Queen Elizabeth II's decision to delegate the state opening of parliament to her two heirs has prompted a royal expert to suggest that the UK monarchy is on the precipice of becoming a Regency for only the second time.
Former BBC royal correspondent Peter Hunt said the opening of parliament by both Prince Charles and Prince William, with the former reading the queen's speech, was a “significant moment for two future kings”.
“Charles will accelerate his on-the-job training. The heir is teetering on the edge of becoming a de facto Prince Regent. William will observe what awaits him.
“With the queen progressively withdrawing from public life, the palace is keen to show the monarchy is safe in the hands of father and son.”
While the long-serving monarch has missed the opening of parliament twice before in her 70-year reign, in 1959 and 1963, the delegation is without direct precedent.
On the previous occasions she was heavily pregnant with Prince Andrew and Prince Edward respectively, and the Lord Chancellor acted as proxy through the enaction of a mechanism dating back to the reign of Henry VIII.
On this occasion, the enabling mechanisms are Queen Elizabeth's Counsellors of State, who include the sovereign's spouse, which would have been the late Duke of Edinburgh, and the next four people in the line of succession over the age of 21.
The queen is empowered to appoint the Counsellors under the Regency Acts 1937-53. These are currently the Prince of Wales, Prince William, Prince Harry and Prince Andrew.
The delegation of powers to Counsellors of State is made by Letters Patent under the Great Seal of the Realm.
The last time Counsellors of State were needed was in 2015 when the queen was away on an official visit to Malta.
Counsellors of State allow for a temporary delegation of duties.
But there are certain core constitutional functions, that unless there is a Regency, cannot be delegated, such as giving Royal Assent to legislation, appointing a prime minister, the weekly meetings with the PM and appointing and dismissing governor-generals.
What is a Regency?
A Regency would be when the queen transfers her powers as monarch to Charles without having to abdicate.
The Regency Act 1937 states that the monarch's duties will be performed by a regent if the monarch is declared to be “by reason of infirmity of mind or body” incapable of performing royal functions, or if there is “evidence that the Sovereign is for some definite cause not available for the performance of those functions”.
This must be declared in writing by three or more out of the sovereign's wife or husband, the Lord Chancellor, the Speaker of the House of Commons, the Lord Chief Justice and the Master of the Rolls.
How the Regency transpired
The UK has officially been in a Regency period just once, in the years 1811 to 1820.
During this period, George, Prince of Wales, governed the country as Regent when his father, George III, descended into madness — as chronicled in the hit 1994 film The Madness of King George.
The conferral of the title Regent upon Prince George was not without its complications, and was only granted via an act of parliament on February 5, 1811, after two and a half months of political argy-bargy.
The Regency ended in 1820 when George III passed away and the Regent was crowned king, assuming the title of George IV.
There is an interesting similitude between the first Regency period and a potential new one spearheaded by Prince Charles.
The Regency is known as an epoch of social and cultural development, with the Prince Regent a supporter and patron of many of the new movements in painting, sculpture, decoration, literature, music, technology and science.
In this capacity he was known as the “First Gentleman of Europe”, a mantle which Prince Charles, himself a renowned champion of the arts, would wear well.
If a full-blown Regency does not transpire imminently, constitutional expert Dr Bob Morris, of University College London's Constitution Unit, said it was “more likely than not” that the arrangements would continue for future state openings, meaning the queen, who is now 96 and facing “episodic mobility problems”, may never open parliament again.
“It is unprecedented and it's the way in which the constitution flexes to accommodate unusual circumstances,” he said.
“I can't think of any possible earlier version of this.”
Queen Elizabeth's 70-year reign — in pictures
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Company%20profile
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Shipping%20and%20banking%20
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T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
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.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
AS IT STANDS IN POOL A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm