It has been a year since Britain first went into lockdown and while the country can now see light at the end of the tunnel thanks to its rapid vaccination programme, the cost of the pandemic has been devastating.
Prime Minister Boris Johnson’s first “stay-at-home” order on March 23, 2020 was followed by two more lockdowns for much of the country, as well as a series of complicated social distancing rules.
This has seen the UK pay a hefty economic price for Covid-19, which has infected more than 4.3 million Britons and caused the death of more than 126,000 – the highest toll in Europe and the fifth highest in the world.
Here we outline the numbers that highlight the real financial cost 12 months of curbs have had on the UK economy:
Total cost of Covid set to hit £407bn
UK finance minister Rishi Sunak was quick to react with economic support measures at the start of the first lockdown last year.
Since then, he has recalibrated and extended his support measures on a number of occasions to try and ensure individuals and businesses can survive the financial hit the pandemic has delivered.
In his most recent budget statement, Mr Sunak vowed to do "whatever it takes" to reboot the economy, including extensions to the Job Retention Scheme, a stamp duty holiday for property investors and business rates exemptions for retail, hospitality and leisure companies.
This amounted to an extra £65 billion ($89.08bn) in Covid support measures, taking the total fiscal support for the crisis for this year and next to £407bn, with £352bn spent so far.
Pandemic cost to business activity: £251bn
A year of Covid-19 lockdowns has cost the UK economy £251bn – equivalent to nearly twice the annual output of Scotland, according to the Centre for Economics and Business Research.
The study showed that coronavirus was the main cause of the reduction in the UK’s gross value added (GVA), a figure that measures the value of goods and services produced by the economy minus the costs of inputs and raw materials needed to deliver them.
Covid-19 losses across the country were the highest in London, with £51.4bn of lost activity in the capital, the Cebr study found.
£895bn of stimulus pumped into the economy
The Bank of England has ramped up its bond-buying programme since the start of the crisis, doubling its quantitative easing from £445bn a year ago to the £895bn planned by the end of this year.
Stepping up the bond-buying programme has helped to cushion Britain’s economy amid the cycle of lockdowns.
At its latest monetary policy committee meeting last week, the BoE pledged to keep its stimulus at the same level and maintain the pace of its government bond purchases of about £4.4bn a week, "with flexibility to slow the pace of purchases later".
However, the lender said the road ahead remains unclear as vaccination efforts are beset by rows with the European Union over supply and safety issues.
Public sector borrowing set to swell to £355bn
Public debt is expected to hit £355bn by the end of the fiscal year, according to the Office for Budget Responsibility.
In February, £19.1bn was added to the government's borrowing total, taking the budget deficit in the first 11 months of the financial year to almost £279bn - the highest level since the Second World War and almost six times the amount borrowed in the same period a year earlier.
While the £19.1bn appears huge when compared with £1.6bn for the same month a year earlier, just before the pandemic took hold, economists now expect borrowing for the full financial year to be about £20bn below the OBR’s forecast. Britain’s speedy vaccination programme, as well as the country learning to adapt to the crisis, has helped to ease the burden.
That means Mr Sunak may not decide to take drastic measures in the future, such as imposing a raft of tax hikes to repay the debt.
Net debt climbed to £2.13tn
While the borrowing level may not be as high as feared, the net debt level is still eye-wateringly high.
Total state debt currently stands at £2.13 trillion as of February, equivalent to 97.5 per cent of Britain's total gross domestic product, a level not seen since the early 1960s when the UK was still recovering from the Second World War.
Borrowing in the next financial year, which starts in April, is estimated to fall to £234bn, according to the OBR, but that is still more than four times the deficit in 2019-20.
Britain’s economy contracted 9.9% in 2020
Britain suffered an economic contraction of 9.9 per cent last year – its biggest decline in 300 years after the government closed workplaces, businesses and shops at the start of the lockdown.
When restrictions eased in the summer, business activity enjoyed a brief bounce before the number of Covid cases started to rise again in the autumn, leading to a second lockdown in England in November and a third in January.
