"A week is a long time in politics," the wily British politician Harold Wilson once observed. Sometimes, though, a long time in politics is a lot less than that. It took just a matter of minutes for Gordon Brown, the leader of the Labour Party, to inflict what may be a fatal blow to his fast-fading hopes of remaining the British prime minister. The instrument of his downfall was Mrs Gillian Duffy, a retired local authority care worker from Rochdale, a market town in the north of England.
Mrs Duffy, 65, had popped out for a loaf of bread, when she suddenly found her hand being pumped by Mr Brown, who had hit the campaign trail in the hope of proving he still had the common touch. A conversation ensued in which Mrs Duffy expressed concern about the number of eastern European migrants coming to Britain and the impact they might have on her grandchildren's employment prospects. The prime minister nodded and smiled, joked that Mrs Duffy was "wearing the right colours" (her coat collar was Labour party red), then jumped back into his chauffeur-driven Jaguar. "Seems like a nice man," she told reporters covering the event.
On the back seat of the Jaguar, though, Mr Brown was less thrilled with the unscripted encounter. "That was a disaster," he complained to an aide. "Should never have put me with that woman." "What went wrong?" the aide asked. "Everything," came the reply. "She's just a sort of bigoted woman." The world knows all this because Mr Brown had forgotten to take off his TV lapel microphone, which was still switched on. Barely an hour later, an appalled prime minister, was photographed, head in hands, listening to his words played back during a live BBC radio interview.
Not long after, the black Jaguar was pulling up in front of Mrs Duffy's terraced house, its passenger anxious to make amends. "I am a penitent sinner," Mr Brown told reporters after 40 minutes on the sofa in Mrs Duffy's living room. "I am mortified by what has happened." It is too soon to gauge if Labour's hopes of keeping the keys of Downing Street that it has held since 1997 have been - as the Conservative-supporting Daily Telegraph put it - "undone by widow out buying bread". Nor is it clear which of the other two main parties is likely to benefit from the prime minister's gaffe.
With less than a week to the British general election, all three main political parties are still running neck and neck and the final result seems almost impossible to predict. There has never been an election like this one in Britain, if not in living memory, then at least only in the recollection of the most ancient of voters. Not since 1929, when Ramsay Macdonald's Labour party found itself 32 seats short of an absolute majority, has a three-way tie loomed.
For three weeks now, the opinion polls, testing the waters almost daily, have ticked and twitched, but failed to show a decisive breakthrough by anyone. On April 10, only four days after the election was called, the Conservatives held a healthy seven-point lead over Labour, with the Liberal Democrats in third place, with 16 per cent support. A week later, Nick Clegg, the leader of the Liberal Democrats was declared the unexpected winner in the first of three televised debates. In the following days, opinion polls showed Lib Dem support shooting up to 28 per cent, narrowly overtaking Labour, while Tory fortunes slipped to 32 per cent.
The latest indications, taken earlier this week, suggest that Lib Dem support has slipped slightly, while Labour's hopes of a comeback have stalled, even before Mr Brown's ill-fated Rochdale excursion. Meanwhile, despite winning the third TV debate on Thursday, the Conservatives leader David Cameron seems unable to restore a sufficiently commanding lead to take him safely home to No10 Downing Street.
What will this mean on Friday, May 7, the day on which the victor traditionally heads off to Buckingham Palace to offer his services to the Queen? There is every possibility of the Cameron family arriving in Downing Street, household possessions loaded in a pantechnicon, only to find that Gordon Brown is refusing to give up vacant possession. That is exactly what happened in February 1974, the last time Britain had a hung parliament. The Conservative prime minister, Edward Heath, lost his parliamentary majority but refused to concede defeat. Holed up in No10, a humiliated Heath was eventually forced to offer his resignation four days later, as Labour's Harold Wilson formed a minority government.
Heath's defeat came virtually out of the blue. The odds on a hung parliament on May 7 have been shortening almost daily over the past week, a prospect which sent The Sun newspaper, an ardent supporter this time of Mr Cameron, into full editorial hyperbole. Making its point with an illustration of a hangman's noose, The Sun warned its readers that they faced "a nightmare on Downing Street - a dangerous and weak coalition government."
