Britain's Prince William during a visit to see construction on HMS Glasgow, the Royal Navy's first City-class Type 26 frigate, at the BAE Systems shipyard in Glasgow, Scotland in 2021. AFP
Britain's Prince William during a visit to see construction on HMS Glasgow, the Royal Navy's first City-class Type 26 frigate, at the BAE Systems shipyard in Glasgow, Scotland in 2021. AFP
Britain's Prince William during a visit to see construction on HMS Glasgow, the Royal Navy's first City-class Type 26 frigate, at the BAE Systems shipyard in Glasgow, Scotland in 2021. AFP
Britain's Prince William during a visit to see construction on HMS Glasgow, the Royal Navy's first City-class Type 26 frigate, at the BAE Systems shipyard in Glasgow, Scotland in 2021. AFP

Britain to build five new warships, says Rishi Sunak


Soraya Ebrahimi
  • English
  • Arabic

British Prime Minister Rishi Sunak has announced that the UK will build five more warships, but he declined to commit to boosting defence spending to 3 per cent of GDP.

Mr Sunak said that defence manufacturer BAE Systems had been awarded a £4.2 billion ($4.9bn) contract to build five more Type 26 frigates for the Royal Navy, on top of the three already under construction.

The UK-pioneered Type 26 is an advanced warship with the primary purpose of anti-submarine warfare. It will protect the UK’s continuous nuclear deterrent and Carrier Strike Group.

The new generation of British frigates will strengthen the UK’s defences and sustain 4,000 UK jobs.

Construction of the eight frigates is expected to be completed by the mid-2030s and when the ships are ready, they will be sent all over the world.

Mr Sunak explained at the G20 in Bali, Indonesia, the steps the UK is taking to strengthen its security after increased threats from Moscow.

Russia’s actions put all of us at risk," he said.

“As we give the Ukrainian people the support they need, we are also harnessing the breadth and depth of UK expertise to protect ourselves and our allies.

“This includes building the next generation of British warships.”

Britain's Prime Minister Rishi Sunak, at the G20 summit in Indonesia, has signalled the UK will build five new warships. AP
Britain's Prime Minister Rishi Sunak, at the G20 summit in Indonesia, has signalled the UK will build five new warships. AP

The expansion of the programme to build the frigates follows the attacks on the Nord Stream gas pipelines, which have been blamed on the Kremlin.

Meanwhile, Mr Sunak again declined to commit to a promise from his predecessor, Liz Truss, to raise defence spending to 3 per cent of GDP, compared to the Nato minimum of 2.5 per cent, as he and Chancellor Jeremy Hunt seek to balance the books.

He played down concerns from some in the Conservative party that ditching the target could be seen as a weakness by Russian President Vladimir Putin.

“We’ve got not just a current but a historic track record of being strong investors in defence and prioritising Nato,” Mr Sunak said onboard a plane to Bali.

“I think people can feel completely assured that we’re investing in our defences.

“In terms of what does weaken Putin, I mean what he’s going to see from me is unequivocal condemnation of his actions at the G20."

Mr Sunak also spoke of the UK’s “significant” financial and military assistance for Ukraine.

“I don’t think Putin or anyone else can look at that and say in any way that we’re weak,” he said.

Mr Sunak will use the G20 summit to reaffirm the UK’s support for Ukraine.

As chancellor, Mr Sunak committed £4.1bn in direct support to Ukraine, including £2.3bn in military aid.

He has now committed to matching that level of spending on military support next year.

Mr Sunak is also preparing with allies to confront Russia’s representative at the summit, which starts on Tuesday.

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1st Test July 26-30 in Galle

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3rd Test August 12-16 in Pallekele

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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

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RESULT

Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)

Man of the Match: Shane Duffy (Brighton)

The specs

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Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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Updated: November 15, 2022, 7:21 AM