#Westminster Finance Uk

[mariacallous]

There is, it turns out, one phrase that perfectly captures modern Britain. When economist Duncan Weldon wrote a history of the country’s finances two years ago, it was called Two Hundred Years of Muddling Through. When, 23 years before that, politician and historian Peter Hennessy published a collection of his writing on politics in postwar Britain, it was titled Muddling Through. No racing ahead, please, we’re British.

In Steve Richards’s latest book, Turning Points: Crisis and Change in Modern Britain, From 1945 to Truss, the British journalist tries to identify the tidal shifts of the past eight decades in U.K. politics. Still, even he admits in his conclusion that “on the whole, turning points are reached, passed and the UK muddles on with the old familiar patterns still in place.”

He should know: Now mostly a TV presenter and columnist, Richards first became a political journalist in 1990. Since then, he has worked for several newspapers, radio stations, and TV stations, and was, for a time, political editor of left-leaning magazine the New Statesman. He’s not quite seen it all, but he has certainly witnessed a lot of it.

Frustratingly, he never quite takes his thesis to its logical conclusion. That Britain keeps failing to turn is a worthwhile observation, but why is entropy stronger there than elsewhere? The clues are strewn across the book, but he never quite picks up on them. Instead, he looks to the usual explanations: short institutional memories and the conservative nature of the political class.

Yet, page after page, Richards mentions the all-powerful British press, menacingly glaring at the political class from Fleet Street. In the book, prime ministers often do not do things because they fear the Daily Mail’s ire, and ministers are pushed to do things they’d rather avoid because they want to keep the Sun on their side.

British newspapers are especially ideological and more likely to stick to their political guns—low taxes, less regulation, social conservatism, Euroscepticism—than politicians themselves. Couldn’t this explain why things never quite change, and why Britain forever remains a small “c” conservative country? It’s the theory Richards accidentally puts forward, without ever reaching it himself.

Even today, former Prime Minister Margaret Thatcher still looms large in Westminster. All of Richards’s chapter titles are descriptive, but the one about Thatcher’s years in power is simply named “1979.” Everyone knows what happened then. She took a postwar consensus that favored or tolerated a strong union movement, reasonably high taxes, nationalized industries, and a healthy welfare state, and she tore it to pieces. She wasn’t afraid of unemployment or the occasionally cruel hand of the markets. She went to war against Argentina, and she won. She took on the miners, and she won. She fought three elections, and she won, and won, and won.

Thatcher’s real victory came years after her premiership. Once asked about her greatest achievement, she named “Tony Blair and New Labour”—the government that came into power in 1997, after 18 years of electoral failure. “We forced our opponents to change their minds,” she said. She was right: In order to win, Blair had to give up on many of Labour’s once-flagship policies. He embraced privatization and the promise of lower taxes, because the rules of the game had been changed for good.

As Richards points out, these rules are still in place. When current Prime Minister Rishi Sunak gave his first speech to the Conservatives’ annual conference last year, he praised the “party of the grocer’s daughter and the pharmacist’s son.” Sunak’s mother was a pharmacist. There are no prizes for guessing who was raised by a grocer.

None of this feels especially revelatory. Anyone with a passing knowledge of British history could tell you that Thatcher was influential. They could probably also tell you, as Richards does, that the Suez Crisis and the Iraq War were disquieting to the British psyche, as they revealed that the country never quite knew where it stood in the postwar world. A medium-sized power with grand ambitions and an illustrious past, always uncomfortably stuck between Europe and America, yadda yadda. We all followed the Brexit vote and the chaos it unleashed. We’re aware.

Still, Turning Points doesn’t merely identify those watershed moments. It also seeks to understand why Britain may turn, and why it often doesn’t. This is where things get interesting, but perhaps not in the way Richards intended.

Take Thatcher, again. As Richards points out, much of her success cannot solely be attributed to her political genius. The Social Democratic Party (SDP) was formed in 1981 and, for two elections after that, split the center and left vote. In both 1983 and 1987, “more voters in total backed Labour and the SDP/Liberal Alliance … than Thatcher’s Conservative party.”

Why, then, was Thatcher allowed to cement such a legacy? Richards offers some clues: “With much of the media fully on board with the Thatcher revolution…”; “In the Conservative newspapers, the constant demand was for more tax cuts to be financed by spending cuts”; “Much of the media and quite a lot of voters were by then with the change-maker.”

It doesn’t stop there. Why did Blair so successfully manage to reshape the image of the Labour Party? “The media broadly accepted Tony Blair’s narrative that he led ‘New Labour’”; “He managed to persuade many columnists who might be otherwise sceptical that New Labour’s break with the past was an act of breathtaking radicalism in itself.”

Why, once elected, did Blair manage to instigate peace in Northern Ireland, something all his predecessors had failed to do? “Although highly complex … the process was safe in the sense that this was not an area where The Sun newspaper would erupt.” How did he, a few years later, successfully bring more investment into the national health service? “[E]ven the Daily Mail had started campaigning for higher pay for nurses.”

As for the Iraq War, what made Blair decide to side with the United States? “Blair wanted at some point to win a referendum on the euro so it was important as far as he was concerned to show that he was pro-American in order to build up credit with Rupert Murdoch and his newspapers.”

On and on it goes, all the way to Brexit, which was backed by a majority of newspapers, and to Liz Truss’s disastrous 44-day premiership, which nevertheless found many cheerleaders in the British press.

Amazingly, these newspapers do not feature in the book’s conclusion. They are mentioned at every juncture, in every chapter, yet their presence and influence are never meaningfully acknowledged. The media may well be a natural phenomenon like the weather, present but only ever in the background.

It isn’t really Richards’s fault: He has, after all, been a journalist in Britain for more than three decades. You could hardly give a fish a voice and complain that it doesn’t end up mentioning the water.

The British press campaigns for and against things and revels in its own power, bragging about turning certain politicians into rising stars and condemning others to obscurity. Most famous is perhaps “It’s The Sun Wot Won It,” the headline on the front page of the Sun after the Conservatives’ shock election victory in 1992.

