A rest on a bench outside a closed shop in Bolton town centre. Getty Images
A rest on a bench outside a closed shop in Bolton town centre. Getty Images
A rest on a bench outside a closed shop in Bolton town centre. Getty Images
A rest on a bench outside a closed shop in Bolton town centre. Getty Images

Boris Johnson's real challenge is to not 'tip money down the sink'


Nicky Harley
  • English
  • Arabic

Living in a former coal mining area in the north of England, transport manager Steven Flynn has seen it all — unemployment, deprivation and plenty of “half-cocked” schemes promising to address the area’s woes.

Based in Wakefield, West Yorkshire, the empty shops he passes on his way to work are a daily reminder of a city desperately in need of investment and jobs.

From homeless people sheltering in the abandoned store foyers to unloved graffiti-strewn buildings with their paint peeling off, the city is one of many northern areas struggling economically, with a community desperate to believe prime minister Boris Johnson’s election promise to “level up” the nation.

Despite the city getting a share of Mr Johnson’s £3.6 billion ($4.86bn) regeneration Levelling Up Fund, father-of-two Mr Flynn can be forgiven for feeling a little sceptical about the latest political wheeze.

From the council spending thousands on its failed City of Culture bid last year to the millions spent on repaving the high street in the hope of bringing back shoppers, Mr Flynn has heard it all before.

“They’re good at tipping money down the sink,” he said. “What we want are jobs, not just high-value jobs, but manufacturing jobs and we need money spent on infrastructure to enable this to happen so people on minimum paid jobs can afford to travel to work.

Derelict mills in Wakefield, West Yorkshire, are being transformed to create northern cultural centre Tileyard North. Photo: Tileyard North / Facebook
Derelict mills in Wakefield, West Yorkshire, are being transformed to create northern cultural centre Tileyard North. Photo: Tileyard North / Facebook

“We don’t want new paving, cobbles or an ‘Angel of Wakefield’ statue, we just want long-term initiatives which will stand the test of time. They blew millions a decade ago on repaving the town centre — that didn’t work. The shops are still empty.

“We want less half-cocked ideas and money being spent on things that will actually benefit the common person on the street and help them feed their families.”

Lord Ashcroft, a prominent Conservative donor, wrote last week that the litmus for Mr Johnson and the party as a whole after the 2019 victory was two-fold. The Brexit departure from the EU was completed last year but the second half was delivering opportunity and prosperity, especially in new northern Conservative areas. This is still unfinished.

Get Brexit Done, Unleash Britain’s Potential was the crisp and effective slogan of 2019,” he wrote on Conservative Home. “No one can deny that the first part was achieved in short order. We are still waiting for news on the second.”

Many northern areas suffered after coal mines were shut down

For more than a century, Wakefield relied on the mining industry, with the “black gold” keeping people in work.

But swingeing cuts under former prime minister Margaret Thatcher resulted in the closure of the pits in the 1980s as she took on the unions and turned a generation of mining families against the Conservative Party.

It was a scene replicated across the north of the country and led to mass unemployment and poverty.

It was only two years ago that one of her successors, Mr Johnson, finally managed to turn the tables with a promise to level up the country and bring back prosperity to forgotten areas. Suddenly old industrial towns like Wakefield, Bury, Bolton and Hartlepool were targets for the Conservative and some were won by the party as it picked up 45 new MPs from the area.

They’re good at tipping money down the sink
Steve Flynn

His levelling up agenda was intended to keep former opposition Labour voters firmly in the camp of the ruling party, but the continual postponement of the publication of the Levelling Up white paper has left many doubting it will be fulfilled.

Wakefield, a Labour seat before 2019, has been awarded £24.9 million from the Levelling Up Fund and has chosen to spend some of it on the redevelopment of its historic waterfront mills, which have stood derelict for decades.

The regeneration will see the opening of a northern branch of London’s Tileyard — one of Europe’s largest music industry cultural centres.

An artist's impression of the redeveloped Rutland Mills in Wakefield. Photo: Hawkins/Brown
An artist's impression of the redeveloped Rutland Mills in Wakefield. Photo: Hawkins/Brown

“It’s good they are spending money and creating high-value jobs but will these people be living here or zipping in and out — will it benefit the people already living here?,” Mr Flynn said.

“If they are spending this money, it needs to see people moving to the area so the money will cascade into the city but if people are just parachuting in from Manchester, Leeds and London then it won’t benefit us. They’ll go back to their homes and spend money elsewhere.”

For council leader Denise Jeffery, the mill project, which will be named Tileyard North, will be a “game-changer” for the city.

“We’ve waited a long time for this,” she said.

“We have huge confidence in this landmark development and the regeneration of these important historic buildings.

“Our goal is to bring jobs, investment and people from all over the world to Wakefield to enjoy what is becoming a diverse and multifunctional cultural landmark for the north.”

She has reason to be confident, as Singapore-based firm Musiio has already signed up to relocate half its workforce to the new venue.

Tileyard’s owner Paul Kempe saw potential in the mills while on a visit to the city’s renowned Hepworth Gallery and believes it will provide the north with a gateway to London.

