probably receive, when the time comes, a state funeral, an honour rarely accorded to politicians in Britain, but for some her death will also be an occasion for rejoicing. Most oddly of all, Thatcher continues to arouse passionate feelings among my own students - people who were not, for the most part, even born when she was prime minister.
There is a sense, then, in which all British people, whether they admire or loathe her, are "Thatcher's children". In both social and economic terms, her government left legacies still evident today.
Certainly, two specific Thatcherite policies have become widely accepted in the decades since she withdrew from office. The first of these is privatisation. The sale of nationalised companies seemed such a dangerously radical idea in 1979 that it was barely mentioned in the Tories' pre-election manifesto. Nevertheless, when in power they embarked on a landmark programme which moved ownership of huge companies (most notably British Telecom, British Airways and British Gas) from the state into the hands of the general public.
Secondly, British trade unions are now much weaker than they were in the 1970s. This is partly because of legislation that sought to limit their powers but, more importantly, because the Thatcher government irrevocably changed the climate of labour relations, especially when it faced down the powerful National Union of Mineworkers in the famous strike of the mid-1980s.
It is true that the recent global economic crisis has changed the political climate of Britain, but this has rarely meant that policies enacted in the Thatcher era have been reversed. The nationalisation of some banks by Gordon Brown was a desperate and temporary expedient, rather than a new turn in economic management.
In economic terms, Thatcherism always meant more than voting for a government led by Margaret Thatcher. People who bought their own houses (especially when those houses had formerly been owned by local authorities), or people who subscribed to shares in privatised companies, were in one way or another fitting in with the Thatcherite vision. Similarly, those who crossed picket lines were accepting a broadly Thatcherite notion that keeping their own job and supporting their own family mattered more than showing solidarity with a trade union. (It is worth remembering that a significant proportion of coal miners, including those who had initially gone on strike themselves, eventually crossed picket lines in the strike of 1984 to 1985.)
Precisely because so many people bought into these values, there is often an element of hypocrisy in attacks on Thatcher. She has become a kind of alibi - someone who can be blamed for all the ills of modern British society.
For instance, before the 1980s, British building societies had been cautiously run associations that existed to provide mortgages for their members. The Liberal Democrat politician Shirley Williams remarked that the Thatcher government was directly responsible for the problems of Northern Rock (a building society turned bank that had to be taken over by the state in early 2008 after it got caught up in the sub-prime mortgage crisis) because she had demutualised building societies. She did nothing of the sort. Thatcher simply passed legislation that allowed these organisations to determine their own status. To a large degree, she was not the sole architect of a new economy but a prime minister who allowed the public to map out its own economic future.
When we turn away from economics, however, Thatcher's contribution to British life is less clear. In social and cultural terms, the concept of Thatcherism now seems remarkably dated. She came to power with much talk about law and order, restoring traditional values in education and defending the family against the supposed threat posed by alternative lifestyles. How sincere this rhetoric was is difficult to judge. It was certainly not very effective.
In fact, the period since 1979 has seen a considerable liberalisation in British cultural values. Indeed, if the parties of the left have adopted a largely Thatcherite agenda in terms of economics, the modern Conservative Party has claimed much of the anti-Thatcher agenda when it comes to questions such as gay rights. David Cameron's current coalition government is really an alliance of an economically right-wing incarnation of the Liberal Democrats with a culturally left-wing Conservative Party. In some ways, the very harshness of Thatcher's rhetoric on cultural issues has made it relatively easy for David Cameron to distance himself from her style while keeping much of her economic policy.
The question of Europe is the area in which Thatcher's legacy is most problematic. In the elections of 1979 or 1983, the Conservatives campaigned on a pro-European platform. The party regarded Europe as a vital bulwark of western values against the communism of the east and admired the success of European economies, particularly that of West Germany.
Thatcher, however, was unenthusiastic about European integration. As her own economic policies came to seem more successful, she increasingly viewed and presented Britain as a model for continental Europe rather than viewing continental Europe as a model for Britain. This issue divided Thatcher, not just from other Conservatives, but also from card-carrying Thatcherites (notably Geoffrey Howe and Nigel Lawson). Europe was one of the key factors in Thatcher's downfall and continues to split the Conservative Party today.
This can be seen in the clear blue water of the current coalition. David Cameron belongs to the Eurosceptic wing of his party. This separates him from the small, but surprisingly tough band of pro-European Conservatives, of whom the most important member is Kenneth Clarke.
It separates him even more from his new allies in the Liberal Democrats, always the most pro-European element in British politics. The coalition survives because the financial crisis has made Europe seem, for the time being, a relatively unimportant issue. It is, however, a problem that will return to haunt Cameron.
There is, of course, a danger that looking too hard at Thatcher's legacy can blind Britain to the changes that have happened in the world since 1990 and the fact that her policies were very much products of their time. This is most strikingly exhibited in foreign policy - an area where Thatcher's achievements are rarely recognised. The whole Thatcher era coincided with the last phase of the Cold War. For all her Iron Lady rhetoric, she knew that the nuclear stand-off with the Soviet Union imposed severe constraints on what she could do. She did not anticipate the fall of the Soviet Union and seems to have assumed that British policy should aim at containment of Communist power rather than its elimination.
She knew, too, that Britain had to coexist with countries with which it did not share common ideals. She was also sceptical about conflating grand principles and foreign policy. For example, her interactions with the Communist world were marked by a search for working relations rather than moral certainty. She sometimes opposed American sanctions against the Soviet Union and was surprisingly sympathetic to the government of Finland, a nation forced to live in the Soviet shadow. Her much-quoted remark that Gorbachev was someone "we could do business with" summed up her attitude.
Thatcher did not expect dramatic change to come in her lifetime and, in some ways, was disturbed by the fall of the Berlin Wall and the prospect of German reunification. She would almost certainly have felt more comfortable if Germany had remained divided and Gorbachev secure in his position. Indeed, in her memoirs, she admits to having told Gorbachev, at a meeting in Moscow in September 1989, that "although NATO had traditionally made statements supporting Germany's aspiration to be reunited, in practice we were rather apprehensive."
In terms of foreign policy, Thatcher differed sharply from Ronald Reagan, whose outlook was much simpler and more evangelical. Reagan really did believe it possible to free the world of communism and nuclear weapons - the things that he regarded as evil.
She also differed from Tony Blair, another leader with whom she is frequently compared. Blair and his associates believed in a moral vision of foreign policy. They thought that Britain should not simply be a state seeking to defend its interests but that it should be a force for "good" in the world - even if good meant imposing regime change on other, weaker nations. It was this belief that resulted in the British involvement in the 2003 invasion of Iraq - an offensive of which Thatcher is said to have disapproved.
The pragmatism of Thatcher's foreign policy offers a key to understanding this most divisive of British prime ministers in a far wider context, and should perhaps even make us less willing to draw comparisons or seek her heirs in present-day British politics. She was, above all, a practical politician, working within the constraints of her situation, not a visionary offering timeless truths.
Richard Vinen is a professor of modern history at King's College, London and is the author of Thatcher's Britain: The Politics and Social Upheaval of the 1980s.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Killing of Qassem Suleimani
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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.”
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”