These newspapers’ owners are, for the most part, Conservative and conservative. The Daily Mirror, a left-wing tabloid, was influential for a while, but it stood alone. Among the broadsheet newspapers, political opinions have always been somewhat more balanced, with the Independent and the Guardian respectively representing the center and the left, but their readership figures could never quite compete with the remarkably popular “red tops.”

As journalist Adrian Addison writes in Mail Men, the Daily Mail’s voice “does carry far beyond its loyal readers; it howls through Westminster corridors befuddling politicians … before whistling on through the nation’s newsrooms to help define the media agenda for the day.” In Stick It Up Your Punter!, journalists Chris Horrie and Peter Chippindale note that “the Sun had made Rupert Murdoch a political power in Britain,” and that it “was widely believed that Murdoch had an effective veto on any policy that might negatively affect his business empire.”

This isn’t hyperbole: In Where Power Lies, Lance Price described the way Blair and his senior advisor Alastair Campbell had to work with the media magnate. “If Murdoch were left to pursue his business interests in peace he would give Labour a fair wind,” he writes. The deal was never committed to paper, but it was there, and honored by both parties.

By merely noting newspapers’ influence instead of delving into how they became so influential, Richards never quite gets to the crux of the issue: Why did those big bad hacks manage to get away with it for so long?

Again, hints can be found in Turning Points. When discussing the energy crisis sparked by the war in Ukraine, Richards notes that “[c]ontingency planning was not part of the UK’s political culture with its focus on the short term and in its wariness of planning ahead.”

Some decades earlier, Richards explains, Thatcher’s drastic reforms could happen because “there was no grown-up conversation in the UK … about whether a modern state might have an important role to play and what form it should take.” Elsewhere, he laments the fact that Britons keep stubbornly refusing to learn from political events.

This is, or ought to be, the real thesis of Turning Points: Britain keeps muddling through, largely unchanged, because it cannot escape from the vicious circle governing it. The political class isn’t especially interested in the past and the lessons it can hold. It finds the idea of thinking deeply and precisely about the future to be a waste of time. Anything that happens today might just about be of interest, though it will probably be forgotten tomorrow.

The press, on the other hand, is opinionated and has a fierce memory. It doesn’t forgive or forget, and it is clear in its aims. More than inform its readers, it seeks to reshape the country in their image. Speaking of former Daily Mail editor Paul Dacre, journalist Peter Oborne once said that “he articulates the dreams, fears and hopes of socially insecure members of the suburban middle class.” In practice, this can look like support for “traditional” families, an inherent suspicion of local authorities, mistrusting anything that feels “foreign,” sneering at feminists, stoking anti-immigration sentiment, and fighting for good, honest, British values, whatever they are. These days, hatred of anything deemed “woke” is likely to feature in tabloid pages.

It’s a marriage made in heaven: Media owners and editors can—often rightly—feel like they are making the weather, and politicians get to absolve themselves of real responsibility.

But the landscape is beginning to change. British people do not read newspapers like they once did. Even the tabloids, once feared by all, are now shadows of their former selves. Richards’s argument is that the shape of the country’s political class has prevented it from ever being too swayed by events. His real conclusion, hiding in plain sight, is that the political class spent just under a century shackled to a press that distrusted any and all change, Thatcherism aside. The shackles are now coming loose. In the coming decades, Westminster will have to realize that it no longer needs to look behind its shoulder to check that Fleet Street is on board.

If Richards’s headline thesis is right, little will change. Memories will remain short, and lessons will remain unlearnt. Britain will keep muddling through. But if the press is indeed the culprit, Britain may finally be entering an era in which politicians no longer operate inside the unhelpful feedback loop they have been stuck in for a lifetime. Might some real turning points be just around the corner?

[collapsedsquid]

As it is, the former UK chancellor is plainly the best candidate for prime minister in a dire Conservative field. By all means, deplore the lack of competition in Westminster as he rose in recent years. But don’t assume that it would have been much stiffer elsewhere. In the US, the two most senior Democrats are a pensioner and his maladroit vice-president. The last German election pitted Olaf Scholz against Armin Laschet in a pageant of nondescriptness. None of the last six Australian premiers have impressed enough to log four years in office. For the second time in a decade, Italy has a globocrat called Mario corralling a domestic political class that lacks stature. Western democracy has a personnel problem. It has been in the works all century. With a good brain and a plausible manner, it was absurdly easy for David Cameron to become Tory leader within five years of entering parliament in 2001. When Dominique Strauss-Kahn combusted through scandal a decade later, the French Socialists’ recourse was the plodding time-server François Hollande. Look around the major democracies now. Emmanuel Macron, it is true, would have sparkled in any white-collar profession. But who else?

 If voters were turning down world-historical figures to choose third-raters, we could diagnose all this as a demand-side problem. But supply is the larger issue. Able people of a liberal or moderate bent don’t go into politics in adequate numbers. The reasons are intuitive enough. The pay gap with finance, corporate law and other graduate careers has grown over the past generation. (Consider the haste with which Cameron, not a pauper by birth, made up for lost earnings once he left power.) So has the personal exposure of elected office. The press kept John F Kennedy’s secrets, and François Mitterrand’s. Even if they were so inclined now, a citizen with a camera phone and a Twitter account need not be.

The turbulence of the past decade makes more sense in this context. Intellectually, it is de rigueur to pin the crisis of democracy on structural forces: on the loss of manufacturing jobs, on the rise of new media. In our view of history, if not economics, my trade has become Marxian to the bone. For all its outward philistinism, though, the Great Man theory, the stress on individual agency, has something to it. Perhaps liberalism is just running out of great men and women. Or even very good ones.

[batchelorcarpenter]

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[rogerjharding]

Of course working-class people care about the climate crisis: they emit the least, but will suffer most

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Many of Rishi Sunak’s political decisions are baffling, but one that’s easy to understand is his recent rowing back from the UK’s climate commitments: he, like many creatures of Westminster, thinks working-class people don’t care much for climate action. This is a lazy stereotype and, predictably, did nothing for his poll numbers.

