Britain was a manufacturing and trading colossus in the 1950s, when Queen Elizabeth II became the nation's monarch, with shipbuilding one of its preeminent industries. PA
Britain was a manufacturing and trading colossus in the 1950s, when Queen Elizabeth II became the nation's monarch, with shipbuilding one of its preeminent industries. PA
Britain was a manufacturing and trading colossus in the 1950s, when Queen Elizabeth II became the nation's monarch, with shipbuilding one of its preeminent industries. PA
Chris Blackhurst is a former editor of The Independent, based in London
September 14, 2022
Had she seen out the rest of this year, Queen Elizabeth II would have witnessed her country pass a milestone that was scarcely believable at the outset of her reign.
The British monarch, whose father was King Emperor of the sub-continent, has died as India is set to overtake the UK in terms of economic might.
India was only just an independent nation, having freed itself from British rule, when the queen ascended to the throne in 1952. Seventy years on and the country will, later this year, officially become the world’s fifth-largest economy. Britain slips to sixth, although some economists maintain its real ranking is eighth.
Back in 1952, it was an indisputable third, behind the US and Soviet Union. As a further show of strength, the UK joined the superpowers that year as a nuclear power.
Britain was a manufacturing and trading colossus. Coal mining, shipbuilding, heavy engineering, car-making, textiles: the list of activities, and mass employment providers, that dominated the country’s industrial heartlands of the north of England and the West Midlands, went on. Many of them were state-owned.
The docks in Liverpool, Southampton and the East End of London, were in full swing, mostly receiving and sending vessels to and from what was still a formidable, if creaking, British Empire.
Everywhere there was building, as a people ravaged by war and sustained bombing, embarked on recovery. Vast areas of the urban population had to be rehoused, and councils seized the opportunity to condemn the Victorian-era slums that blighted so many towns and cities.
Motorways were coming, and the new National Health Service and welfare state demanded the construction of hospitals, clinics, offices. School buildings, too. Britain was buzzing with activity.
For all that, times were hard. Rationing of some staple foods continued to apply and dual-income families were not commonplace. Having been employed during the years of conflict in a variety of sectors from armaments to agriculture, women found they were no longer required, as industries returned to being almost exclusively male.
It may have had a female head of state but Britain afforded few opportunities for women who sought rising career paths. A woman in a top job was a rarity. Females made up a third of the workforce, but they were often in posts that offered little prospect of meaningful advancement. In 2022, the gender split is roughly 50-50, and women have risen to the most powerful positions, such as prime minister, on three occasions.
Then, university graduates were predominantly male; today, females account for the majority of those studying for first degrees.
Much of the shift was due to enlightenment. Similarly, in 1952, divorcees and single-parent families struggled for acceptance. Not any more. In 2021, most births were to unmarried parents.
Great social changes, that led to a decline in church attendance, legalisation of abortion and homosexuality and the introduction of the contraceptive pill, played their part. The economy was responsible, too, as large-scale manufacturing waned and disappeared entirely in many places. This was replaced by more female-conducive service industries at which, incidentally, Britain excels.
From sitting at the pinnacle of an imperial domain that went right around the globe, Britain has had to come to terms with not only the loss of its colonies, but also the rise of new economic forces: globalisation and digitalisation.
China's proxy UK manufacturer status
Where once it faced no or little competition, Britain must fight for every gain. Asia, particularly China (now number two in the economic chart), continues to flex its considerable muscle. Once, for instance, the iconic British sports car, the MG, was made near Oxford. Today’s electric MG is produced in China.
For a long period, membership of the EU and having a free trade bloc on the doorstep, compensated for the diminishing empire. But that has gone, and the Britain of 2022 feels very much alone, having to find and strike trade deals. Several of them, ironically, have been made with countries that in 1952 were completely under its purview.
The economy, for all that, is transformed — five times bigger than in 1952. Productivity, however, has slipped and defies repeated efforts at improvement.
It’s a more crowded country, with many additional mouths to feed. When the queen succeeded her father in 1952, the total British population was 50.4 million. Today, it’s 68.3 million. Much of that rise has come in the last three decades as net immigration has increased.
