Rishi Sunak is preparing to take part in some of his most crucial diplomatic talks with allies since entering office, with key policies at stake.
The UK Prime Minister will arrive in Paris on Friday for the first UK-French bilateral summit since 2018 with the issue of illegal Channel boat crossings front and centre in his mind. He will then head to the US to meet President Joe Biden to set a new course for Britain's global security outlook, and try to clinch a visit by the US leader to mark the 25th anniversary of the Good Friday Agreement.
Mr Sunak will be hoping to build on improved UK-EU relations since striking a deal on the Windsor Framework and to make headway on his pledge to “stop the boats”. The framework helped stabilise relations with the EU and offered signs of progress to Mr Biden on Northern Ireland.
He will be joined by Home Secretary Suella Braverman for the discussions, which come days after she unveiled the Conservative government’s Illegal Migration Bill, its controversial plan to dramatically reduce the number of asylum seekers arriving in Britain.
UK 'looking to do more' with France to stop the boats
While the frosty UK-EU relations seen during previous administrations appear to have thawed, Mr Sunak’s willingness to work with his European counterparts in a constructive manner does not make breaking people smugglers’ networks easy. Mr Sunak knows that for his anti-illegal immigration policy to succeed he will need the co-operation of Mr Macron.
Keen to show his commitment to British voters on ending illegal immigration, Mr Sunak sent Ms Braverman to Paris just three weeks into his tenure in No 10 to sign a £62 million-a-year deal to ramp up efforts to stop migrant crossings.
Asked if the public should expect to see a new agreement between the two nations on tackling illegal crossings following Friday’s summit, the Prime Minister’s official spokesman left the door open.
“Migration, I am sure, will be a topic on Friday,” the spokesman told reporters on Wednesday. “It’s an issue that’s not new to the UK and indeed France are themselves looking to take a number of steps [to stop illegal migration].
“In terms of agreements, of course we continue to work with EU countries both at EU-level and bilaterally but equally with France we have a relatively new or expanded work tackling small boats crossings in the Channel and we’re looking to do more.”
An aide to Mr Macron suggested France and Britain are working on a new deal to thwart migrants crossing the Channel, which could be agreed at the summit. “We are in the process of finalising the terms of a strengthening of our operational co-operation”, he said.
The deal would focus on “increasing the resources deployed to manage this common border, with multiyear financing in order to improve the planning of human resources, equipment and infrastructure”, the aide said.
Britain agreed to pay France another 72.2 million euros ($74.5 million) under a deal last November that aimed to send an additional 350 people to detect and prevent migrant boat crossings.
About 800 people including regular police, border control forces and customs officers are involved daily in anti-migrant operations in northern France, according to recent figures from French authorities.
Even if Mr Sunak has no new agreement to present to the UK public following his discussions with Mr Macron, he will probably use the engagement to emphasise his commitment to working with France to bring an end to the small boats crisis.
Mr Sunak in January asked the public to judge his premiership on five key pledges, including a bid to end the practice of illegal immigration across the Channel.
Conservative MP Tim Loughton at the time told The National the Prime Minister would find it impossible to achieve his aim without the co-operation of France.
“The trouble is the power is not in the UK’s hands, so the issue is that as soon as a boat hits British territorial waters it becomes our problem and becomes our responsibility”, Mr Loughton said.
First US trip as PM
After the meeting in Paris, it will be on to the US for Mr Sunak early next week for his first transatlantic trip since taking office last October.
The Tory leader will touch down in San Diego for talks with US President Joe Biden and Australian Prime Minister Anthony Albanese.
The procurement of nuclear-powered submarines under the Aukus pact between the three nations will be high on the agenda.
Mr Sunak’s trip to California, where he has previously lived, will coincide with the government’s publication of a much-anticipated update to the Integrated Review.
An update of the major defence and security review was ordered by Mr Sunak’s predecessor Liz Truss last September to ensure the UK is “keeping pace” with evolving threats, in light of Russia’s invasion of Ukraine.
Mr Sunak will make a statement on the publication during his trip to the US, the Prime Minister’s official spokesman said.
“I can say the Prime Minister will be in the US on Monday for discussions on Aukus with President Biden and Australian Prime Minister Albanese,” he said.
“On Monday the government will also publish the update to the Integrated Review of security, defence, development and foreign policy.”
Mr Sunak’s visit will take place during what will be a significant week for his leadership, with the Spring Budget due to be unveiled next Wednesday.
The Prime Minister is under pressure from the Ministry of Defence to increase spending.
Defence Secretary Ben Wallace, who has been arguing for a multibillion increase in his budget, last week said he was “confident” he would get enough funds to meet the needs of the military.
Defence minister James Heappey on Wednesday acknowledged there has been tough talks between the ministry and the Treasury over funding levels.
“There have been some robust exchanges with the Treasury in public”, he said.
“And there have been some even more robust exchanges behind closed doors.”
As the Conservative Party continues to trail Labour in opinion polls at home, Mr Sunak will be hoping his overseas engagements improve his image as a capable statesman at a time when the UK is facing multiple challenges, including the migration crisis and the high cost of living.
More from Rashmee Roshan Lall
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