The simple truth is this: when it comes to the climate crisis, working-class people are often the first to spot the changes occurring because even slight fluctuations can make or break family finances. That doesn’t mean this is the first subject working-class people raise when a canvasser knocks at the door or a pollster asks, but it is there in the background when deciding who to trust with our futures.

It’s the people who think twice before turning on a fan or know their homes aren’t fully insured who are most attuned to the fact that summers are getting hotter and the rain is increasingly heavier than their drains can cope with. If you use the calculator app when you shop to avoid embarrassment at the tills, you have a keener sense that flooded farmers’ fields today mean higher food prices tomorrow.

Above all, working-class people know they have done far less to contribute to our national emissions than those in the private-jet class or the investment managers who have grown rich on fossil fuel. It is therefore unsurprising that many working-class people are slightly suspicious of a climate movement that seems to be whiter and more middle-class than the communities on the sharpest end of climate consequences.

I’m nobody’s idea of a climate radical. I had spent my career working for charities that fight for families on low incomes and tackle inequality, driven by growing up in a council house and seeing my mum struggle (as many more people are sadly doing today). I have never forgotten how tough we had it growing up, so I am determined that working-class families like the one I grew up in won’t bear the brunt of the climate crisis. That’s why my new organisation, Round our Way, highlights the impact the climate crisis is having on working-class communities today, and gets more of our voices into the debate about what we do about it.

This isn’t abstract or something to worry about in the future: the implications are showing up right now in everyday life. Last year, for example, research by the Energy and Climate Intelligence Unit (ECIU) found the average food bill was £400 higher thanks to climate impacts and fossil-fuel costs. Working-class communities are significantly more likely to be flooded, and have less money and insurance to weather the storms.

And later this week, Round our Way will be jointly publishing research showing that community and lower-league football clubs, such as Whitby Town, are facing huge bills to cope with the wetter weather that the climate crisis brings. Whole communities are changing because of this.

Given all of this, we shouldn’t be surprised that polling last month by More in Common found what the group calls “loyal nationals” (a term for “red wall” voters) had the climate crisis and the environment fourth on their list of priorities. Politicians have got it wrong if they think attacking climate action presents an easy path to popularity.

All of this is good news for those of us who want to see a fairer and greener future, but this cross-class consensus on climate action is fragile and needs reinforcement. Plenty of working-class people worry that climate policies won’t be applied fairly, and we need only look to recent experiences in Germany to see how quickly things can go badly wrong. There, proposals to ban new gas boilers and replace them with green options created huge splits in the governing coalition over whether enough was being done to help people on modest incomes.

Climate politics curdle when one of two things happen. The first is when effective populists pose as working-class champions. You can spot these fairweather class warriors by the speed at which working-class concerns become their calling card only when climate action is proposed. They are the people who don’t say a word when the youth club closes, job cuts are made or bills spiral, but you can’t get them off news programmes when they can use our worries as a stick to beat the climate consensus.

The second is when the actual climate movement becomes dominated by people whose lives are sufficiently comfortable that they don’t think about the distributional consequences of policy, or recognise that its implications will be felt very differently depending on how well off you were to start with.

Thankfully, both these problems have the same solution. A climate movement of and for ordinary people is the foundation on which a durable climate consensus can be built. That’s what Round our Way is doing. If you are ever tempted to think people can’t simultaneously focus on the daily slog and the future, remember all the heroic single mums battling every day to keep their families afloat precisely because they want a future where their kids won’t have to do the same.

Roger Harding is the founding director of Round our Way

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[miroslawmagola]

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[mariacallous]

How different might the last decade of British politics have been if the public had been better informed about economics? It’s the inescapable thought I had when reading through the BBC’s newly published “thematic review” into its coverage of “taxation, public spending, government borrowing and debt output”.

Would a public not spoon-fed mush about the supposed perils of government borrowing have been so ready to accept David Cameron and George Osborne’s austerity in the early 2010s? Would Labour’s then leadership have felt so compelled to support spending cuts – a position that helped lay the ground for Jeremy Corbyn’s anti-austerity leadership bid? Might the Brexit vote have gone differently?

The review does not hold back. Independent experts Andrew Dilnot and Michael Blastland state clearly that “too many” BBC journalists lack an understanding of “basic economics”. This particularly affects reporting on the central political issue of government debt, with “some journalists” apparently “instinctively” believing all debt to be inherently bad – and therefore failing to appreciate that the role of government debt is “contested and contestable”.

Economics coverage matters for all of us. A poorly informed public makes for bad government decisions and, as the IMF’s latest forecast reminds us, Britain’s economic underperformance is in no small part due to poor government choices.

Confronted by a complex situation, with a limited understanding of the issues involved, one respondent to the review suggests that reporters rely on simplistic political narratives – party intrigue, or Westminster gossip; meanwhile, assumed authorities are deferred to for the actual economics.

Those authorities come to assume an outsized role in reporting, their judgments and analyses imbued with a certainty that they do not, in fact, possess. “The BBC,” the review notes, should not “feel it can subcontract judgment about what is reasonable or impartial to a few established names”, including the Institute for Fiscal Studies and the Bank of England. The result is journalists too often framing policy choices, such as making cuts to spending, as if they were decisions of necessity.

The review singles out “household analogies” for the government debt, in particular, as “dangerous territory”. We’ve all seen journalists, not just on the BBC, compare government debt and household debt. The claim from the BBC’s former political editor Laura Kuenssberg, for instance, in a BBC News broadcast of November 2020, that the government’s “credit card” was “maxed out” was a classic of the type – and sparked the complaints by well-known economists that led to the review being commissioned.

