There is a surreal aspect to the UK’s relations with China. Some would go further and say it smacks of rank hypocrisy. Certainly, it involves two hands.
There’s the hand to the fore this weekend when the chancellor, Rachel Reeves, leads a heavyweight delegation of business and City figures to Beijing to try to secure closer financial and trade ties between the two countries. Accompanying her will be Andrew Bailey, governor of the Bank of England; Nikhil Rathi, chief executive of the Financial Conduct Authority; Mark Tucker, chairman of HSBC; and a host of other business luminaries.
The two-handed approach is perfectly illustrated by how Reeves’ trip was due to coincide with the publication of a cross-Whitehall audit of UK relations with China, part of Labour’s manifesto commitment. So, as the Treasury and its boss wooed Beijing, other departments’ dealings with the country would come in for scrutiny.
That review has now been pushed back to spring and not all the findings will be made public.
That is not to say the other hand is in retreat. The head of the MI5 security service, Sir Ken McCallum, has declared that Beijing’s espionage represents a “sustained campaign on a pretty epic scale”.
The same hand has a Chinese businessman outed as a ‘spy’ with contacts running deep into Britain’s royal family, Beijing operatives embedding themselves in parliament and China being blamed, a few weeks ago, for cutting two fibre-optic cables 100 miles apart on the Baltic seabed. The UK Navy announced on Monday it was taking a lead role in detecting future threats to the North Sea.
Even so, it is expected to still make policy recommendations, including boosting Britain’s China-watching capability and requiring those employed by the Chinese government to register their role or face criminal prosecution, along with those recruited by other states viewed as a danger to the UK, such as Russia, Iran and North Korea.
Meanwhile, Britain continues to give vent to protests in the media and elsewhere against the jailing of anti-Beijing activists in its former Hong Kong colony.
It's bizarre but not unknown. Britain maintains a similar balancing act with other countries, weighing up investment opportunities with disapproval of some aspects of their behaviour. The attitude to China, however, must rank as the most extreme.
Given the recent history between the two it’s quite likely that the visit – the first 'Economic and Financial Dialogue', as it is officially termed – for more than five years, will be marked by yet another diplomatic crisis.
Certainly, some of the news coverage lately has required a double-take, with an item on perceived Chinese aggression and subterfuge followed by another on how Britain hopes to profit from stronger Chinese investment and economic ties. The UK is trying to have it both ways.
China's five financial priorities
Much of the talking will occur behind closed doors. It is unlikely, though, that Reeves and Co will lambast President Xi Jinping and his colleagues. Quite the reverse. What is said exactly will remain unknown, although it is difficult to imagine her even so much as venturing into awkward territory.
More likely will be her pursuit of pragmatism and the belief the two have much to offer each other business-wise.
Britain, post-Brexit, is in urgent need of major trading partners. Promised deals with India and the US have not materialised, while those concluded so far have been minor in nature.
It won’t be lost on the participants that the discussions directly precede the return to the White House of Donald Trump, who has declared his intent to increase tariffs against Chinese imports. Britain is also unsure of where it stands with the new US president, whether the historical ‘special relationship’ carries weight with him or whether it too will be dragged into a trade war.
High on the Reeves' wishlist will be Chinese electric vehicles. They, along with renewable technology, could be manufactured in Britain, bringing much-wanted investment and jobs.
It's easy to look at China’s might and say there is little for Beijing to gain by striking accords with Britain, not with a nation that repeatedly disrespects it so publicly and accuses it of engaging in some sort of cold war. But the Chinese are nothing if not pragmatic themselves. There is plenty that Britain can afford them.
London is home to one of the world’s strongest professional service industries, it’s the second largest financial centre after New York (in Trump’s US, of course). The Chinese economy is shifting. The population is ageing and the focus is on increased consumption and achieving slower but sustained growth.
Xi’s government has listed its five financial priorities: technology, green finance, digitalisation, financial inclusion and pensions. To secure those it must look to the global capital markets and that’s where the City comes in.
That’s why, as well, along with Reeves and her officials there will be Tucker and other financiers. The talk will be of facilitating, not blocking. That chimes as well with a London market that is reeling from corporate defections to the US, that wishes to be seen to be as international money powerhouse. In return for assistance in capital-raising, UK banks, led by HSBC, wish to be granted greater access to China’s financial services.
Tread the finest of lines
The critics won’t like it but this weekend is due to herald further meetings across areas of mutual interest. The energy and climate change secretary, Ed Miliband, will journey to China shortly.
Reeves is picking up where a Tory chancellor, Philip Hammond left off. He was the last UK minister to hold formal economic discussions with China in 2019. Hammond was following a previous Tory chancellor, George Osborne, who hailed a ‘golden era’ in Anglo-China relations and ‘deep and close partnerships’.
Nobody is making that boast today. Hammond now says such talk was “a mistake”. He says: “We were raising expectations about a level of closeness that there could never be because of differing cultural and political traditions.”
Instead, the UK should be concentrating on a “mutually beneficial relationship which recognises its boundaries and … works to maximise the benefits for both sides within those boundaries”. He says that provided Reeves enters talks with “her eyes open” and does not allow security to be compromised for trade, there are deals to be struck.
That’s music to those who want to push UK economic growth but anathema to others. Reeves and her delegation must tread the finest of lines.
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MANDOOB
%3Cp%3EDirector%3A%20Ali%20Kalthami%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Mohammed%20Dokhei%2C%20Sarah%20Taibah%2C%20Hajar%20Alshammari%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