Overnight, even the The Sun's Page 3 girl became a constitutional expert. "In legislatures with proportional representation," mused Becky, 24, from Ealing, "minority or coalition government is often the norm. I'd hate to live in a country like Italy that has had 61 governments in 65 years - even if I do like Italian food." The theme was taken up in a TV commercial spoofing the "Hung Parliament Party" which promised "behind-closed-doors politics", "indecision and weak government" and "a paralysed economy". And who was behind the "Hung Parliament Party"? The clue came in the punchline: "Getting us in couldn't be any easier. A vote for any party other than the Conservatives should do the job."
The target of the "Hung Parliament Party" was clearly Nick Clegg (the actor playing the party's "spokesman" bears more than a passing resemblance to the Lib Dem leader). But Clegg himself seems distracted at the prospect of playing kingmaker in either a pact with the Conservatives or Labour. On the latter, he initially suggested his party would not do anything to keep Labour in power, but amended this position barely a day later, after Lib-Dem activists became concerned that this might put off tactical voters who were considering supporting the party as a way of keeping the Tories out.
Now the Lib Dems say they could support a future Labour government, but that they would not tolerate Gordon Brown as prime minister if Labour finishes third on election day." I will work with anyone, I will work with a man from the Moon," was Mr Clegg's initial response to questions about a coalition government. "A man from the Moon but not Gordon Brown?" a reporter asked. "I don't think Gordon Brown - and I've got nothing personal about him - I just don't think the British people would accept that he could carry on as prime minister," came the reply.
Bizarrely, though, the prospect of coming third does not necessarily condemn Labour to the opposition benches. One of the great institutions on British election night is the BBC's swingometer, which measures the percentage points political parties need either to hang on to power or win office. Once a simple wooden triangle arrow that could be pushed from side to side, the swingometer now lives on the BBC website as a sophisticated web toy for voters to play with.
But perhaps not sophisticated enough. The swingometer is great in a two-party contest, but almost useless in a three-way election. In a conventional battle between Labour and the Conservatives, it shows that the Tories would need a seven-point swing to obtain the narrowest six-seat majority in the House of Commons. This would be no small task. Since 1951 only once has a swing of that magnitude been recorded: Tony Blair's historic victory of 1997 when Labour won a parliamentary majority of 10.2 percentage points and a landslide victory of 418 seats.
It is this massive majority that David Cameron finally hopes to chip away. But his task is considerably weakened by a resurgent Liberal Democrat party. Even a modest three per cent swing from Labour to the Lib Dems, results in a hung parliament. Anything less could well leave Gordon Brown in power. Even smaller swings from the Conservatives to the Lib Dems would also do immense damage to Mr Cameron's ambitions.
More complex calculations show that if the current opinion polls translate into actual votes next week, a future House of Commons could leave Labour - even if it finished third in the actual polls - as the largest party, but short of an overall majority by around 60 seats. Even the most generous prediction of Liberal Democrat support leaves the party grotesquely under-represented in term of the popular vote.A 30 per cent share of the vote produces around 110 Liberal Democrat MPs but leaves Labour - on 29 per cent - with perhaps 280.
Massive swings are also needed to win even quite small numbers of seats for Nick Clegg. A swing of 10 per cent from Labour to the Lib-Dems - equal to 1997 - gives them around 132 seats but only third place. While a swing of two per cent from the Conservatives would hand the Lib Dems more seats than at any election since 1923, yet still only result in 70 MPs. The confusion created by the opinion polls at least allows candidates of all parties to fall back on the standard defence of a politician facing defeat on the campaign trail:"The only poll that matters is the one on election day."
Next Thursday, May 6, may be the day when the old cliché of the hustings finally comes true.
jlangton@thenational.ae
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
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.”
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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.
SPECS
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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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
9.30pm: Forever Young
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
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The biog
Fast facts on Neil Armstrong’s personal life:
- Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
- He earned his private pilot’s license when he was 16 – he could fly before he could drive
- There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
- After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
- In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
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How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0