Michel Barnier said that British politicians had been unprepared for Brexit withdrawl talks and said current shortages were a logical consequence of Brexit. Reuters
Michel Barnier said that British politicians had been unprepared for Brexit withdrawl talks and said current shortages were a logical consequence of Brexit. Reuters
Michel Barnier said that British politicians had been unprepared for Brexit withdrawl talks and said current shortages were a logical consequence of Brexit. Reuters
Michel Barnier said that British politicians had been unprepared for Brexit withdrawl talks and said current shortages were a logical consequence of Brexit. Reuters

Michel Barnier says UK's supply chain crisis is a 'direct consequence of Brexit'


Neil Murphy
  • English
  • Arabic

The EU's former chief negotiator, Michel Barnier, has said Britain's supply chain crisis was a “direct consequence” of Brexit.

Speaking in London, Mr Barnier said the UK's decision to rebuild non-tariff barriers and ending freedom of movement for European workers had added to the current economic crisis across the UK.

Britain is currently facing a shortage of 10,000 lorry drivers, leading to bare shelves in some British supermarkets, with many blaming Brexit for the disruption.

Fears of shortages have also led to panic buying by motorists at some British petrol stations in recent days, despite assurances from the government that there was enough fuel.

At a London School of Economics event, Mr Barnier claimed there was a “clear link” between the UK's driver shortage and the decision to end freedom of movement.

He said the implementation of non-tariff barriers between the two trade blocs had added to the economic crisis.

“It is a direct and mechanical consequence of Brexit,” he said.

However, Mr Barnier admitted that the effects of the pandemic and the surging cost of energy prices and raw goods were being felt across the continent.

There is “no single answer” to solve the crisis, he said.

Mr Barnier made the comments on Monday as he promoted his new book, titled My Secret Brexit Diary, which details his time on the European Commission's Brexit negotiation task force, which he led from 2019 to 2021.

In the book, Mr Barnier accuses British politicians of being “unprepared” for negotiations with the bloc and implied that his counterpart David Davis did not know the difference between the single market and the customs union.

During Monday's talk, Mr Barnier ruled out a proposal by MEP Guy Verhofsadt to enact an “associate” EU citizenship for British workers in Europe who have been stripped of residency rights.

He said that Britain was a third country and must be treated as such.

“UK citizens have lost their rights because of Brexit, nothing else,” he added.

The 70-year-old, who is planning to run for the French presidency, professed to have a long-standing respect for Britain and said he had voted to admit the country into the European Economic Community during a referendum in 1971.

He said that he would welcome Britain back as an EU member if the general public voted to do so.

“The door is open. My answer is very clear. It is the sovereign choice of the British people.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Uefa Nations League: How it works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

Biog

Age: 50

Known as the UAE’s strongest man

Favourite dish: “Everything and sea food”

Hobbies: Drawing, basketball and poetry

Favourite car: Any classic car

Favourite superhero: The Hulk original

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

How it works

1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground

2) Instead of water draining straight through the sand, it apparently helps the soil retain water

3) One application is said to last five years

4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Scoreline:

Everton 4

Richarlison 13'), Sigurdsson 28', ​​​​​​​Digne 56', Walcott 64'

Manchester United 0

Man of the match: Gylfi Sigurdsson (Everton)

Updated: September 27, 2021, 9:02 PM