The incoming prime minister David Cameron and his wife Samantha in front of 10 Downing Street.
The incoming prime minister David Cameron and his wife Samantha in front of 10 Downing Street.

Cameron puts end to 13 years of Labour rule in UK



LONDON // David Cameron became Britain's prime minister last night after Gordon Brown gave up his doomed battle to remain in power and handed in his resignation to the Queen. The Conservatives formed a new government after five days of frenzied horse-trading among the three British political parties.
Speaking outside 10 Downing Street, Mr Cameron said that he would lead a government that was in "proper and full coalition" with the Liberal Democrats. He paid a generous tribute to Mr Brown's premiership saying: "We have some deep and pressing problems - a huge deficit, deep social problems, a political system in need of reform. "For those reasons, I aim to form a proper and full coalition between the Conservatives and the Liberal Democrats.
"I believe that is the right way to provide this country with the strong, the stable, the good and decent government that I think we need so badly." Mr Brown, who succeeded Tony Blair less than three years ago, emerged from 10 Downing Street with his wife Sarah at his side little more than an hour before Mr Cameron arrived. Standing on the steps of No 10, his voice cracking with emotion, he announced that he had informed the Queen's private secretary of his intention to resign and that he would be advising the monarch to appoint Mr Cameron as his replacement. "I wish the next prime minister well as he makes the important choices for the future," said Mr Brown.
"Only those who have held the office of prime minister can understand the full weight of its responsibilities and its great capacity for good. I have been privileged to learn much about the very best in human nature and a fair amount too about its frailties - including my own. "I have loved the job, not for its prestige, its titles and its ceremony, which I do not love at all. No, I loved the job for its potential to make this country I love fairer, more tolerant, more green, more democratic, more prosperous, more just - truly a greater Britain."
Mr Brown then left Downing Street for Buckingham Palace, holding hands with his wife and their sons John and Fraser. Within 30 minutes of Mr Brown tendering his resignation to the Queen, Mr Cameron was en route to the Palace to take over the reins of office at the end of 13 years of Labour rule. Having accepted the Queen's "invitation" to become PM, Mr Cameron headed to Downing Street with his wife Samantha to take up residence - though not in No 10 but, until the Browns move their things out, in the flat above No 11, the Chancellor of the Exchequer's residence.
Mr Brown's decision to go followed five frantic days since the general election in Britain in which the Conservatives had won 306 seats, Labour 258 and the Liberal Democrats 57 - all of them short of the 326 needed for an overall majority in the House of Commons. The battle was then on between the still-ruling Labour Party and the Conservatives to woo Nick Clegg, the Lib Dem leader, to enter into a coalition.
Mr Clegg said at the outset that the Conservatives, who received two million more votes than Labour, had a "moral right" to try and form the next government and he entered negotiations with them. But, on Monday evening, Mr Brown made the dramatic announcement that, in a bid to win over the Lib Dems with whom he has had an acrimonious relationship, he would stand down by the autumn. The result was that, yesterday morning, Labour and Lib Dem negotiators got down to trying to iron out an agreement to govern together.
By lunchtime, however, it was clear that there were insurmountable difficulties. Many senior Labour Party figures, including cabinet ministers, warned that such a liaison would enrage many party workers and voters, while Lib Dem MPs doubted that Labour could deliver on such issues as electoral reform. In the afternoon, Mr Clegg's representatives re-entered negotiations with the Tories who had become, as one Lib Dem official put it, "the only show in town".
At 43, Mr Cameron has now become Britain's youngest prime minister since Lord Liverpool took the job in 1812. He will also head the first coalition government in the UK since Winston Churchill's administration during the Second World War. Mr Cameron is expected to announce his senior ministerial appointments today with speculation rife that Mr Clegg will become deputy prime minister with Vince Cable, the highly regard Lib Dem economics spokesman, destined for an important role at the Treasury.
Both the Conservatives and Lib Dems have had to make major concessions to reach a deal. The parties do not seem natural bedfellows, the Tories to the right of centre and their new coalition partners to the left. It is understood that Mr Clegg has given way on the Tory demand for £6 billion (Dh32.5bn) of public sector cuts in the current year while the Conservatives have gone along with the Lib Dem plan to increase the tax-free limit for the wages of the lowest paid.
Although the Conservatives have promised voting reform, they have not gone nearly as far as backing the system of proportional representation that the Lib Dems so desperately desire. But the unifying force that brought the two parties together was the need to tackle Britain's budget deficit, which is running at record levels, and the task of ensuring that the country, which is showing signs of recovery after the global downturn, does not go into a "double dip" recession.
For the Labour Party, the task will be to find a new leader. Mr Brown not only resigned as PM but quit as party leader with immediate effect. Harriet Harman, the deputy leader, has taken over pro tem but a bitterly fought leadership campaign looks bound to follow. Among the leading contenders are two brothers: David Miliband, the foreign secretary, and Ed Miliband, the energy secretary. dsapsted@thenational.ae

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.

Could We Be More

Artist: Kokoroko
Label: Brownswood Recordings
Rating: 3.5/5

SPEC SHEET

Processor: Apple M2, 8-core CPU, up to 10-core CPU, 16-core Neural Engine

Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour

Memory: 8/16/24GB

Storage: 256/512GB / 1/2TB

I/O: Thunderbolt 3 (2), 3.5mm audio, Touch ID

Connectivity: Wi-Fi 6, Bluetooth 5.0

Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging

Camera: 1080p FaceTime HD

Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10

Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)

Colours: Silver, space grey, starlight, midnight

In the box: MacBook Air, 30W or 35W dual-port power adapter, USB-C-to-MagSafe cable

Price: From Dh4,999

'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Roll of Honour, men’s domestic rugby season

West Asia Premiership
Champions: Dubai Tigers
Runners up: Bahrain

UAE Premiership
Champions: Jebel Ali Dragons
Runners up: Dubai Hurricanes

UAE Division 1
Champions: Dubai Sharks
Runners up: Abu Dhabi Harlequins II

UAE Division 2
Champions: Dubai Tigers III
Runners up: Dubai Sharks II

Dubai Sevens
Champions: Dubai Tigers
Runners up: Dubai Hurricanes

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Isle of Dogs

Director: Wes Anderson

Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson

Three stars

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

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