There is a surreal aspect to the UK’s relations with China. Some would go further and say it smacks of rank hypocrisy. Certainly, it involves two hands.
There’s the hand to the fore this weekend when the chancellor, Rachel Reeves, leads a heavyweight delegation of business and City figures to Beijing to try to secure closer financial and trade ties between the two countries. Accompanying her will be Andrew Bailey, governor of the Bank of England; Nikhil Rathi, chief executive of the Financial Conduct Authority; Mark Tucker, chairman of HSBC; and a host of other business luminaries.
The two-handed approach is perfectly illustrated by how Reeves’ trip was due to coincide with the publication of a cross-Whitehall audit of UK relations with China, part of Labour’s manifesto commitment. So, as the Treasury and its boss wooed Beijing, other departments’ dealings with the country would come in for scrutiny.
That review has now been pushed back to spring and not all the findings will be made public.
That is not to say the other hand is in retreat. The head of the MI5 security service, Sir Ken McCallum, has declared that Beijing’s espionage represents a “sustained campaign on a pretty epic scale”.
The same hand has a Chinese businessman outed as a ‘spy’ with contacts running deep into Britain’s royal family, Beijing operatives embedding themselves in parliament and China being blamed, a few weeks ago, for cutting two fibre-optic cables 100 miles apart on the Baltic seabed. The UK Navy announced on Monday it was taking a lead role in detecting future threats to the North Sea.
Even so, it is expected to still make policy recommendations, including boosting Britain’s China-watching capability and requiring those employed by the Chinese government to register their role or face criminal prosecution, along with those recruited by other states viewed as a danger to the UK, such as Russia, Iran and North Korea.
Meanwhile, Britain continues to give vent to protests in the media and elsewhere against the jailing of anti-Beijing activists in its former Hong Kong colony.
It's bizarre but not unknown. Britain maintains a similar balancing act with other countries, weighing up investment opportunities with disapproval of some aspects of their behaviour. The attitude to China, however, must rank as the most extreme.
Given the recent history between the two it’s quite likely that the visit – the first 'Economic and Financial Dialogue', as it is officially termed – for more than five years, will be marked by yet another diplomatic crisis.
Certainly, some of the news coverage lately has required a double-take, with an item on perceived Chinese aggression and subterfuge followed by another on how Britain hopes to profit from stronger Chinese investment and economic ties. The UK is trying to have it both ways.
China's five financial priorities
Much of the talking will occur behind closed doors. It is unlikely, though, that Reeves and Co will lambast President Xi Jinping and his colleagues. Quite the reverse. What is said exactly will remain unknown, although it is difficult to imagine her even so much as venturing into awkward territory.
More likely will be her pursuit of pragmatism and the belief the two have much to offer each other business-wise.
Britain, post-Brexit, is in urgent need of major trading partners. Promised deals with India and the US have not materialised, while those concluded so far have been minor in nature.
It won’t be lost on the participants that the discussions directly precede the return to the White House of Donald Trump, who has declared his intent to increase tariffs against Chinese imports. Britain is also unsure of where it stands with the new US president, whether the historical ‘special relationship’ carries weight with him or whether it too will be dragged into a trade war.
High on the Reeves' wishlist will be Chinese electric vehicles. They, along with renewable technology, could be manufactured in Britain, bringing much-wanted investment and jobs.
It's easy to look at China’s might and say there is little for Beijing to gain by striking accords with Britain, not with a nation that repeatedly disrespects it so publicly and accuses it of engaging in some sort of cold war. But the Chinese are nothing if not pragmatic themselves. There is plenty that Britain can afford them.
London is home to one of the world’s strongest professional service industries, it’s the second largest financial centre after New York (in Trump’s US, of course). The Chinese economy is shifting. The population is ageing and the focus is on increased consumption and achieving slower but sustained growth.
Xi’s government has listed its five financial priorities: technology, green finance, digitalisation, financial inclusion and pensions. To secure those it must look to the global capital markets and that’s where the City comes in.
That’s why, as well, along with Reeves and her officials there will be Tucker and other financiers. The talk will be of facilitating, not blocking. That chimes as well with a London market that is reeling from corporate defections to the US, that wishes to be seen to be as international money powerhouse. In return for assistance in capital-raising, UK banks, led by HSBC, wish to be granted greater access to China’s financial services.
Tread the finest of lines
The critics won’t like it but this weekend is due to herald further meetings across areas of mutual interest. The energy and climate change secretary, Ed Miliband, will journey to China shortly.
Reeves is picking up where a Tory chancellor, Philip Hammond left off. He was the last UK minister to hold formal economic discussions with China in 2019. Hammond was following a previous Tory chancellor, George Osborne, who hailed a ‘golden era’ in Anglo-China relations and ‘deep and close partnerships’.
Nobody is making that boast today. Hammond now says such talk was “a mistake”. He says: “We were raising expectations about a level of closeness that there could never be because of differing cultural and political traditions.”
Instead, the UK should be concentrating on a “mutually beneficial relationship which recognises its boundaries and … works to maximise the benefits for both sides within those boundaries”. He says that provided Reeves enters talks with “her eyes open” and does not allow security to be compromised for trade, there are deals to be struck.
That’s music to those who want to push UK economic growth but anathema to others. Reeves and her delegation must tread the finest of lines.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
All Blacks line-up for third Test
J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).
Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
UAE currency: the story behind the money in your pockets
The five pillars of Islam
UAE currency: the story behind the money in your pockets
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Sholto Byrnes on Myanmar politics
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
LOS ANGELES GALAXY 2 MANCHESTER UNITED 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
more from Janine di Giovanni
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