“Our vision is that Rutland Mills will be transformational for Wakefield, in particular, but also for the wider region,” he said.

“What we want to deliver here is a creative hub with all sorts of employment opportunities, for local people and those from further afield, who will want to come here and have a chance to be able to enjoy what will be an incredibly vibrant place.

“There’s going to be an incredible linkage between what we are going to create here and what we have in London.

“It will be a gateway for people to be able to get all the benefits of coming to London, meeting the labels, producers, all of that, but without having to actually leave Wakefield.”

Rutland Mills. Photo: Hawkins/Brown
Rutland Mills. Photo: Hawkins/Brown

One of the five restored mills will house a diverse food market, while others will provide spaces for creative industries, an educational establishment, music studios and a boutique hotel.

For the creative community, the opening of Tileyard North is a positive step for the area.

“We've been punching above our weight culturally and creatively for some years now, and having Tileyard North here really validates just how amazing we are,” Sarah Cobham, director of Dream Time Creative, which runs artistic and well-being ventures in the city, told The National.

“This is a powerful and wonderful opportunity to really expand and extend the creative community already here.”

Scriptwriter Steven Busfield welcomed the news but warned the government needs to support the city in the long term.

“The north has been waiting for infrastructure and investment to catch up so it can fully realise its potential,” he said.

“Wakefield is a striking example of a city taking the lead by prioritising its creative community but this can only work if our government actually makes funding available and sustains those funds in the long term.

“I am hopeful that other businesses will follow Tileyard North's example and look at the north as somewhere that has been underserved but is full of talent.”

Councillor Darren Byford, Cabinet Member for Economic Growth, Regeneration and Property, is confident the venture will bring employment opportunities.

“Regeneration is incredibly important to the Wakefield district, where we are working with partners and investing in a wide range of projects that aim to draw investment into our city and town centres,” he told The National.

“Our goal is to enhance places so that we develop and create vibrant spaces for people to live, where businesses thrive and where visitors enjoying spending time.

“Tileyard North is very important as it will bring jobs and attract further investment as well as putting Wakefield on the map as a growing creative destination in the North.”

In addition, Wakefield is spending almost £60m on revamping its city centre and nine neighbouring towns.

Boris Johnson faces losing northern voters, recent poll suggests

The city was one of Mr Johnson’s so-called “red wall” seats which voted in a Conservative politician for the first time in 87 years in 2019.

However, recent polls suggest he will fail to win over voters in the area for a second time and Ms Cobham believes his levelling up promises are already falling short.

“The government has just slashed the levelling up fund for public transport, buses in particular, by half,” Ms Cobham said.

“The lies the Conservative Party told to create the 'red wall' are crumbling. The so-called levelling up fund to help the regeneration of Northern cities like Wakefield is a fraction of the money they have taken from council budgets over the past 15 years.”

Prime Minister Boris Johnson faces losing voters in some areas. Getty Images
Prime Minister Boris Johnson faces losing voters in some areas. Getty Images

The Institute for Government think tank says the government has spent too long dragging its feet on its levelling up promises.

“The pledge to level up the UK was one of the cornerstones of the 2019 Conservative Party manifesto,” Dr Gemma Tetlow, a chief economist at the Institute for Government, said.

“The parliament is already two years old. Unless the government acts quickly to set out how levelling up works, and who will deliver it, then it will have little to show for one of its flagship pledges by the next general election.”

The Institute for Public Policy Research has just published its 2021 State of the North report which says regional disparities are widening.

“The UK is more regionally divided than ever, and we see patterns of centralisation intensifying. This benefits no region and perpetuates a highly extractive economic model. New funds such as the Levelling Up Fund are welcome — but they don’t go far enough,” it said.

“Without a long-term strategy, this risks becoming the beginning and end of levelling up. In this way, government could fail to tackle regional inequalities while also undermining political trust.

“Inequalities continue to grow and many communities in the north cannot afford to wait.”

With two thirds of government officials working on the levelling up initiative based in London, those living in the north, like Mr Flynn, are not convinced of its success.

“It’s a disgrace people living in the north, who know what is needed, are not in charge of decisions being made,” he said.

“It needs to be run from the north. How is someone in a shiny office in Whitehall going to have a clue about the issues up here?

“I’m not holding my breath, but I guess the proof will be in the pudding.”

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

MATCH INFO

Manchester United 2 (Heaton (og) 42', Lindelof 64')

Aston Villa 2 (Grealish 11', Mings 66')

Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

Command%20Z
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Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Usain Bolt's World Championships record

2007 Osaka

200m Silver

4x100m relay Silver

 

2009 Berlin

100m Gold

200m Gold

4x100m relay Gold

 

2011 Daegu

100m Disqualified in final for false start

200m Gold

4x100m relay Gold

 

2013 Moscow

100m Gold

200m Gold

4x100m relay Gold

 

2015 Beijing

100m Gold

200m Gold

4x100m relay Gold

 

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

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.”

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A
Things Heard & Seen

Directed by: Shari Springer Berman, Robert Pulcini

Starring: Amanda Seyfried, James Norton

2/5

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

Take Me Apart

Kelela

(Warp)

Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Updated: January 29, 2022, 8:54 AM