Archbishop of Canterbury, Justin Welby, says political point-scoring has ramped up tensions over Brexit. AFP
Archbishop of Canterbury, Justin Welby, says political point-scoring has ramped up tensions over Brexit. AFP
Archbishop of Canterbury, Justin Welby, says political point-scoring has ramped up tensions over Brexit. AFP
Archbishop of Canterbury, Justin Welby, says political point-scoring has ramped up tensions over Brexit. AFP

UK’s top church official criticises Boris Johnson over toxic political debate


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The UK’s most senior religious figure has rebuked Boris Johnson, the prime minister, for inflammatory language that has entrenched national divisions over Brexit.

Justin Welby, the Archbishop of Canterbury and most senior cleric in the Church of England, said he was shocked when Mr Johnson dismissed fears about attacks on MPs as “humbug”.

The archbishop claimed that the confrontational style of British politics was amplified by social media that had fuelled wider public anger as the UK grappled with the task of leaving the European Union.

“I think we have become addicted to an abusive and binary approach to political decisions: ‘It’s either this or you’re my total enemy,” he told The Sunday Times.

A British opposition MP, Jo Cox, was murdered by a right-wing extremist days before the 2016 referendum when the UK voted by 52 per cent to 48 per cent to leave the European Union.

Tensions have risen as parliament has refused to support two ‘divorce agreements’ with the EU struck agreed by Mr Johnson and his predecessor Theresa May that were designed to ease the economic turmoil of departure and pave the way for a future trade deal.

Mr Johnson’s “humbug” comment last month came after an MP urged him to moderate his comments after receiving death threats following highly-charged scenes both inside and outside parliament over Brexit.

“I was shocked by that,” Mr Welby was quoted as saying by the newspaper. “It should never be dismissed in that way.

“Death threats are really serious and they need to be taken seriously. All sides need to say: ‘That is totally and utterly unacceptable’.”

Only one in seven Britons describes themselves as belonging to the Church of England, according to Britain’s major survey of social attitudes. The political influence of senior religious leaders is limited, although 26 bishops sit in the upper house of parliament.

Senior church leaders have criticised the upheaval caused by Brexit and said the “lies… and misrepresentation” of political leaders was cited as one of the factors that threated the social fabric of Britain. A group of bishops warned in August against the dangers of a no-deal Brexit on the poorest in society.

Parliament will vote on Monday over plans to hold national elections on December 12 to break the political deadlock after MPs blocked Mr Johnson’s plans to leave the European Union before October 31.

The government requires a two-thirds majority in parliament to hold an early vote before the next planned election in 2022 but Mr Johnson was hoping to capitalise in splits within the opposition to secure one. Polls suggest he is in prime position to form a new government if an election is held.

The main opposition Labour party said that it wants a no-deal Brexit to be ruled out before it is prepared to back an election. But two smaller parties say they will conditionally back the plan if an election was held on December 9 – move dismissed as a “stunt” by the government.

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

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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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