Boris Johnson was taunted on Wednesday by questions over whether or not he was leaving office next week with Britain broken by the events of his three years in power.
Britain is “absolutely not” broken at the end of his premiership, he shot back at an early morning question at a south London police station, adding “this country has got an incredible future and has everything going for it”.
“Look at the place that people want to invest in. Which is the country that attracts more venture capital investment now than China? It’s the United Kingdom," he carried on.
“Which country has, I think, more billion-pound start-up tech companies than France, than Germany, than Israel put together? It is the United Kingdom.
Last month UK inflation surged above 10 per cent for the first time in four decades. The Bank of England forecasts that it will top out just above 13 per cent, although a surge in natural gas prices in recent weeks mean officials will almost certainly have to increase that forecast.
Citigroup says the peak will be above 18 per cent in January, while Goldman Sachs said a elevated period of high gas prices would leave the rate going up as high as 22.4 per cent.
The Prime Minister will leave office next week, handing power to either Liz Truss or Rishi Sunak following the outcome of the Tory leadership contest. Rehearsing lines that will surely accompany his exit from the apex of power on Tuesday, Mr Johnson said the UK could demonstrate its strength in the months ahead.
“Why do people want to come here? Because it is the place to be," he said. “What we’re doing now, and what I’m proud that we’ve done over the last three years or so, is put in a lot of things that will make this country fit for the future.”
Boris Johnson's final week in office - in pictures
“We’ve got investments that we’re making in this country that are going to make it fit for the future,” he said.
“I’m talking about three new high-speed lines: the biggest rail investment for more than 100 years.
“Investment in gigabit broadband: giving people access to 21st-century communications. Fantastic progress from 7 per cent coverage when I became Prime Minister to 70 per cent today.”
He said that because of Vladimir Putin’s invasion of Ukraine “we have pressures on the cost of living” but “we have the financial strength to get through them”.
“What we’re also doing is making sure that we have the long-term British energy supplies that we need to get our people through,” he added.
The Government has also been unable to prevent thousands of people crossing the English Channel in small boats in an attempt to claim asylum in the UK – but Mr Johnson said that was “just a symptom of why this country is one of the most successful on Earth”.
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She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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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