British Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak issued a rallying cry to institutional investors to ignite an “investment big bang” to boost the country’s long-term growth.
In an open letter to the investment industry, Mr Johnson and Mr Sunak challenged the country’s top pension funds and institutional investors to consider investing a larger proportion of their capital in long-term UK assets that aim to boost a greener future, such as infrastructure projects.
The pair said British pensioners were at risk of missing out on "better retirements" because too small a proportion of their pension funds was being invested in long-term UK assets.
“It’s time we recognised the quality that other countries see in the UK, and back ourselves by investing more money into the companies and infrastructure that will drive growth and prosperity across our country,” the letter, co-signed by the Prime Minister and Chancellor, said.
“We want to see UK pension savers benefitting from the fruits of UK ingenuity and enterprise, being given the opportunity to back British success stories, and secure higher returns and better retirements.”
Britain's economy was hammered by the pandemic in 2020, suffering its biggest fall in output in more than 300 years last year, with a contraction of 9.8 per cent.
The country went on to make a swift recovery when restrictions were first eased in March, with the OECD recently raising its 2021 growth rate for the UK to 7.2 per cent, the fastest among large, developed economies.
However, Britain’s post-Covid recovery slowed sharply in July to its weakest level since March as supply-chain bottlenecks and rising worker absences caused by Covid-19 isolation rules hampered business activity.
The letter argued that global investors, including pension funds from Canada and Australia, are benefitting more from the opportunities that UK long-term investments afford, while British institutional investors are under-represented in owning such assets.
More than 80 per cent of UK pension fund investments were allocated to listed securities, which represent just 20 per cent of UK assets, the letter said.
While the ministerial pair recognised that choosing assets to invest in was up to the pension fund trustees and institutional investors themselves, they urged investors to allocate more capital to UK assets that required longer-duration investments.
The ministers said the government's Green Industrial Revolution and Innovation Strategy would support its bid to "build back better", but that an "investment big bang" was required to fuel the UK's recovery.
"The United Kingdom's economy possesses a rich pool of assets ripe for long-term investment and bolstered by a world-leading research sector, commitment to the green technologies of the future, and British entrepreneurial spirit," the letter said.
Mohammed bin Zayed Majlis
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Tomorrow 2021
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Matthew Levitt: Iran retains its ability to launch terror attacks
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
Tomorrow 2021
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National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
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Damien McElroy: A CEO tasked with spreading Iran's influence
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Simon Waldman: Cautious Israel keeping a low profile
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Read part one: how cars came to the UAE
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WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
Mohammed bin Zayed Majlis
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2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
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Plastic tipping points
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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Tomorrow 2021
SPECS
World Mental Health Day
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Key developments
- Singapore summit: Trump and Kim launch charm offensive as meetings begin
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- US and North Korean teams sit down for bilateral summit
- Kim: “I believe this is a good prelude for peace."
- Trump: “We will solve it, we will be successful.”
All times UTC 4
The specs
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Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
Towering concerns
Neighbourhood Watch
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Plastic tipping point
More from this package
The five pillars of Islam
1.
2.
3.
4.
5.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
