LONDON // A disturbing picture of Britons' antipathy towards immigration in general, and Muslims in particular, is highlighted in a major study published on Monday.
In one of the largest surveys ever undertaken into attitudes towards immigration, almost two-thirds of white Britons said they believed that had been bad for the UK.
Fourty-eight per cent say they would consider supporting a new far right-wing party, if it shunned violence and "fascist imagery".
But, perversely, the ethnic group most in favour of banning all immigration immediately, at least until the economic climate in the UK improves, is not made up of whites, but of Britons of Asian origin.
Jon Cruddas, a Labour MP for a racially diverse London constituency, says in a foreword to the report that its findings should "ricochet through the body politic".
Unless the mainstream parties act soon, he says, there is real potential in the UK for an unprecedented rise in support for the far right.
"Arguably (the report) identifies a 'new politics' built around belonging and loss; of identity, culture and nationhood which transcends both an older class politics and even more recent debates around demographics and immigration," he says.
"The research suggests that economic change and material insecurity have altered, fundamentally, orthodox political assumptions as to what constitutes the centre ground, or 'middle England'."
But the MP says there are positives, as well as negatives within the report. "The core message of hope contained within is that people share a common sentiment, a search for a common life even, built on a desire for belonging and security, which does indeed create possibilities for an optimistic 'new politics' but only if the mainstream political parties step up. The jury is out."
The survey was commissioned by the Searchlight Educational Trust, a London-based charity set up to fight racism and fascism, and was conducted among more than 5,000 Britons by the polling organisation Populus.
Based on 91 questions, the report found that 63 per cent of all whites considered that immigration had been, on the whole, bad for Britain.
Asked the same question, 43 per cent of all British Asians also considered it to have been bad, but only 17 per cent of black Britons did.
The report also found that 39 per cent of Asians, 34 per cent of whites and 21 per cent of blacks believed immigration should be halted either permanently or at least until the UK's economy was back on track.
Almost half (48 per cent) said they might support a new far-right party as long as it eschewed "fascist imagery" and did not condone violence. And 52 per cent of all respondents agreed that "Muslims create problems in the UK".
In its executive summary of the survey, the trust says: "On one level it is not happy reading. It concludes that there is not a progressive majority in society and it reveals that there is a deep resentment to immigration, as well as scepticism towards multiculturalism.
"There is a widespread fear of the 'Other', particularly Muslims, and there is an appetite for a new right-wing political party that has none of the fascist trappings of the British National Party or the violence of the English Defence League.
"With a clear correlation between economic pessimism and negative views to immigration, the situation is likely to get worse over the next few years."
On a more positive note, the trust said that the survey showed there was widespread opposition to political violence and that two-thirds of people regarded English nationalist extremists as bad as Muslim extremists.
The survey also found that ethnic minority communities generally feel less proud at seeing the English flag, although even among whites such an emotion was only produced in a quarter of respondents.
Nick Lowles, the director of the trust, said on Monday that one of the positive findings was that young people surveyed were "more hopeful about the future and more open to living in an ethnically diverse society".
But he added: "This report gives those of us who are campaigning against extremism nowhere to hide. The harsh truth is we are in danger of losing touch with the public on race, immigration and multiculturalism.
"The attitude of all sections of the community to these complex issues is now running far ahead of the politicians and community leaders."
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Date started: Test product September 2016, paid launch January 2017
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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.”
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