It meant Britain's economy continued to contract in January, by 2.9 per cent, while exports to the European Union slumped by 40 per cent in the first month following the UK's exit from the economic bloc.
The decline in exports represents £5.6bn ($7.8bn) in lost trade, with imports also down, plunging 28.8 per cent or £6.6bn in the first month since the start of new trading rules between the UK and EU.
Unemployment set to peak at 6.5%
While Britain's unemployment rate unexpectedly fell to 5 per cent in the three months to January, despite many parts of the country entering a third Covid-19 lockdown, the outlook is not rosy.
In February, there were almost 700,000 fewer people on payrolls compared with February last year, indicating a large fall in employment since the start of the crisis with two-thirds of that decline made up of people under 25.
The BoE expects a sharp contraction in output in the first quarter and forecasts that unemployment will peak at 6.5 per cent later in the year.
Some economists are less gloomy, with Ruth Gregory of Capital Economics expecting the jobless rate to peak at 6 per cent by early 2022.
“That would be a much better result than most feared only a few months ago,” she said.
Pandemic hit to SMEs to exceed £126.6bn
The impact of Covid-19 on Britain’s small-to-medium enterprises will exceed £126.6bn, according to a study by small business insurer Simply Business, almost double the £69bn expected a year ago.
SMEs have lost £15,673 on average since the start of the first lockdown last year, with that figure expected to reach £22,461 in the coming months.
More than 840,000 SMEs do not believe their business will ever return to pre-pandemic levels and 81 per cent said they felt they had not received enough government support.
There are six million SMEs in the UK, accounting for 99 per cent of all businesses, 33 per cent of employment and 21 per cent of total economic turnover.
Despite this, 2.2 million companies said they had not been able to access government support or grants since the start of the crisis.
Hospitality and retail sectors shed almost 700,000 jobs
Sectors hardest hit by the pandemic are those where social distancing measures are the most needed, such as hospitality and retail.
Non-essential shops, restaurants and pubs have been closed during all three English lockdowns, with many workers either being furloughed or losing their jobs.
As a result, British retail sales plunged 8.2 per cent in January from December - the second largest slump in volumes on record after the fall in April at the start of the pandemic, with department and clothing store sales particularly affected.
The retail sector suffered 67,000 job losses between December 2019 and December 2020, according to the Office for National Statistics, with men losing 11,000 of those jobs and women 56,000.
Helen Dickinson, chief executive of the British Retail Consortium, said while the second wave of the pandemic swept away tens of thousands of retail jobs, the government’s furlough scheme now supports 600,000 retail workers, a rise of 200,000 since December.
The hit to employment in the hospitality sector was even higher, with 600,000 jobs lost, according to trade body UK hospitality, as more than 12,000 businesses closed and sales dropped by £86bn.
“The last 12 months have been truly awful for our sector. While any restrictions remain in place, our pubs and restaurants can only break even and the viability of thousands remains at risk,” said UK Hospitality chief executive Kate Nicholls.
Housing sector saw 9.5% decline in transactions
Britain’s housing sector experienced a 9.8 per cent decline in transactions in the year to January 2021, compared with the previous 12 months, according to HM Revenue and Customs.
This was mainly caused by the property market being shut during the country’s first lockdown, the equivalent of 15 per cent of 2020.
However, unlike during the 2008-09 economic downturn, house buyers were not deterred, with average house prices soaring while the wider economy shrank.
Last year, house prices grew 8.5 per cent, with the average house price reaching a record high of £252,000, according to the ONS.
The surge was spurred by Rishi Sunak’s stamp duty land tax holiday, which wiped out the levy on house purchases up to the value of £500,000, with the break extended in the recent budget until the end of June.“Sales have been buoyed by people looking for more space," said Tom Bill, head of UK residential research at property consultancy Knight Frank.
“Ultra-low interest rates have also played a significant role in the background. These factors will support transaction numbers when the stamp duty holiday tapers away and buyers stop planning for future lockdowns.”
House prices rose again in February, with annual growth of 6.9 per cent, up from 6.4 per cent in January, according to lender Nationwide.