Government borrowing has little in common with the borrowing that you or I engage in since, as the review puts it, “states don’t tend to retire or die, or pay off their debts entirely”. Nor do ordinary people typically have a money printing machine in their front room to pay their debts with, unlike the government and the Bank of England. Journalists reporting on economics, as the review accepts, need pithy metaphors for complex processes. But in this case, the conceptual leap from government financing to household borrowing distorts the truth. Worse, the metaphor almost necessarily lends itself to supporting government spending cuts – a position that tends to find the most support on the political right.

There are reputable economic arguments for austerity. “Expansionary fiscal contraction”, as developed by the political economist Alberto Alesina and others, was one of them. A decade of experience suggests that it was terribly wrong, but this was at least a coherent argument, based on a recognisable economic logic. That case could have been presented, alongside opposing views, as part of an effort to promote public debate and understanding of the issues around the public finances. The review points out that genuinely impartial reporting would show that different choices can be made around economy policy.

The BBC occupies a unique position – it’s both the most popular source for all news and among the most trusted single source of news. How it chooses to report that news has an enormous impact.

That means this report is an opportunity to dramatically improve the quality of the UK’s public debate on economic issues. Already, there are signs of change: the BBC seriously questioned the briefly popular rhetoric of “fiscal black holes”, which flourished after Kwasi Kwarteng’s mini-budget implosion last September. Recently, the BBC News website has raised questions about the reliability of economic forecasting. More of this, and we may see a better informed public, and more robust, enlightening debate.

This country has been badly damaged by having its politics bent around a few bad unsupported claims about how the economy works. The BBC says its director general will be drawing up an “action plan”. At a minimum, this should address the lack of training for its journalists in economics issues, and encourage broader range of expertise in reporting. Other journalists are already taking note. The next few years are likely to be extremely challenging for the British economy. We will need a public service broadcaster able to report difficult and contested economic issues accurately, fairly and impartially.

[brookstonalmanac]

Events 12.11

220 – Emperor Xian of Han is forced to abdicate the throne by Cao Cao's son Cao Pi, ending the Han dynasty. 361 – Julian enters Constantinople as sole Roman Emperor. 861 – Assassination of the Abbasid caliph al-Mutawakkil by the Turkish guard, who raise al-Muntasir to the throne. Start of the "Anarchy at Samarra". 969 – Byzantine Emperor Nikephoros II Phokas is assassinated by his wife Theophano and her lover, the later Emperor John I Tzimiskes. 1041 – Michael V, adoptive son of Empress Zoë of Byzantium, is proclaimed emperor of the Eastern Roman Empire. 1282 – Battle of Orewin Bridge: Llywelyn ap Gruffudd, the last native Prince of Wales, is killed at Cilmeri, near Builth Wells, in mid-Wales. 1602 – A surprise attack by forces under the command of Charles Emmanuel I, Duke of Savoy, and his brother-in-law, Philip III of Spain, is repelled by the citizens of Geneva. (Commemorated annually by the Fête de l'Escalade.) 1640 – The Root and Branch petition, signed by 15,000 Londoners calling for the abolition of the episcopacy, is presented to the Long Parliament. 1675 – Antonio de Vea expedition enters San Rafael Lake in western Patagonia. 1688 – Glorious Revolution: James II of England, while trying to flee to France, throws the Great Seal of the Realm into the River Thames. 1792 – French Revolution: King Louis XVI of France is put on trial for treason by the National Convention. 1815 – The U.S. Senate creates a select committee on finance and a uniform national currency, predecessor of the United States Senate Committee on Finance. 1816 – Indiana becomes the 19th U.S. state. 1868 – Paraguayan War: Brazilian troops defeat Paraguayan at the Battle of Avay. 1899 – Second Boer War: In the Battle of Magersfontein the Boers commanded by general Piet Cronjé inflict a defeat on the forces of the British Empire commanded by Lord Methuen trying to relieve the Siege of Kimberley. 1901 – Guglielmo Marconi transmits the first transatlantic radio signal from Poldhu, Cornwall, England to Saint John's, Newfoundland. 1905 – A workers' uprising occurs in Kyiv, Ukraine (then part of the Russian Empire), and establishes the Shuliavka Republic. 1907 – The New Zealand Parliament Buildings are almost completely destroyed by fire. 1913 – More than two years after it was stolen from the Louvre, Leonardo da Vinci's painting Mona Lisa is recovered in Florence, Italy. The thief, Vincenzo Peruggia, is immediately arrested. 1917 – World War I: British General Edmund Allenby enters Jerusalem on foot and declares martial law. 1920 – Irish War of Independence: In retaliation for a recent IRA ambush, British forces burn and loot numerous buildings in Cork city. Many civilians report being beaten, shot at, robbed and verbally abused by British forces. 1925 – Roman Catholic papal encyclical Quas primas introduces the Feast of Christ the King. 1927 – Guangzhou Uprising: Communist Red Guards launch an uprising in Guangzhou, China, taking over most of the city and announcing the formation of a Guangzhou Soviet. 1931 – Statute of Westminster 1931: The British Parliament establishes legislative equality between the UK and the Dominions of the Commonwealth—Australia, Canada, Newfoundland, New Zealand, South Africa, and Ireland. 1934 – Bill Wilson, co-founder of Alcoholics Anonymous, takes his last drink and enters treatment for the final time. 1936 – Abdication Crisis: Edward VIII's abdication as King of the United Kingdom and the British Dominions beyond the Seas, and Emperor of India, becomes effective. 1937 – Second Italo-Ethiopian War: Italy leaves the League of Nations. 1941 – World War II: Germany and Italy declare war on the United States, following the Americans' declaration of war on the Empire of Japan in the wake of the attack on Pearl Harbor. The United States, in turn, declares war on them. 1941 – World War II: Poland declares war on the Empire of Japan. 1941 – World War II: The Imperial Japanese Navy suffers its first loss of surface vessels during the Battle of Wake Island. 1946 – The United Nations International Children's Emergency Fund (UNICEF) is established. 1948 – Arab–Israeli War: The United Nations passes General Assembly Resolution 194, creating a Conciliation Commission to mediate the conflict. 1958 – French Upper Volta and French Dahomey gain self-government from France, becoming the Republic of Upper Volta (now Burkina Faso) and the Republic of Dahomey (now Benin), respectively, and joining the French Community. 1960 – French forces crack down in a violent clash with protesters in French Algeria during a visit by French President Charles de Gaulle. 1962 – Arthur Lucas, convicted of murder, is the last person to be executed in Canada. 1964 – Che Guevara speaks at the United Nations General Assembly in New York City. 1972 – Apollo 17 becomes the sixth and final Apollo mission to land on the Moon. 1978 – The Lufthansa heist is committed by a group led by Lucchese family associate Jimmy Burke. It was the largest cash robbery ever committed on American soil, at that time. 1980 – The Comprehensive Environmental Response, Compensation, and Liability Act (Superfund) is enacted by the U.S. Congress. 1981 – El Mozote massacre: Armed forces in El Salvador kill an estimated 900 civilians in an anti-guerrilla campaign during the Salvadoran Civil War. 1990 – Demonstrations by students and workers across Albania begin, which eventually trigger the fall of communism in Albania. 1990 – Several fatal collisions in the 1990 Interstate 75 fog disaster result in a total of 12 deaths and 42 being injured[6] 1993 – A block of the Highland Towers condominium complex collapses following a landslide caused by heavy rain and water flowing from a construction site at Ampang district in Kuala Lumpur, Malaysia. 48 of its residents die, including one who died in hospital after being rescued alive, leaving only two survivors. 1994 – First Chechen War: Russian President Boris Yeltsin orders Russian troops into Chechnya. 1994 – A bomb explodes on Philippine Airlines Flight 434, en route from Manila, Philippines, to Tokyo, Japan, killing one. The captain is able to land the plane safely. 1997 – The Kyoto Protocol opens for signature. 1998 – Thai Airways Flight 261 crashes near Surat Thani Airport, killing 101. The pilot flying the Airbus A310-200 is thought to have suffered spatial disorientation. 1999 – SATA Air Açores Flight 530M crashes into Pico da Esperança on São Jorge Island in the Azores, killing 35. 2001 – China joins the World Trade Organization (WTO). 2005 – The Buncefield Oil Depot catches fire in Hemel Hempstead, England. 2005 – Cronulla riots: Thousands of White Australians demonstrate against ethnic violence resulting in a riot against anyone thought to be Lebanese in Cronulla, New South Wales; these are followed up by retaliatory ethnic attacks on Cronulla. 2006 – The International Conference to Review the Global Vision of the Holocaust is opened in Tehran, Iran, by then-president Mahmoud Ahmadinejad; nations such as Israel and the United States express concern. 2006 – Felipe Calderón, the President of Mexico, launches a military-led offensive to put down the drug cartel violence in the state of Michoacán. This effort is often regarded as the first event in the Mexican Drug War. 2007 – Insurgency in the Maghreb: Two car bombs explode in Algiers, Algeria, one near the Supreme Constitutional Court and the other near the offices of the United Nations. 2008 – Bernard Madoff is arrested and charged with securities fraud in a $50 billion Ponzi scheme. 2009 – Finnish game developer Rovio Entertainment releases the hit mobile game Angry Birds internationally on iOS. 2012 – At least 125 people are killed and up to 200 injured in bombings in the Alawite village of Aqrab, Syria. 2017 – New York City Subway bombing: A pipe bomb partially detonates in the New York City Subway, in the Times Square–42nd Street/Port Authority Bus Terminal. Four people are injured, including the perpetrator. 2019 – The results of the 2019 Bougainvillean independence referendum are announced. The results are overwhelmingly one-sided. Over 98% of voters vote for Bougainville's independence. 2020 – The Food and Drug Administration issues an Emergency Use Authorization on the Pfizer–BioNTech COVID-19 vaccine, the first COVID-19 vaccine to be approved by the agency.

