BBC TV and radio stars have torn apart the UK government’s plans to scrap the licence fee as part of its ‘Operation Red Meat’ strategy to save the prime minister’s job.
Culture Secretary Nadine Dorries outraged presenters when she said that “state-run TV has had its day” and that ministers would explore alternative models to fund the corporation, such as subscription or mutual ownership.
Ms Dorries said the licence fee would remain at £159 a year until April 2024, a real-term cut to the BBC’s funding.
She said she expected the rate to rise with inflation after that date until 2028, when she wants to scrap the fee altogether.
Roger Mosey, a former executive at the corporation, argued against a subscription model, tweeting: “I still haven’t heard a convincing argument about how that would work for network and local radio – or on Freeview television.”
The proposal is regarded as part of Downing Street’s campaign to win back public support for Boris Johnson after the “partygate” scandal caused his popularity to plummet.
Critics say the list of proposals, dubbed “Operation Red Meat”, is a distraction tactic from the crisis engulfing the prime minister's office.
The BBC believes that the funding settlement will have profound implications for the corporation.
There are also concerns that senior Conservative MPs appear to be linking the move to the BBC’s political coverage.
Match of the Day host Gary Lineker called for the BBC to be protected.
“The BBC is revered, respected and envied around the world,” he said. “It should be the most treasured of national treasures. Something true patriots of our country should be proud of. It should never be a voice for those in government, whoever is in power.”
BBC Breakfast presenter Dan Walker also jumped to his employer’s defence, saying the world of media would be “much poorer without” the BBC.
“I am well aware that the BBC makes mistakes and needs to change, but the media landscape would be much poorer without it,” Mr Walker wrote on Twitter. “Those 3 letters are trusted and respected around the world.”
But Baroness Hoey, a former Labour MP, hit back at Mr Walker’s comments, saying the BBC is “no longer” respected as a source of information.
She claimed presenters are “paid far too much” and said the corporation “hassles pensioners” who have not paid their licence fee.
“And that is apart from the bias it constantly shows to politicians who don’t fit the BBC’s cosy metropolitan liberal view of the world,” she said.
Education Secretary Nadhim Zahawi said negotiations between Ms Dorries and the broadcaster were “ongoing”.
He said the BBC “is something we need to make sure we continue to support and protect” and that Ms Dorries would be making a statement on the outcome in due course.
“I can tell you, because (BBC director-general) Tim Davie came to see me when I got the job of Secretary of State for Education, the work we do, that the BBC does on education, is incredibly valuable,” Mr Zahawi told the Today programme on BBC Radio 4.
“But we also have to recognise that, actually, the way people consume media today is very different to the way they did five years ago, and part of that is a proper grown-up conversation as to how the BBC is funded beyond this settlement.”
The government’s plan was branded “cultural vandalism” by Labour's Lucy Powell, the shadow culture secretary.
She claimed ministers were using the proposed policy as a ploy to divert attention away from Mr Johnson’s “disastrous leadership”.
“Let’s not pretend that this is anything other than it is, which is a pretty obvious dead cat strategy from the government to distract from the totally disastrous leadership context that the prime minister is facing at the moment,” she told Today.
The prime minister and public are awaiting the findings of civil servant Sue Gray’s report into party allegations in Downing Street during the pandemic.
There were reports that the inquiry could be concluded this week, but it is now suggested that an announcement of its findings will be pushed back until next week.
A delay would give the prime minister and his inner circle more time to announce policies aimed at winning back public support.
Mr Johnson will be able to read the report before it is published.
He has pledged to make a statement in the House of Commons after the findings are released.
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Abu Dhabi Sustainability Week
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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.”
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km