British passport fees will increase by almost 10 per cent in a post-pandemic blow to travellers.
From February 2, anyone applying for a new document or renewing their existing one will face an increase in costs, the government announced.
The price for an adult passport, when made via an online application, will jump from £75.50 ($92.32) to £82.50.
For children, the fee will be £53.50, instead of the current £49.
Postal applications will increase from £85 to £93 for adults and from £58.50 to £64 for children.
The changes were announced on the government’s website.
“The new fees will help the Home Office move towards a system that meets its costs through those who use it, reducing reliance on funding from general taxation,” the statement read. “The government does not make any profit from the cost of passport applications.
“The fees will also contribute to the cost of processing passport applications, consular support overseas, including for lost or stolen passports, and the cost of processing British citizens at UK borders.
“The increase will also help enable the government to continue improving its services.
“The new fees include those newly applying or renewing their passport.”
It will be the first price increase for passport applications in five years, the Home Office said. The department said the proposals are subject to scrutiny by MPs.
In early 2022, before the summer travel season began, the Home Office was hit by “unprecedented demand” for passports as many Britons prepared for their first foreign holidays since before the coronavirus crisis.
The government was criticised for the delays in processing passports, with reports that some people had been waiting months for their documents.
The Home Office pointed out that more than five million people delayed their applications during lockdowns.
In 2022, more than 95 per cent of standard applications were processed within 10 weeks, the Home Office said.
In March 2020, two months after the UK left the EU, traditional blue passport covers returned for Britons for the first time in 30 years.
They replaced the burgundy passports that were in use during the UK’s membership of the bloc.
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