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Afenifere has no regrets supporting Tinubu to be president – Secretary

National Organising Secretary of the pan-Yoruba socio-political organisation, Afenifere, Chief Kole Omololu, shares his thoughts with PETER DADA on the current crisis bedevilling the group, among other issues When did you become a chieftain of Afenifere? I was involved in the NADECO (the defunct National Democratic Coalition) movement in the United Kingdom; I was among Nigerian citizens demonstrating against the military junta headed by Sani Abacha. We covered very important areas of the capital of the United Kingdom, the Westminster Parliament, White Hall, Downing Street, Trafalgar Square, and the Commonwealth Secretariat. We would now settle at the Nigeria High Commission. At that moment, none of us knew that our photos had been taken and forwarded to Nigeria. I even took the risk of carrying my last baby by then on my neck to demonstrate at the High Commission. She is 34 years old now. No wonder she is a very strong manager at work now. I was arrested at the airport on my visit home and labelled an unpatriotic citizen. So, how did you escape from military captivity? How I escaped is a story in my forthcoming memoir. Before this, I was a follower of now Oba Olu Falae, who introduced me to Afenifere. I became the chairman of Afenifere UK, which enabled me to attend the caucus meeting in Nigeria. Pa Abraham Adesanya affirmed my chairmanship, which was recommended to him by my Afenifere colleagues. We hosted Pa Adesanya at a Nigerian restaurant called Labalaba in Brixton SW London. We further hosted the late Uncle Bola Ige and Pa Solanke Onasanya at the same venue. Later on, we now launched Afenifere with the attendance of Pa Olanihun Ajayi, Pa Ayo Adebanjo, Alhaji Ganiyu Olawale Dawodu, and Oba Olu Falae on Woolworth Road, London SE17. I was appointed the national organising secretary by the leader, Pa Fasoranti (OFR), about 10 years ago or so. How is Afenifere faring now under the leadership of Chief Reuben Fasoranti? I have never come across a leader like Pa Fasoranti. He is exceptionally accommodating and deep with few words. Papa is a 1951 graduate of the University of Ibadan. He was one of the young intellectuals sitting around the table with the late sage, Chief Obafemi Awolowo. When the likes of Prof (Sam) Aluko, and Prof Aboyade Cole dined with the leader (Awolowo), young Fasoranti would be there. Most of his contemporaries in the party were just running errands for the leader. Discussing issues with serious mental magnitude with the leader, you would find the young Rueben there. As soon as he became the acting leader during the illness of our highly cherished and beloved leader, the Apamaku of Nigeria, Chief Abraham Aderigbe Adesanya, Pa Fasoranti started picking up the fragments of what remained of Afenifere after the 2003 general elections. Not a single public statement was made without clearance from Pa Adesanya. The meetings moved to his Akure home after the death of Pa Adesanya. He would allow every shade of opinion before he passed his comment. Because of his welcoming nature, members strive to go to Akure for meetings despite the challenges of finance and security in the land. He has the ears of the President and governors. Under Pa Fasoranti, Afenifere is doing very well. It appears that the succession plan of the group is shaky. What are the laid down succession plan of Afenifere from the inception? The founder of the group was Chief Obafemi Awolowo. He died in 1987; our leaders met at Ikenne (Ogun State). Chief Bisi Onabanjo nominated Pa Michael Adekunle Ajasin. There was a secondment and the house unanimously voted Pa Ajasin. The meeting moved from Ikenne to Owo, the hometown of Pa Ajasin. Pa Ajasin fell sick as a result of old age, he graciously appointed Senator Abraham Adesanya to act on his behalf. After the appointment, the meeting continued in Owo. Why? It was because Pa Adesanya was acting on behalf of Pa Ajasin. He briefed the leader on the outcome of all meetings. Chief Ajasin died later; the meeting moved to Ijebu Igbo where Senator Abraham Adesanya was unanimously elected as the leader. When Senator Abraham Adesanya fell sick, he appointed Fasoranti to act on his behalf. During this period, the convention of Afenifere remained intact. All meetings were held at the leader’s place. Why was this so? It was because the role of an acting leader was meant to be a buffer and support system to the leader. The position is held in trust for the leader. Afenifere never had a retired leader, it is a life position. As a result of fatigue of calamities that befell the leader, he decided to step aside and appoint an acting leader in the person of Pa Ayo Adebanjo, and a deputy, HRH Dipo Olaitan, until the positions were scraped on January 24, 2024, to pave the way for Afenifere National Elders’ Caucus. Their decision will still be subject to the general assembly. At the recent meeting in Akure, the position of acting leader was scrapped but Pa Adebanjo’s group disagreed with the decision. What is going to happen now? The Afenifere high command has spoken. Its decision is final. Some have linked the crisis in Afenifere to events before the 2023 general elections when Pa Ayo Adebanjo insisted that the Yoruba socio-political organisation would support the Labour Party presidential candidate, Peter Obi, instead of Bola Tinubu. But the presidential election is over and a winner has emerged. Why is the crisis still on? The disagreement is in the open and not unusual. Remember that the leader, Pa Fasoranti, addressed the group in August 2023 and expressed his dissatisfaction with the way Afenifere was being run. He was concerned about the erosion of the collective leadership style of the group. He advised against dictatorial tendencies. The leader believes Asiwaju Bola Ahmed Tinubu is the best who can implement what Afenifere stands for. He did it with the knowledge of most Afenifere and Yoruba leaders. He never singularly imposed any candidate on us; it was a collective decision. The decision to support Asiwaju was beyond Tinubu. He was seen as the best among the pack in all ramifications. What have been the roles of the other chieftains of the group in ending the crisis? They are making efforts. Let us give kudos to them because they have been striving to keep this group together and realise that Afenifere is a legacy group bequeathed to us by Chief Obafemi Awolowo and his compatriots. At our August 2023 meeting, the members ran riot, demanding the expulsion of some individuals, but thanks to Oba Falae, who deployed his experience to quell the action. His resilience, wisdom, and brilliance are second to none, as he reminded members of the essence of Omoluabi in a Yoruba person. Dr Segun Mimiko deployed his time and resources to seek and sue for peace, likewise Senator Iyiola Omisore. Archbishop Ayo Ladigbolu intervened and asked us to put Yoruba at the topmost of our hearts. Basorun Seinde Arogbofa was not daunted in suing for peace. He took personal risks for the sake of the group. So, what do you