Queen Elizabeth timeline - in pictures
April 21, 1926: Elizabeth, Duchess of York (1900-2002), gives birth to Princess Elizabeth Alexandra Mary Windsor, her first child and the future queen. Getty
December 11, 1936. Elizabeth becomes heiress presumptive when her father becomes King George VI. Getty
November 20, 1947. Princess Elizabeth marries Phillip, Duke of Edinburgh. Getty
November 14, 1948: Princess Elizabeth gives birth to her eldest child Prince Charles. Getty
August 18 1950: Elizabeth gives birth to her second child, Princess Anne. AFP
1952. Princess Elizabeth ascends to the throne, learning of her ascension on a trip to Kenya with the Duke of Edinburgh on February 6. Getty
June 2,1953: Crowned Queen Elizabeth II by Archbishop of Canterbury Dr Geoffrey Fisher at Westminster Abbey. Getty
February 19, 1960: Queen Elizabeth gives birth to her third child, Prince Andrew. Getty
March 10, 1964. Queen Elizabeth II gives birth to her fourth and last child, Prince Edward. Getty
May 18, 1965: Queen Elizabeth II with Paul Nevermann (1902 - 1979), the Mayor of Hamburg, in Hamburg during a an official trip to West Germany - her first state visit. Getty
June 2, 1977: Livery-clad coachmen accompany the state coach bearing Queen Elizabeth II on her Silver Jubilee. Getty
June 29. 1981: Prince Charles And Princess Diana marry. Getty
June 21, 1982: Diana gives birth to Prince William. Getty
September 16, 1984: Diana gives birth to her second child with Prince Charles, Prince Harry. Getty
November 20 1992: Flames rip through private apartments in the east wing of Windsor Castle. AFP
September 1, 1997: Diana dies after a car crash in Paris, sending the UK and world into shock. AFP
November 20, 1997: The Queen and Prince Philip celebrate their Golden Wedding Anniversary at Westminster Abbey. Getty
June 4, 2002: The Queen and her husband the Duke of Edinburgh wave to well-wishers, as they ride the Gold State Coach from Buckingham Palace to St Paul's Cathedral in London, for a service of thanksgiving to celebrate her Golden Jubilee. AP
2007: Queen Elizabeth becomes oldest UK monarch on her actual birthday of April 21, and celebrates on her sovereign birthday of June 16 during the annual Trooping the Colour Parade. Getty
April 29, 2011: The Queen's oldest grandchild Prince William, Duke of Cambridge and Catherine, Duchess of Cambridge marry. Getty
2012: Queen celebrates her diamond jubilee, which included a cameo in the London 2012 Olympics alongside actor Daniel Craig in his guise as James Bond. Getty
September 9, 2015. Queen Elizabeth II becomes the longest reigning monarch in British history. Getty
June 11, 2016 . Queen Elizabeth celebrates her 90th birthday. Getty Image
February 5, 2017: Queen Elizabeth becomes the first British monarch to reach their sapphire jubilee. Getty
May 19, 2018: Grandson Prince Harry, Duke of Sussex and Megahn Markle, The Duchess of Sussex marry at St George's Chapel at Windsor Castle. Getty
April 9, 2021: Queen Elizabeth's husband Prince Philip dies months short of his 100th birthday. Getty
June 2022: Queen Elizabeth II and Paddington Bear have cream tea at Buckingham Palace as part of celebrations for her platinum jubilee. Getty
There are more people, then, and they’re living longer. Once they hit 70, men and women in 2022 can both expect to live seven years longer than in 1952.
But, by and large, they’re richer, enjoying comfier lifestyles. Public ownership has given way to privatisation. Collective transport on buses and trains has been supplemented and surpassed by individually owned and driven cars. Council housing has declined, in favour of private housing (and with it, the advent and establishment of attendant industries wholly devoted to home improvements). Restaurants and fast-food outlets are on every high street. We’re also eating healthier and more varied foods ―thanks in part to quicker transport links ― imported from overseas.
In 1952, the average house price was less than £2,000 ($2,311) ― which is equivalent to £60,000 today. Currently, the average house is worth £274,000, says the Nationwide Building Society (let’s not forget, either, as pounds are cited how the currency switched ― from shillings and pence to decimal).
For much of the queen’s reign, average wages in the UK outstripped inflation. They didn’t after the financial crisis of 2008 and they may not do so again this year, as double-digit inflation hits.
Trade unions, once so dominant during nationalisation, saw their influence recede during the Margaret Thatcher years. In 2022, against a backdrop of rising cost of living, they’re making their presence felt, threatening national strikes.
Having experienced high taxes at different stages in the Queen Elizabeth II period, the UK, during and post the Thatcher premiership, became used to low taxation and market forces supplanting public intervention. Gradually, though, higher taxes have returned. The response to Covid and the 2022 fuel shortage caused by Russia’s invasion of Ukraine have prompted government measures that, while designed to be beneficial to the bulk of UK citizens, must be paid for.
A recession looms. There’s a strong sense, however, of being here before, of having overcome peril and prospered. During seven decades, Britain’s economy withstood oil shocks, the Suez crisis, the Falklands War, the devaluation of sterling, the exit from the Exchange Rate Mechanism (ERM)… again, it’s a long roll call.
It may not be as powerful as it once was, but Britain remains in a good place.
Gremio 1 Pachuca 0
Gremio Everton 95’
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Super Rugby play-offs
Quarter-finals
Hurricanes 35, ACT 16
Crusaders 17, Highlanders 0
Lions 23, Sharks 21
Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
Crusaders v Chiefs, 12.35pm (UAE)
Lions v Hurricanes, 4.30pm
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
International 4, United States 1
Justin Thomas and Tiger Woods (US) beat Marc Leishman and Joaquin Niemann (International) 4 and 3.
Adam Hadwin and Sungjae Im (International) beat Xander Schauffele and Patrick Cantlay (US) 2 up.
Adam Scott and Byeong Hun An (International) beat Bryson DeChambeau and Tony Finau (US) 2 and 1.
Hideki Matsuyama and C.T. Pan (International) beat Webb Simpson and Patrick Reed (US) 1 up.
Abraham Ancer and Louis Oosthuizen (International) beat Dustin Johnson and Gary Woodland (US) 4 and 3.
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
Match statistics
Abu Dhabi Harlequins 36 Bahrain 32
Harlequins
Tries: Penalty 2, Stevenson, Teasdale, Semple
Cons: Stevenson 2
Pens: Stevenson
Bahrain
Tries: Wallace 2, Heath, Evans, Behan
Cons: Radley 2
Pen: Radley
Man of the match: Craig Nutt (Harlequins)
Fifa Club World Cup:
When: December 6-16 Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain Defending champions: Real Madrid
PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
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.”