Heathrow suffers 92% drop in passenger numbers
The number of passengers arriving at Heathrow airport was down 92 per cent in February when compared with the same month a year earlier.
Just 461,000 passengers arrived or departed over the month, the lowest level since 1966. The London airport typically handles more travellers than that in just two days.
February was the first full month since the third lockdown began in England, a period that also saw the introduction of a hotel quarantine scheme for arrivals from 33 “red list” countries.
Heathrow has been hit particularly hard by the pandemic since it relies on long-haul markets that have been all but wiped out. Last month, the airport posted a £2bn loss for 2020 after passenger numbers tumbled 73 per cent, a decline that is reflected across the country’s aviation sector.
Uneven hit to wealth: 6m 'accidental savers’ versus 9m borrowing more
More than six million people have become "accidental savers" during the pandemic by keeping their jobs while facing lower expenses because of the Covid restrictions, according to financial consultancy LCP.
British workers aged between 35 and 44 have benefitted the most, each setting aside an average of £2,674 in cash during the crisis, according to Wesleyan, a financial adviser.
The Bank of England estimated that from May to November alone, British households built up an extra £125bn in savings - five times as much as in any other nine-month period in history.
Conversely, millions of people have seen their finances hit hard by Covid, particularly those already on lower incomes, with higher energy and food bills and a 20 per cent cut in income while on furlough contributing to the squeeze.
More than nine million people had to borrow more than they usually would by the end of 2020 because of the crisis, the ONS said.
Up to 1.3m foreigners left the UK in the 12 months to January
The number of people living in the UK has fallen significantly during the crisis with one study estimating up to 1.3 million foreigners left the UK in the 12 months ending in January.
Almost 700,000 non-UK born workers exited London alone, according to the report from the Economic Statistics Centre of Excellence.
A similar study from the University of Oxford said about 400,000 to 600,000 people had departed, with younger working-age people in their 20s and 30s leaving in the greatest numbers.
However, both researchers said there was huge uncertainty about their estimates.
The ONS Labour Force Survey, however, estimates that 893,000 non-UK residents left the UK during the pandemic.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
Results
%3Cp%3E%3Cstrong%3EStage%206%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%203hrs%2041min%2012sec.%3Cbr%3E2.%20Sam%20Bennett%20(GBR)%20Bora%20%E2%80%93%20Hansgrohe%20%E2%80%93%20ST%3Cbr%3E3.%20Dylan%20Groenewegen%20(NED)%20Team%20Jayco%20Alula%20%E2%80%93%20ST%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%209sec%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2013sec%3C%2Fp%3E%0A
RESULTS
6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap Dh 185,000 2,000m
Winner: Tried And True, Pat Dobbs, Doug Watson
7.40pm: Maiden Dh 165,000 1,600m
Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
8.15pm
Handicap Dh 190,000 1,400m
Winner: Taamol, Dane O’Neill, Ali Rashid Al Raihe
8.50pm
Handicap Dh 175,000 1,600m
Winner: Welford, Richard Mullen, Satish Seemar
9.25pm: Handicap Dh 175,000 1,200m
Winner: Lavaspin, Richard Mullen, Satish Seemar
10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
if you go
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Results
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)
7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav
7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar
8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi
8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson
9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar
10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
Killing of Qassem Suleimani
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
UAE currency: the story behind the money in your pockets
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Company%20profile
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The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20JustClean%3Cbr%3E%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20with%20offices%20in%20other%20GCC%20countries%3Cbr%3E%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202016%3Cbr%3E%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20160%2B%20with%2021%20nationalities%20in%20eight%20cities%3Cbr%3E%3Cstrong%3E%3Cbr%3ESector%3A%3C%2Fstrong%3E%20online%20laundry%20and%20cleaning%20services%3Cbr%3E%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%2430m%20from%20Kuwait-based%20Faith%20Capital%20Holding%20and%20Gulf%20Investment%20Corporation%3C%2Fp%3E%0A
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
MORE FROM CON COUGHLIN
Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
Charlotte Gainsbourg
Rest
(Because Music)
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
All or Nothing
Amazon Prime
Four stars
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
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
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
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Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
New schools in Dubai
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
