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Former British deputy prime minister Nick Clegg said Britons have been fighting against their “European destiny” since Brexit.
Mr Clegg, who served from 2010 to 2015 and is now the president of global affairs at Facebook parent Meta, spoke on the second day of the World Government Summit in Dubai.
In an on-stage session, he was asked by Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, what his first decision would be if he were elected as UK’s prime minister today.
We are tectonically, historically and in culture a European nation, yet we seem to have sort of fought against geography and our European destiny
Nick Clegg
“In the United Kingdom, I would restore an appreciation of and respect for geography,” said Mr Clegg, who led the pro-European Union Liberal Democrats in a ruling coalition with the Conservative Party.
“My own view is that ever since 2016, and the Brexit referendum, the country has been enveloped by this sort of furious debate which is trying to deny geography.
“We are tectonically, historically and in culture a European nation, and yet we seem to have sort of fought against geography and our European destiny.”
Several recent polls have shown that many Britons regretted Brexit. A Statista survey showed 54 per cent said it was wrong to leave, compared with 34 per cent who still backed it.
When asked if he wanted to reverse Brexit, Mr Clegg said that “it was up to future generations”.
British Prime Minister Rishi Sunak said last month that Britain had made "huge strides" in taking up opportunities provided by leaving the EU, and had become an "independent nation".
Mr Clegg joined Meta, the company that owns Facebook, in 2018.
He spoke about how Meta is using artificial intelligence to improve its products, including helping reduce hate speech by 80 per cent on Facebook.
"We use AI systems already, for a whole range of things, also for protective reasons," he said.
"So, if you look at the, for instance, the reduction of measured hate speech on Facebook… how much hate speech can you find in terms in terms of proportional to total content on Facebook, it's now down to 0.02 per cent.
"That means that for every 10,000 bits of content that might scroll on your Facebook newsfeed will find two bits of hate speech.
“I wish it could be down to zero, I think it's going to be zero. But it's been reduced by I think around 80 per cent over the last two years because of advances in AI."
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
