The holidays are over, the schools and universities are heading back, Parliament is once again in session. The world, as many in corporate Britain know it, has resumed.
Normally, at this time of year, there is a spring in the step, as people return to their desks re-energised and ready to go. But the mood among the C-suites and ExCo’s is sombre. There is talk of mutiny in the air, not of launching a coup but of disembarking the ship entirely, of relocating.
The number who follow up their words and actually decamp to Dubai, Abu Dhabi, Singapore and elsewhere, of course remains to be seen. Certainly, though, at the moment there is a level of dissatisfaction in the UK’s boardrooms with central government that has not been seen in a while.
That can’t be true. After all, we had the indecisiveness of Theresa May, followed by the gung-ho craziness of Boris Johnson, then Liz Truss, enough said, followed by the emptiness of Rishi Sunak. Businesses like certainty and those latter years offered none of that.
Accompanying the turmoil, too, was Brexit and not only were the City and the biggest corporates opposed to leaving the EU and still are, but they’ve since had to get used to a new, pernickety way of doing things. Meanwhile, the much-vaunted substitute mega trade deals with the US and India, they’ve yet to materialise.
Relief deflated by taxes
So, it cannot be right that only three months after bidding farewell to 14 years of Tory rule and welcoming Keir Starmer and his colleagues, business feels so deflated, and worse, angry.
The first reaction to Labour’s victory in July was one of relief. Not only was there an end to the Tory roller-coaster but the thumping majority meant that Britain could look forward to the same government for many years to come. Order and civility had been restored.
As businesses looked to Europe, US and other parts of the world, that provided an additional boost. Germany and France were being torn apart by right-wing unrest and elections; the US seemed to be permanently teetering on the brink of civil war; for once, China had problems. Suddenly, dear old Blighty did not seem such a bad place to be.
No sooner did the celebrations cease, however, than Starmer and his team embarked on a campaign of negativity. Undue caution might be a better way of putting it, but the mood they injected was downbeat. They’d inherited a mess; they said it over and again. That could only mean one thing: brace yourselves for tax increases.
Tempting New York
Business was quick to get the message. This being Labour it was unlikely those rises would come at the expense of ordinary folk; no, the target would be those who, in Labour’s eyes, could afford to pay. Capital Gains Tax, Inheritance Tax – burdens on the wealthiest – are mooted as the probable targets for Rachel Reeves, the new Chancellor.
Perhaps in a bid to address the growing fears, Ms Reeve on Tuesday promised her budget would give businesses certainty over the coming years. “It is vital also that the tax system supports growth, and that’s why today I can confirm that at the budget the government will be outlining a tax road map for business, to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25 per cent for the duration of this Parliament, and to retain full expensing.”
But there are other hostile milestones already announced. The imposition of VAT on private school fees from January has served to contribute to the despond in business, home of that richest, executive-level fragment firmly in Labour’s crosshairs. It was petty and ideological, and it hurt.
The business community is braced for what is coming. As if to rub it in, Angela Rayner, Labour’s Deputy Leader, who carries great influence within the party and Cabinet, is making plain her desire for a rewriting of employee rights. They will be heavily skewed towards the unions, lowering the bar for strike votes.
The sense that Labour is in thrall to the unions has been compounded by a series of public sector pay awards. Here is a regime that sold itself on economic responsibility, ascending to power and handing out wage rises without any explanation as to how they’re to be afforded – which only makes business more suspicious that it will end up being the provider, via higher taxes.
Lack of activity in the City does not help. Flotations heading to New York and other businesses moving their registered offices overseas have added to the gloom.
At the weekend, superstar US investor Cathie Wood summed up for many and struck home when she said: “Your educational system is exemplary and yet I think what happens is that your capital markets are not deep enough – or incentivised enough. In the US, we are big advocates of tax incentives for innovation – encouraging founders to take risks.”
Starmer's licence
Interest rates are falling but that is not down to Starmer. The City craves him to supply good news but there does not appear to be any. Rather, all the discussion is of cutbacks in much-needed infrastructure investment and in departmental budgets.
The EU would like to resurrect the Erasmus scholarship programme – something business welcomes. What does Starmer do? Only kibosh it and say he will come up with an alternative.
Business is desperate for closer trade ties with the EU. Again, Starmer would prefer to focus away from the bloc and promote those trade deals. But so far, they have not occurred. The Tories could not get them over the line and there is no indication that Labour will succeed where they failed.
Some of this would not matter so much if Starmer and Reeves had not spent months on a charm offensive, wooing the City and business, holding countless coffees, breakfasts, lunches, dinners to sell the message that an incoming Labour administration would be on their side.
They pleaded not to be thought of as the same old Labour; this time they would be different and they would be going out of their way to meet business’s wishes.
That hard won trust has all but perished. A strategy of blaming the Tories for everything and trying to say it’s not our fault, while hitting business, is firmly under way.
Faced with that, don’t be surprised if relocation is not the hot topic. Having gone from being relieved at the size of the Labour victory, companies are realising Labour is not going anywhere any time soon and that landslide gives Starmer and his pals all the licence they require.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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Star%20Wars%3A%20Ahsoka%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Various%20%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Rosario%20Dawson%2C%20Natasha%20Liu%20Bordizzo%2C%20Lars%20Mikkelsen%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%0D%3Cbr%3E%3C%2Fp%3E%0A
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
More from Rashmee Roshan Lall
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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THREE
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Mohammed bin Zayed Majlis
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20HyperPay%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202014%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Muhannad%20Ebwini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%2C%20Saudi%20Arabia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%2455m%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20AB%20Ventures%2C%20Amwal%20Capital%2C%20INet%2C%20Mada%20VC%2C%20Mastercard%2C%20SVC%3C%2Fp%3E%0A
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