think is the way out of this crisis? The way out of the crisis is that the restructuring of the group has started to make it relevant to her calling. Afenifere was known for its constant call for the restructuring of the country. How come your group has not reminded President Tinubu of the need to begin the process of restructuring the country? I am concerned a little that this government will not take restructuring seriously; I will say that is their direction. Let us remember that they are the ones who included restructuring in the APC manifesto, and then we heard that President (Muhammadu) Buhari said they were not going to touch it because it was Afenifere’s manifesto, and that Asiwaju and his people were pushing it. If that is true, which I am looking at a strategic government, the way the man will handle restructuring will not be the way he wants it, maybe he wants an incremental restructuring in some area first before a statutory restructuring. When I say statutory, it has to have legislative backing. In the 2014 confab, I think the President was told to push it to the National Assembly for the benefit of what is called restructuring or rearrangement, I think a lot of people are taking the word ‘restructuring’ as a negative illustration. It is just grammar; we are talking about rearrangement of things to work better. Take for example, there was a time in Lagos when Ikorodu Road was impassable; it is a federal road but it is inside Lagos. The road was bad and the federal attention was not there. Look at the international airport road, Lagos; look at the road from there to the city, but the government of Lagos stepped in and did it by itself, waiting for reimbursement from the Federal Government. Why do we allow that to happen? Why do we not allow the state government to take care of all these things? States should be in charge, it should be in their budget. Bridge and road construction should be rearranged for things to work. How can someone in Abuja be in charge of the road in Aba because it is a federal road? All these things should be restructured. Why will Lagos State be collecting as much as half of the budget of the states combined? There should be a rearrangement. We are not encouraging productivity, but encouraging laziness. If you are hard-working as a state, the government should compensate you according to the amount you remit to the federal purse, rather than taking everything to a particular country; I am sure that those who encourage unitary government are regretting it now. The major restructuring we want now is state police; this is very essential; the most important person in the life of a Yoruba is their king. They respect their kings more than the president. Look at them (kings) being killed and kidnapped by hoodlums and terrorists because we don’t have enough policemen to guide the citizens. Substantial numbers of policemen are attached to big men (the VIPs). I just believe that state policing is important. The states should handle them; the people know each other. If a stranger is in their midst, they will know. Nigerians are tired of this mess (insecurity). Your group supported President Tinubu in the last election, but the administration has yet to ease the suffering of the people. Are you not regretting supporting him? We are not regretting anything. The continuation effect of former President Buhari’s legacy is what President Tinubu is battling now. Terrorists, bandits, and evil men of the underworld are out everywhere. Buhari bankrupted the humanity in us. There are satanic influences everywhere. It is like President Tinubu is starting from ground zero to rebuild Nigeria. Take, for example, most of our crude oil has been sold, swapping it for goods. The NNPC could not get enough forex to meet demand; hence the law of demand and supply will come into play in the market. The effect on inflation is hyper. The yoke on the people is burdensome. The government must subsidise food and food items now. Food is a priority. For our safety, a total war on insecurity should be declared. Nigeria has 310,000 police personnel; out of these, about 100,000 are looking after big men, leaving 210,000 to look after 220 million citizens. It is laughable. The Federal Government can start as a pilot project with the state police system. The South-West is ready with the Amotekun, while Lagos has the Neighbourhood Watch Corps. Arm the personnel with the required tools. Apart from the internal turmoil, no foreigner will come and invest in an unsafe environment. What do you think should be done about the japa syndrome in Nigeria? Do you think it is right for Nigerian youths to abandon their country for greener pastures elsewhere? People are not just migrating from Nigeria but from other countries too; people migrate for more opportunities, including better education, and I believe that after their studies, they’ll come back. Because of Internet communication, the youth know what’s going on everywhere in the world and they want to be there. They see development over there and they want to experience how it feels. If they are professionals like doctors that we need most here, the government should finance them by providing more facilities so that the hospitals will be well equipped. We have some of the best medical practitioners in the world; when they go abroad, they perform excellently. So, we are appealing to the government to look at our medical professional area; let us encourage them by providing good facilities for them and paying them good salaries. There is nothing abroad that cannot be here; God has provided us with so many facilities to grow, and we have been told that by former American President, Barak Obama. The government should repair the damage that has been done and start afresh. It should also encourage the youth; Nigerian youths are one of the most brilliant in the world. They excel everywhere they find themselves. Chief Obafemi Awolowo brought about the idea of free education in the South-West, but that idea is no longer a priority for today’s government at any level and that is one of the reasons people leave the country. What can be done to make Nigerians achieve quality and affordable education? Chief Obafemi Awolowo said the weapon for development is education. Without being informed, without being trained, without being educated, we are still going to be operating a primitive system. Many developed countries of the world don’t take education for granted. For example, in the United Kingdom, education is just like crude oil. They invest big in it, which makes it one of the best in the world. People travel from other parts of the world to study in the UK. For their children, they must go to school. Everything is free up to age 18. After that, you will go to higher institutions. There is what we call a student loan; the government will provide it for you. Everything you need to have a good education, the government will provide it. After completing your education, you will start to work. So, education and health are very vital. Education should be our number one priority for development. Read the full article

