Tony Blair, the former British prime minister, has called for a triple barrelled revolution of government-led reform to transform the UK.
On Thursday he said there is urgent need for a post-Brexit regulatory shake-up, a technology overhaul and a climate-shaped transformation programme.
Mr Blair said there is “an urgent need for realism in the face of the three” key challenges facing the country.
In a speech titled “The Future of Britain” delivered to experts at Imperial College London, the former Labour leader said now is the time to push forward with bold changes that will create positive effects for generations to come.
Step up now to meet 'vastly ambitious' climate targets
Britain should treble the amount of low-carbon electricity it produces by 2040 and usher in more renewable projects on offshore wind and onshore wind, solar and hydro energy, Mr Blair said.
He said nuclear energy will be a key part of the future and so the UK must push forward new innovation in this space.
He said there would soon be demand for a vast nationwide charging structure because up to 10 million electric vehicles are expected to be on British roads by the end of the decade and up to 25 million by 2035.
The decarbonisation of homes is perhaps the most pressing challenge facing ministers when meeting climate goals, he suggested, and noted the mass swapping of gas boilers to heat pumps required to meet net zero.
Mr Blair said the goals would be impossible to meet unless “major changes” are introduced.
“Net Zero by 2050 is the right commitment with interim stretching targets in power, transport and construction for 2035,” he said. “But just think of what these correct but vastly ambitious climate commitments mean.
“In a little over 10 years we will have to: double electricity supply; replace the present heating systems in 10 millon homes; turn 20 million fossil fuel cars into scrap and buy new EVs; and boost renewables by four times the present rate. And all while losing the revenue that comes from fuel duty, which will amount to an annual shortfall of £20 billion ($27.2bn) by 2035.
“There is absolutely no way this can be done without, amongst other things, major changes in planning laws; investment in new nuclear capacity; using gas as a transitional fuel; reform of electricity markets; and a credible strategy for switching our homes to low-carbon heating.”
Technology revolution will 'disrupt every part of our lives'
In his ambitious call for a technological revolution to sweep across the UK like a wave, Mr Blair laid out his vision in which authorities make further use of advancements to “make better decisions, better resolve crises, and improve people’s lives”.
He said the Conservative-led government’s approach to technology was hindering the country in many areas and said a new approach is vital.
The need for changes to the way in which technology is employed is the “most important and most impactful” of the three main challenges he mentioned.
The former politician told guests at Imperial College that the UK needs to “apply technology to areas like crime and immigration, where the only sensible way of preventing illegal immigration is a system of digital biometric ID”.
He said that UK government ministers are “much more comfortable talking about regulating Facebook, than setting out the opportunities of Ed Tech to change the way we teach and learn; or how the NHS should be completely re-thought in how it is structured and paid for”.
“Yet over the coming decade this revolution will disrupt virtually every part of our lives, including our working lives,” he said.
“Advances in AI will be dramatic. Whole sectors of the economy, both services and manufacturing, will feel the impact. As many as nine million jobs could be automated, though of course new jobs will also be created.
“It’s a revolution in the labour market. Here the government does have a plan of sorts. But measure the government’s plan against the scale of the change and it is immediately apparent how short it falls from what is necessary.”
Prosperity in the post-Brexit era
After the highly divisive Brexit years, Mr Blair said the time has come for Britain to rebuild its trust with the European Union and find a constructive way to deal with the Northern Ireland Protocol. The clause in the Brexit deal signed by both parties is proving difficult to implement and talks are ongoing to try to find a long-term solution.
To support his stance, Mr Blair pointed to the shared agendas between the UK and the 27-nation bloc on areas such as security, defence, foreign policy, climate change and cross-border trade.
He used the Office for Budget Responsibility’s estimate that the Brexit deal will lead to a 4 per cent loss of GDP for the UK to hammer home his call for a shake-up.
He said the UK government should “shift tax from labour and capital, especially post-Brexit, and find other sources of revenue, so that our tax system is not colliding with our competitiveness”
He also said ministers need to “re-think pensions for the next generation where, apart from the burgeoning cost, the circumstances of retirement will be completely different from those of today”.
'Boris Johnson lacks a coherent plan'
Mr Blair accused Prime Minister Boris Johnson of lacking a coherent blueprint for dealing with the major strategic challenges facing the UK.
He said that whether or not Mr Johnson survives the row over Downing Street parties, his biggest problem is the absence of a plan for the country’s future.
“There is a gaping hole in the governing of Britain where new ideas should be,” Mr Blair said.
“We are living through three revolutionary changes simultaneously and are ill-prepared for any of them. Each of them would require major changes to the way we work as a nation.
“All of them together pose a challenge which is unprecedented in recent history.”
“Other than a desire to give opportunity to those without it, which is obviously hard to disagree with, the slogan risks misdirecting the framing of the country’s problem.
“We face a national challenge – all the country, not simply the areas ‘left behind’.”
He said that he completely understands the rage against the reported Downing Street lockdown parties.
“Maybe Boris Johnson goes and maybe he doesn’t. But the real problem is the absence of a government plan for Britain’s future.”
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
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.”
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now