Some of Britain's striking workers have called off their strikes after they accepted hard-fought pay deals, prompting hopes that the summer of walkouts may finally be reaching a conclusion.
Hospitals, airports and railways have all been hit by strikes in recent weeks, including on Monday when thousands of members of the Railway, Marine and Transport union walked out, causing delays for millions of commuters.
Prime Minister Rishi Sunak outlined below-inflation pay increases of between 7 per cent and 8 per cent for many public sector workers – including teachers, doctors and police officers – and said that his government would not negotiate further.
About 3.7 million working days were lost through labour disputes from June 2022 through to this year, the highest figure since 1989.
Teachers
On Monday, members of the largest teaching union accepted a 6.5 per cent pay rise for teachers in England and voted to end strikes.
The National Education Union said 86 per cent of its teacher members in England who took part in an electronic ballot voted to accept the progress made in the pay dispute and call off the strike, with a 60 per cent turnout.
It comes after teacher members of the NEU staged eight days of strikes in state schools in England since February in a pay dispute.
Education Secretary Gillian Keegan described the decision as “good news” for teachers, parents and children.
“The deal brings an end to the disruption faced by parents and young people and means we can focus on what matters most, giving our children a world-class education,” Ms Keegan said in a statement.
Airport workers
Strike action due to start at Gatwick Airport on Friday has been called off after the final group of union members involved voted to accept an improved pay offer, it has been announced.
Unite said workers employed by Gatwick Ground Services, on the British Airways contract, followed employees at DHL Ground Handling, ASC and Menzies in cancelling industrial action after pay deals.
Strikes that were planned to last until Tuesday August 8 will now not go ahead.
GGS workers voted to accept an improved pay offer of 10.3 per cent, according to Unite.
"This is a significant pay increase for workers at GGS," said the union's general secretary, Sharon Graham.
"The pay campaign at Gatwick Airport is a great example of how Unite's unwavering commitment to jobs, pay and conditions for our members is delivering substantial financial benefits for workers."
But the union warned of further industrial action at the airport.
Unite members at Red Handling, Wilson James and DHL Gatwick Direct have all voted for strike action in disputes over pay which, if they go ahead, will cause "substantial disruption and delays" at the airport.
The Unite union has called off the walkout on Friday, August 18, due to a new pay offer.
Red Handling staff, who provide ground-handling services for airlines including Norse Atlantic, Norwegian, Delta, Tap Air Portugal and Saudia, were set to walk out from August 18-21 and August 25-28.
The first strikes were cancelled while employees considered a new pay offer, leaving it possible that the second round of inductrial action in August could still go ahead.
London Underground
Planned strikes planned by London Underground workers in July and August were also suspended as workers considered deals.
Members of Aslef and the RMT were due to strike throughout the week in a long-running dispute over pay, pensions and conditions.
Both unions said progress had been made in talks at the conciliation service Acas.
“There has been significant progress made by our negotiating team in Acas talks with TfL [Transport for London],” RMT general secretary Mick Lynch said.
“However, this is not the end of the dispute nor is it a victory for the union as yet.
“Our members were prepared to engage in significant disruptive industrial action and I commend their resolve.
“RMT’s strike mandate remains live until October and we are prepared to use it if necessary.”
Britain's doctors begin longest strike in NHS history – in pictures
Doctors
Junior doctor strikes due to start in Scotland in July were suspended after a new pay deal was offered by the Scottish government.
BMA Scotland said the new offer amounted to a 12.4 per cent pay increase this year, an improvement on the 14 per cent over two years previously proposed by ministers.
A three-day walkout, which was due to start on July 12, was averted to allow the union to ballot its members.
However, a strike in the NHS continues to disrupt services in England with radiographers, consultants and junior doctors planning further strikes.
Junior doctors working in the NHS this month launched the longest walkout in NHS history as they tried to secure a pay rise of more than one third.
Hospital consultants across England will begin a 48-hour strike at 7am on Thursday August 24.
Railways
Thousands of members of the Rail, Maritime and Transport union at 14 train operators will strike on Saturday in the long-running dispute over pay, jobs and conditions.
In addition to disruption from the latest RMT strike on Saturday, train services will be affected by Network Rail carrying out about 500 projects across Britain’s railways over the long weekend.
The busiest station affected is London Euston, where services will be limited from 8pm on Saturday until Tuesday due to track renewals and signalling upgrades.
No trains will serve London Charing Cross or Waterloo East on Saturday or Sunday.
Buses and coaches will replace trains on the East Coast Main Line between Grantham, Royston and Potters Bar-Hertford North from late Saturday until the early hours of Monday.
“As always, we’ve carefully planned our engineering work to ensure the vast majority of the railway will be open for business as usual this bank holiday, so passengers can rely on the railway to get them where they need to be as they make the most of the long weekend," said Jake Kelly, Network Rail’s system operator director.
“Disruptions to journeys on some routes is unavoidable when carrying out certain pieces of work, however, so please make sure to check with National Rail Enquiries or your train operator before you travel.”
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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.”