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Rishi Sunak faces daunting task as he becomes UK prime minister - Times of India

Rishi Sunak faces daunting task as he becomes UK prime minister – Times of India

LONDON: Rishi Sunak will face one of the greatest challenges of any new leader when he becomes British prime minister on Tuesday, needing to tackle a mounting economic crisis, a warring political party and a deeply divided country. The 42-year-old former finance minister becomes Britain’s third prime minister in less than two months, after infighting and feuding at Westminster that has horrified…

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An alleged member of the 'Beatles' of the Islamic State appears before the Court in the United Kingdom accused of terrorism crimes

An alleged member of the ‘Beatles’ of the Islamic State appears before the Court in the United Kingdom accused of terrorism crimes

He has been accused of possession of a firearm for terrorist purposes and, in addition, has two charges related to the financing of terrorism. This Thursday, the British Aine Leslie Davis, 38, appeared before the Westminster Court in London, accused of various terrorism offences. His arrest took place a day earlier on arrival at Luton airport, after being deported to the UK from Turkey, where he…

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Westminster Finance Uk

Westminster Finance Uk Overviews

 Westminster Finance Uk The Finance Department is answerable for the monetary undertakings of the City. This incorporates the taking care of and speculation of money receipts, and payment of all monies, acquisition of merchandise and ventures, protecting the monetary resources and records of the City, and planning of the Budget and Comprehensive Annual Financial Report (CAFR).Westminster Financial Companies have been centered around giving the most ideal help to our counselors and their customers. As a family-possessed, free specialist seller situated in Dayton, Ohio, we bolster around 50 counsels and are SEC enrolled in every one of the 50 states. With a wide cluster of innovation contributions and master staff, notwithstanding the force and probability of our three backup branches, Westminster is the ideal accomplice whether you are a prospecting customer, worker, or free guide. Come join the familThe Foreign Quarterly Review was an autonomous London-based quarterly that distributed from July 1827 to July 1846.

 Westminster Finance Uk Services

Commercial Mortgages

 A business contract is any credit made sure about on property which isn't your living arrangement. Purchase to let contracts are an extraordinary kind of high volume business contract which is bundled for a volume advertise. We offer a bespoke and all encompassing support of all UK expats looking for contracts here in the UK. The UK contract showcase has contracted significantly since the financial downturn with numerous high road banks and building social orders pulling back from the ex pat market. There stays various serious alternatives accessible. Normally, we manage ex taps situated in Europe, Australia, New Zealand, the Middle and Far East, just as the States and Canada - despite the fact that we for the most part help expats any place they are on the planet. Our group can source contracts for ex taps both returning to the UK and staying in their host nation. Business contracts by and large assume control over where business credits finish. Business credits up to £25,000 are unbound, however for bigger sums moneylenders need security so as to lessen the hazard to themselves.

