Many among the British public are ready to embrace reforms to the National Health Service amid fears it has become a “monstrous money pit”, polling for The National has found.
An exclusive Deltapoll survey showed 47 per cent of UK adults believe the NHS is “not working” and that “significant reform” is needed.
Another 40 per cent would support “some reforms”, with only eight per cent saying the NHS’s operations “should not change”.
The poll showed that 48 per cent would support a “greater role for private healthcare providers” if it helped reduce pressure on services, with 31 per cent opposed.
The state of the NHS is invariably a top voter priority, and the poll makes grim reading for Prime Minister Rishi Sunak. As an election year looms, 65 per cent of adults are unhappy with the government’s handling of the health service.
Voters are also dissatisfied with Mr Sunak’s record on immigration, the economy, crime, Brexit and the cost of living, the wide-ranging poll revealed. He scored better marks on international relations and the war in Ukraine.
Speaking at The National’s poll launch, Deltapoll’s co-founder Martin Boon said dissatisfaction with the NHS was threatening its place as a “national institution” and the “pride and joy” of Britain.
Founded in 1948 under the principle of “free at the point of delivery”, the NHS was celebrated in the opening ceremony of the London 2012 Olympics and any suggestion of reform is politically dicey.
However, the public “are recognising now that the NHS has become a monstrous money pit, a huge beast which is probably unaffordable,” said Mr Boon.
“The view of the NHS is changing. That’s probably been the case for four or five years as people now have come to agree that we can’t keep simply throwing money at the NHS and seeing it swallowed in wages and salaries without seeing improvements in primary care facilities.”
UK spending on health care hit £283 billion ($345.3 billion) last year. The National has revealed how many patients have turned to private hospitals because of long NHS waiting lists. The delays have been compounded by strikes among junior doctors, consultants, nurses and ambulance staff.
The NHS sometimes turns to private providers itself, meaning treatment remains free for patients. Any move towards bringing in charges for patients would be sure to set off a political storm.
“Absorbing private care into NHS delivery is now something people recognise. It’s being done already,” Mr Boon said. “I think people just want to see outcomes, positive outcomes.”
The NHS through the decades – in pictures
Older people who most rely on the NHS are almost unanimous that it needs improvement. Among those aged over 65, the poll found 96 per cent would back some changes, including 58 per cent who would support significant reform.
The opposition Labour Party regards the postwar creation of the NHS as one of its proudest achievements, but 40 per cent of its supporters would now back significant change, the poll found.
With the Conservatives deep underwater in the polls, Mr Sunak has made cutting NHS waiting lists one of his five pre-election priorities. The poll shows that even 60 per cent of Tory voters are unhappy with the government’s record on health care.
Deltapoll interviewed 2,039 British adults between September 11 and 15.
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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.”