As Britain’s Prime Minister returns to the UK ahead of a crucial vote on her deal, both supporters of her Brexit vision and opponents will be scrutinising the text line by line. But what does her deal mean for UK industry and services, in particular key areas of the economy?
Manufacturing and trade
Manufacturing accounts for around 10 percent of the UK’s GDP and over half of all manufactured exports by value went to the EU in the 12 months before the Brexit vote, according to ONS data.
May’s deal would see the UK enter a transition period, which would represent a standstill in current arrangements and offer a “more harmonious, slower” and less disruptive break with the European economy, according to an analysis taken by Deloitte.
Perhaps the biggest concern is access to labour. The movement of people is not separate from the trade in goods, and very often the two go hand in hand. Despite the highly mechanised process in much of the manufacturing industry, people and the ability to hire with ease is something the UK has benefited from massively over decades. Under May’s vision that is yet to be fleshed out in text, EU workers could receive seasonal permits and rights to work in the UK – but not under the terms and conditions enjoyed previously.
Any deal agreed will have to focus on the impact of supply chains, that currently see parts and products often moved between multiple countries in the same day without red tape. Leaving both the single market and customs union would severely impact that flow.
As for trade in goods, nothing would immediately change, because of the transition period keeping the UK in both the single market and customs union. There will be little economic effect on ending the chance of a no-deal. What is key is probably what happens after the transition period ends a further two years down the line. The government will attempt to get a trade agreement with the EU that mitigates that harm, but that remains to be seen.
Shipping
Theresa May wants the UK to leave the EU’s single market and customs union altogether at the end of the transistion. British trade would eventually lose the harmonising framework of sharing a customs union and the single market. Containers throughput at the ports would face increased red tape, raising costs as more checks must be made. International shipping lines that use the UK for shipping containers directly to the UK and as a temporary pitstop for other destinations might not face insurmountable hurdles.
According to research from the Drewry Maritime Research group, the UK imports more containers from Asia than any other North European country, even Germany.
However, research also predicts “a small reduction in UK-EU maritime volume.” Theresa May’s deal to end freedom of movement could severely hamper the ability for shipping companies to bring in EU workers.
“Restrictions on the right of EU workers to work in the UK maritime sector (an international sector by definition) could harm the UK shipping cluster,” says the British International Freight Association.
Banking
Whatever Mrs May’s assurances on a continued relationship with the EU, banks say the damage inflicted by Brexit wrangling has already scarred the industry. The top 10 investment banks have already spent at least £1bn on preparing for the UK’s impending exit from the EU.
Financial services and firms in the City rely on ‘EU passporting’ rules that allow them to trade freely and smoothly without red tape with all other EU member states. May’s deal hasn’t made it clear whether banks in the UK will gain access to EU markets, but negotiators could seek regulatory compliance similar to Norway and Switzerland to allow banks to continue selling products and services across the bloc.
According to a survey by EY, the accountancy firm, 7,000 jobs could leave London. The financial services sector employed 1.1 million people in the UK in 2017, according to the latest statistics from the House of Commons Library, and contributed £119bn to the UK economy, or 6.5 percent of total economic output.
As for Britons going abroad to use their bank cards in the EU, the UK government has warned transaction surcharges may be more expensive post-Brexit, but most likely not as high compared to a no-deal Brexit. A transition period would not see any immediate changes.
Whatever the outcome of Brexit, London’s financial muscle is under threat.
Airlines
The status quo would remain for a further two years of Mrs May’s deal is agreed, before a comprehensive air services deal is agreed after 2020.
If the UK receives third country recognition in May’s deal, passengers and baggage won’t have to undergo separate screening on flights between the UK and the EU. Visa free travel for short trips and the use of e-gates at border controls could help avoid delays.
Eliminating free movement of people and goods raises concerns about the availability of parts to support day-to-day operations, which could impact production lines of new aircraft, and parts needed for maintenance.
Insurance
The UK manages £1.8 trillion worth of investments, making it the third largest insurance industry in the world, according to the ABI. By leaving the EU, the biggest risk is that Britain could lose its passport rights to freely underwrite policies and insure across the European borders.
The UK insurance market will no longer be bound by EU laws, meaning that it can create a whole new set of rules and regulations if it wants to. The EU framework currently known as Solvency II is the one size that fits all policy for all EU countries that offer insurance products for vehicles, homes, businesses and more.
Theresa May plans to leave the single market, meaning financial services companies will no longer be able to use their ‘passporting’ rights to sell to the EU. These ‘passporting’ rights currently allow such companies to sell to EU countries without barriers. The loss of rights would mean a new set of regulatory rules for financial services would need to be made in order for insurance companies to continue to sell outside of the UK. If May’s plan goes ahead, negotiators could set up a similar framework to Norway and Switzerland that effectively comply with EU rules with some room for regulatory flexibility.
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Company%20Profile
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COMPANY%20PROFILE
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
THE%C2%A0SPECS
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UAE currency: the story behind the money in your pockets
Diriyah%20project%20at%20a%20glance
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THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
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.