 Purchase to Let Mortgage UK

 We know about the unmistakable difficulties looked by expats with regards to making sure about a serious ex pat home loan bargain. Customers living abroad regularly disclose to us that they feel punished in light of the fact that they are paid in a remote cash, have normally been outside of the UK for a year or more and now and again have issues with their UK FICO assessment. The credit referencing information, from organizations, for example, Experian and Equifax, isn't effortlessly refreshed when a borrower is outside the UK. This data, combined with the way that by far most of Banks currently utilize computerized credit scoring, causes critical issues. We effectively mastermind contracts for UK expats living abroad and offer both property holder advances to either buy or re-contract houses or pads. We effectively sort out account on private properties and home loans for venture buys, through our Buy To Let plans.

 What Is Property Finance?

 You may have run over the term 'Property Finance' while investigating your business subsidizing choices and maybe you're still a little uncertain about what this loaning item involves? There are various variations that are utilized to depict Property Finance items, yet the absolute most normal are business money, spanning fund, term advances and premium just credits. Property Finance is really one of the most straight-forward subsidizing items out there and basically, it is a made sure about business advance. At the point when individuals get to Property Finance, they secure the advance against a private or business property – and now and again, a property portfolio is additionally utilized as insurance. This sort of made sure about business advance is ideal for organizations that can possibly become however because of an absence of capital, have been not able to meet their development targets already.

 About UK Business Finance

 UK Business Finance offer both a consultative and vital way to deal with guarantee we meet the individual needs and necessities of our business customers. UK Business Finance organizer Glyn Millsom has more than 20 years Finance experience predominately with MB (UK), starting over £300m p.a. in money related exchanges and organizer part and previous executive of the Association of Mortgage Packagers and Distributors liable for over £8bn of fulfillments during its multi year history. UK Business Finance are an Independent Specialist Consultancy. We give Commercial and Business Finance backing to SME customers all through the entire of the UK. Regardless of whether your business is settled or another beginning we can assist you with Commercial Mortgages, Property Development Finance, Business Loans,Short Term 'Connecting' Finance, Factoring, Equipment Leasing and guidance on Grant Funding and how to make sure about assets by means of the Government Enterprise Finance Guarantee Scheme (EFGS).

 What is business fund?

 Your new business thought is all set. Or on the other hand perhaps you're prepared to develop your present business. In the event that you don't have the profound pockets to back it yourself, you'll have to locate the correct private company subsidizing. However, where, precisely, do you start? A few kinds of subsidizing are quicker to get than others, some require greater security, some are less expensive, some accompany surprises. You have to realize what type will be best for your circumstance. It's critical to discover financing that fits. You have a business to run. You don't need your money related game plans to disrupt the general flow. They ought to be a sail not an anch Some business financing choices probably won't be accessible to you. In case you're new off the squares, customary banks may be hesitant to take a risk on you. They can't see your past exhibition or judge your expertise at maintaining a business. Furthermore, on the off chance that you have no advantages for set up as security, it will be hard to get an enormous advance. Value subsidizing isn't a possibility for sole brokers. On the off chance that you need to sell shares, you'll should be an organization (despite the fact that you can sell an enthusiasm for an association).

 FOREIGN INVESTMENT

 Remote venture into the UK's most beneficial enterprises has plunged since the 2016 Brexit submission, official information appeared, proposing that vulnerability over future exchanging courses of action with the EU is preventing organizations from focusing on the nation. The quantity of outside venture ventures into the UK dropped by 14 percent to 1,782 in the financial year finishing March 2019, denoting the most minimal level in six years, as indicated by a report distributed on Wednesday by the UK's Department for International Trade. It is the second back to back yearly fall since March 2017. The information recommends that "outside organizations have gotten increasingly wary about putting resources into the UK due to Brexit vulnerabilities", said Archer Howard, boss financial counsel at EY Item Club, a consultancy. "This may have prompted the critical deferring of venture ventures, in any event, if not out and out retraction." Investors have generally considered the To be as one of the most appealing goals, offering help for financial development, work creation and mechanical advancement.

 What is Islamic Finance?

 Islamic money is a kind of financing exercises that must conform to Sharia (Islamic Law). The idea can likewise allude to the ventures that are allowable under Sharia.The basic acts of Islamic fund and banking appeared alongside the establishment of Islam. In any case, the foundation of formal Islamic money happened distinctly in Islamic account alludes to the methods by which enterprises in the Muslim world, including banks utilizing the EIBOR rates, and other loaning organizations, raise capital as per Sharia, or Islamic law. It additionally alludes to the kinds of speculations that are passable under this type of law. An exceptional type of socially capable speculation, Islam makes no division between the profound and the mainstream, consequently its venture into the area of monetary issues. Since this sub-part of fund is an expanding field, in this article we will offer a diagram to fill in as the premise of information or for additional investigation. In spite of the fact that they have been ordered since the start of Islam in the seventh century, Islamic banking and fund have been formalized bit by bit since the late 1960s, correspondent with and in light of huge oil riches that powered restored enthusiasm for and interest for Sharia-agreeable items and practice.

 Portfolio Management

 Portfolio the board is the choice, prioritization and control of an association's ventures and projects in accordance with its key goals and ability to convey. The objective is to adjust change activities and the same old thing while at the same time advancing rate of profitability.

Sorts of Portfolio Manager Positions

1.Size of reserve: A portfolio chief may oversee resources for a moderately little free store or an enormous resource the board foundation. A portfolio administrator may likewise deal with the capital of a huge business, for example, a bank or an association with an enormous gift, for example, a school or college.

2.A director who oversees resources for a huge cash the board organization is generally alluded to as a portfolio supervisor, while somebody who oversees littler reserve resources is normally called a store administrator. Somebody who oversees resources for an enormous business association or school is usually alluded to as a main speculation official (CIO).

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