The British government said on Monday it would send a formal request to the EU to extend the date of Brexit from the current March 29 deadline.
The announcement came after Theresa May was handed a new political conundrum on Monday as the government faced a "major constitutional crisis" over another vote on the Brexit withdrawal deal.
The latest blow to Mrs May, who has seen the agreement she negotiated with Brussels rejected twice by the House of Commons, came when the body's speaker said another vote on the same measure would be against the standing rules of parliament. He cited precedents going back to 1602 in a statement from the chair.
Mrs May had been negotiating with dissidents on the measure hoping to get a new attempt tabled on Tuesday ahead of an EU summit in Brussels at the end of the week.
What options remain for the British prime minister?
Parliament voted last week to rule out no-deal or abrupt crash out of the EU on March 29 as a matter of government policy. It must pass Mrs May's deal or the 27 other members of the EU must agree to postpone the date of departure to allow for an agreed way forward to be adopted. In any event the request for a delay is now the best way to avoid a chaotic Brexit at the end of month.
Won't the EU be happy to give London more time?
It is far from certain this delay can be delivered in a matter of days. First Mrs May must travel to Brussels with a clear and viable reason for a delay.
Yet she has not reached a point of clarity on what she would use the extra time to achieve. She is instead bogged down in domestic parliamentary manoeuvres. The task of trashing out a game plan to present to the other EU leaders remains a work in progress.
Mrs May has mishandled other key European summits and heads of government have turned against her during the meetings. A delay requires consensus from the 27 and only one holdout would prevent an extension of the timetable.
What purpose would a delay serve?
The British government has said a "technical" delay is likely to ensure that laws are passed and arrangements put in place for an orderly Brexit. This means the delay could be as sort as two months. However that assumes that parliament would at the last minute pass the withdrawal agreement she trashed out with the EU.
If Mrs May cannot convince other EU leaders that this short extension would tie up loose ends, the summit in Brussels could decide to reject the period of extra time.
The alternative open to Mrs May is that she asks for a longer time horizon, perhaps until the end of the already established transition period at the end of 2020. The EU has already agreed to treat the UK as if it remains a member during the transition.
Surely the EU would be happy for the UK to stay longer?
A short extension would be least disruptive for the EU as a whole. If the UK stays beyond June it will have to hold elections for MEPs to the European parliament. This would upset the calculations of how the leadership of the EU will change in the second half of the year.
There is no guarantee that even with a long extension that the UK will be able to forge its own political consensus about the shape of Brexit. The fundamental divide about the UK's future economic alignment with the EU remains polarised three ways between those who want to remain, those who want a close set-up like a shared customs union and those who want a clean break.
What are the opportunities in a long delay?
The economic underperformance of the British economy since the 2016 referendum has sowed some doubts about the risk of a so-called hard Brexit. A new time frame would avoid a sudden and damaging break-up. A one-year or more extension could grant time for a second vote on the whole project. Voters could be presented with a choice between Mrs May's withdrawal deal (or another negotiated settlement) and leaving immediately.
Can Mrs May survive these political challenges?
Not a given. Already leading a minority government -- the Conservative Party fell short in the 2017 general election -- Mrs May has virtually no room for political brinkmanship. She has spent recent days locked in talks with the Democratic Unionist Party (DUP), which has 10 MPs and props up her government.
A good indication of the knife edge in parliament is the vote she won last week by 314-312 on MPs gaining control of Brexit to dictate an new way forward.
A large section of her own party hungers for her resignation. Any move she made to embrace a closer relationship with the EU would split the cabinet with possibly fatal consequences for her own prime ministership.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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.”
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.