The British government's ambition to expand its post-Brexit free trade portfolio is now crystal clear. The UK would, Queen Elizabeth's speech on Tuesday made clear, rapidly "deepen trade ties" with the Gulf and much of the globe.
The explicit mention of the Middle East and other regions plays into the government plans to make Britain a free-trading power ready to strike deals across the globe.
This is not driven only by aspirations of Global Britain but by the necessity to find markets for goods to replace the EU as the major trading partner that accounted for 43 per cent of UK exports.
Under Britain’s burgeoning mercantile approach, it has already signed 67 trade deals and launched negotiations for many others, including in the Gulf.
The prospects of a deal are high, with Downing Street briefing journalists that it would “foster thriving relationships in the Middle East” based on trade, green innovation, science and trade.
The government said “Global Britain is a fierce champion of free and fair trade” that would “forge closer links with fast-growing and like-minded nations”.
Global trade is another necessity – Britain needs the money. The government's major departure from traditional Conservative orthodoxy is underlined by its borrowing and spending on a scale not seen since the Second World War. This was driven by the pandemic but at some point Britain will need to recoup the £300 billion ($424.74bn) it borrowed to get through the past year.
Now freed from EU regulations and imbued with growing confidence, Prime Minister Boris Johnson aims to move fast in striking agreements that are mutually beneficial for Britain and its new trading partners.
Free trade agreements, it is hoped, will account for 80 per cent of total UK commerce within three years.
Much of that commercial drive will come through the eight new freeports announced by the queen, designed to drive exports and create jobs. Goods arriving at the freeports, strategically placed around the country – and including an airport in the East Midlands – are not subject to tariffs. This works well for exports as taxes are only paid if the goods are moved within the UK, otherwise they are sent overseas untaxed.
This new-found nimbleness has been helped along by the successful vaccination programme, that not only instilled Britain with belief but perhaps demonstrated that the EU’s approach was too lumbering for the island nation.
The prospect of a trade deal with the UAE was looked on favourably by the Emirates' ambassador in London.
"Following the queen's speech, the UAE welcomes the UK's commitment to deepen trade ties with the Gulf region," His Excellency Mansoor Abulhoul said. "Our countries already have strong business connections, with the UAE continuing to be the UK's top Arab trading partner and more than 5,000 British businesses operating in the Emirates. We are proud that so many Britons already choose to export to the UAE and have a presence in the Emirates as a gateway to the wider Gulf region."
He said the countries already collaborated across several sectors from energy to financial services, highlighted by an £800 million investment from the UAE into UK life sciences. "We hope to build on this foundation to the benefit of both countries as we all look to deliver economic prosperity in the aftermath of the Covid-19 pandemic," the ambassador said.
Tuesday also proved that for the first time in 40 years the British Parliament could make legislation without looking over its shoulder at EU regulations. It is unclear whether this proves positive or negative, but the government is proposing a long list of legislation.
For the last decade, the Conservative-led government has pushed the green agenda with ambitious but achievable targets of reducing carbon emissions. With the arguments that this would be detrimental to growth proven wrong, Mr Johnson hopes to generate 250,000 jobs with his Ten Point Plan for a green industrial revolution.
Prioritising climate change is not only necessary, but also brings political benefits. Mr Johnson’s previously tepid relationship with US President Joe Biden is warming over climate change, with the American leader a major environmental enthusiast. The relationship will likely be further enhanced when Britain hosts the Cop26 climate summit in November.
As someone who came close to death during the pandemic, Mr Johnson knows better than most the importance of the National Health Service. He understands, too, that the NHS and its workforce are held dear by the British public. But the system is in need of reform and is inferior to major European nations in terms of capability and capacity.
In the immediate term, the government needs to address the significant backlog of cancer patients, perhaps as many as one million as reported by The National on Monday, that have built up during the Covid crisis.
“We must also account for the returning demand of those people who have not come forward for care during the pandemic,” Downing Street said as part of its NHS Catch-up and Recovery Plan.
Alongside trade, environment and health bills, the queen announced a raft of legislation from policing to immigration and electoral reform. With an 80-plus majority of MPs, much of the government agenda will sail through Parliament.
Newly confident from deal-making and having stolen a march on the coronavirus, it appears the country is potentially emerging from a half-decade of torpor into the “sunlit uplands” that many had only thought of as one of Mr Johnson's elegiac ramblings.
THREE
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
Mohammed bin Zayed Majlis
FIXTURES
Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy
Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa
Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand
Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
FIGHT%20CARD
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SUZUME
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor