The most politically significant UK picture of 2024 came at the end, with Nigel Farage, Nick Candy and Elon Musk standing in front of a portrait of Donald Trump at Mar-a-Lago.
There are other candidates: Rishi Sunak announcing an early election in the pouring rain; a victorious Keir Starmer entering Downing Street; Rachel Reeves delivering the first Labour Budget in 14 years; and others. But it’s the three of them together that is the game-changer.
If, as seems likely, Mr Musk donates $100 million to Farage’s Reform UK, that will transform the landscape. The fledgling party will have funds, the like of which have never been seen in Britain before. It could set them fair to leap up the rankings and who knows, put them on a winning path to the next election.
Not surprisingly, the very prospect has sent the main parties into a lather. There’s talk of somehow prohibiting that scale of gift or barring it on the ground that Mr Musk is a foreigner. The probability of either occurring must be low – the UK has never capped donations and it smacks of government interference and Mr Musk can circumvent the overseas rule by making the payment via the UK arm of his privately-held business empire.
Farage is a maverick, a flamboyant chancer, and business traditionally dislikes such people
An ebullient Mr Farage and Mr Candy are promising not to stop there. Mr Candy, the wealthy property developer and newly installed finance chief for Reform UK, is saying he will secure more of the same – not of that magnitude but large amounts of cash from other business figures. Already, he’s claiming previous Tory backers are indicating their intention to move across.
There’s no doubt Mr Farage and Mr Candy will attract support from like-minded entrepreneurs, those who tend to be lone operators and can take such decisions themselves. But will it go deeper and broader, so that mainstream business swings in behind Reform UK?
The instinctive answer is that it is unlikely. Mr Farage was the evangelist for Brexit, and the City and industry were almost universally opposed to leaving the EU. The fact little positive has happened since to justify the move has reinforced that view. The UK economy is worse off and firms have been burdened with yet more red tape as they attempt to export and import from the EU, as well as labour shortages. It was telling that at the recent farmers’ protests against Reeves’s Budget, Farage was present but said little for fear of riling those struggling with the difficulty of bringing in seasonal workers from abroad to harvest their crops.
The idea of not only forgiving Mr Farage but actively promoting him, remains anathema to the business community. In companies that have bent over backwards to increase diversity and inclusivity in recent years, his hard line on immigration is widely regarded as extreme and divisive. Businesses, too, know the value immigrants can add, they want their skills and expertise – something increasingly important in the face of ever-fiercer global competition.
Mr Farage is a maverick, a flamboyant chancer, and business traditionally dislikes such people, preferring to side with the tested and trusted.
There is, though, a major qualification coming and it’s this: business is completely fed up with the current main parties. For a decade and more, the Tories, who love to claim they are there for business, failed to deliver.
Britain’s place in the world
Now, there is Labour but the record to date is, to say the least, disappointing. After wooing boardrooms and investors with talk of understanding their concerns and being right behind them, once in power Mr Starmer and Ms Reeves have served only to antagonise. The tax rises in the budget were aimed at employers not employees (although there is bound to be a knock-on effect in fewer hirings). There was a distinct absence of talk of economic growth, no sign of positivity and vision. At the same time they’re to be clobbered by Labour’s new worker protection laws.
There is as well, a profound unease concerning Britain’s place in the world. The ‘special relationship’ with the US has failed to provide any dividends, post-Brexit and is subject to uncertainty as we head towards Mr Trump’s second term. The incoming president is threatening rises in tariffs and US protectionism – the last thing British exporters desire. It’s unclear how much Britain will be affected but a trade war involving the US, China and EU looms.
Mr Starmer’s installation of Lord Mandelson as Britain's new US ambassador, a Europhile with a record of disparaging remarks about Mr Trump, is unlikely to smooth the waters. Mr Farage cheekily and typically has suggested acting as intermediary.
Confusion reigns, too, over China. Mr Starmer appears to want to cosy up to Beijing while his ministers and officials repeatedly portray China as a hostile actor, busy trying to spy on Britain. And where the EU is concerned. Mr Starmer, who went along with Brexit, is today talking of seeking closer relations with Brussels. While that is welcome by business, there is bound to be a price and the timing, given the current woes of Germany and France, smacks of too little, too late.
Mr Starmer has spoken of no further tax increases and Ms Reeves has said her Budget was a one-off. The polls say loud and clear they’re not believed. Businesses that develop long-term plans and stick to them are not impressed either by Mr Starmer’s ‘reset’. He has been in office a matter of months, with a huge majority behind him, yet he is floundering.
Suddenly, Mr Farage, who speaks with clarity and is prepared to challenge orthodoxy, is heralded by some as presenting a refreshing alternative. Whether his simplistic, optimistic, common-sense brand can translate into practical reality is, of course, a different matter. But Britain would not be alone in lurching to the right. Mr Farage, a former City commodity broker, hails as well from a commercial background. His commitment, and that of Mr Musk, to a reduced state machine also chimes.
Mr Farage and Mr Candy might just find they receive a warmer hearing than once appeared likely. As a senior businessman was overheard at a recent reception, ‘Why can’t Britain have a leader who believes in Make Britain Great Again?' It is a question that may gain currency in the year ahead.
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
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.”
The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Rashmee Roshan Lall
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
