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S&P issues a warning to Britain’s political class ‘Investor’ verdict on the UK’s vote to leave the EU was swift and brutal: the pound had plunged to a 30year low by the time the official result was announced. Standard & Poor’s (S&P), the last major rating agency to award Britain a coveted triple-A sovereign rating, took only a few days to pass similar judgment, cutting its rating of UK government debt by two notches last week. The downgrade, while justified, is unlikely to have immediate financial implications. However, it should be taken seriously as a warning of the risks now facing the UK’s economic prospects and political stability. The longstanding weaknesses that make the UK vulnerable to a sudden loss of investor confidence are well known: the huge rise since the financial crisis in the level of public
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debt; a chronic budget deficit; and a yawning current account deficit that must be plugged by capital inflows. S&P measures the UK’s gross external financing need as more than twice the size of any other G7 economy. The big change is in S&P’s assessment of the UK’s institutional integrity, previously a strength that underpinned the triple A rating. With understatement, the agency warns that the “leave” vote renders policymaking less predictable and less effective — even before factoring in the risk that it will trigger a fresh constitutional crisis over Scottish independence. In short, the downgrade represents a decision to treat the UK more like Italy or Portugal than like Germany. This will hardly come as a surprise to anyone who has been watching the political vacuum developing at Westminster. According to Financial Times, the downgrade is unlikely to affect the UK’s ability to finance its deficit in the short term, so long as the pound does not go into freefall and market turbulence does not deepen into a systemic crisis. So far, that does not seem to be the case. Instead, markets steadied somewhat on Tuesday, with sterling stabilising and risk appetite returning. In any case, buyers of sovereign debt often have little choice but to seek out the safest assets in their own currency area. The US, France and Japan have all weathered similar downgrades in recent years without seeing any rise in financing costs. Sovereign yields,
already depressed by global monetary easing, have fallen further in the past week — UK gilts included — as investors rushed for traditional havens. Nonetheless, the S&P decision should be a wake-up call for Britain’s political class. The country’s institutional strength has historically been a huge asset that must not be squandered. It has been eroded in the course of a campaign where one of the strongest challengers to replace David Cameron as prime minister has questioned the probity of Mark Carney, the central bank governor; and Conservative MPs who usually embody the establishment have repeatedly sought to undermine the credibility of government departments and technocratic institutions. These tactics do profound damage to the UK’s reputation and to the functioning of its institutions. International observers now see politicians abdicating responsibility, intent instead on internal party machinations. The S&P downgrade underlines the urgency of articulating a coherent policy that can sustain the confidence of both international investors and UK consumers. The shock of the referendum has not yet become a crisis. But businesses and households are likely to delay decisions, and the economy is bound to suffer, so long as Britain remains without a prime minister, a functioning opposition or clarity from the Leave campaign about the way forward.
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Brexit: What is next? Britain’s influence in the world might diminish… By Dr. Rami Ranger, CBE
Brexit has stunned the world including those who voted to leave the European Union. They took an emotional, rather than a pragmatic decision. They underestimated the fallout from the exit in terms of the economy and union with Scotland and N. Ireland. Undoubtedly, the economy will shrink, sterling has become weaker, share prices are low and Britain will now attract less foreign investment. Unfortunately, loss of world’s biggest single market of 500 million affluent consumers will be hard to replace. Companies like Honda, Nissan, Toyota, Fujitsu and Samsung
came to Britain due the fact Britain was a part of the European Union. Now such companies, understandably, will invest in countries which are still part of the single market. More importantly, Britain’s influence in the world will also diminish to say the least. Britain cannot now combat a country like Russia with sanctions if it did not behave itself as it could being part of the European Union. Countries which were allies will now become rivals each fighting for its corner against Britain rather than fighting in unison for common goals. As far as immigration is concerned, it is a fallacy to think Britain can stop immigration
MP Sharma: Working for a better UK
Virendra Sharma, MP for Ealing Southall
I have always been committed to working internationally for a better UK and a better world. I hope that we will not now turn our backs on our European allies. I however totally respect the national will of the British public, even if Ealing voted to Remain. I know that I, along with my colleagues in the Labour Party, will now work to secure the best future for the UK whatever happens. Many of my constituents will now be worse off, but that only makes the work we are doing towards securing a Labour government all the more important. I hope that the UK economy will recover quickly and we will return to longterm stability.”
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in view of the fact that British population is aging and the birth rate is declining. Britain needs migrants to grow its economy as it has done for centuries. Countries like India were benefitting more whist Britain was a part of the European Union as the companies could base their Head Quarters in the UK and do business freely in the Europe Union. People from India are always welcomed to the UK with right qualifications. Very few UK National newspapers backed Brexit: the Morning Star, The Spectator… I am glad that The Weekly Tribune readers and supporters do un-
Dr Rami Ranger, CBE
derstand the importance of cooperation with other nations and
share the values of democracy and open society.
MP Seema Malhotra: Why I resigned from the Shadow Cabinet
MP Seema Malhotra
This week I made what was a most difficult decision to resign from the Shadow Cabinet. I did so because I believe we need a new leader to take us forward in the complex aftermath of the referendum, provide the strong leadership we need to be an effective opposition and to rebuild confidence in Labour amongst voters who have left us. Britain is a divided country and Labour is a divided party. And those divisions are getting worse. I believe particularly over the last few days since the EU referendum result that this has gone beyond
the more obvious differences in policy positions. This week Jeremy faces a vote of no confidence in his leadership. It has become clear that this is a vote he will lose. I do not believe that this is something that he or the Party should go through. I believe that difficult though it is, he should now step aside and help the Party through this difficult time. He can do so and still play a big role in the Party. Leadership comes in many different forms. Local party supporters and others across the country have contacted me to say they believe Jer-
Creative Director: R. Sonar | Designers: Y. Raj Mali, S. Panikar | Editors: M. Ahmed, S. Amin, E. Chawdhary Sub-editor: G. Parmar | Distribution: HMD Media and Distribution Contributors: Rev. Dada J.P. Vaswani, Dr. Rami Ranger, MBE, Nina L’Allure, Elizabeth Lymer, Javed Habib, Simi Arora, Ragasudha Rapatwar, Sonia Chada-Nichal, Bhopinder Matharu, Naresh Singhani, Anita Andani
emy has taken us as far as he can, and that we need a fresh start. Jeremy is a good man. Someone I worked with previously on the Justice Select Committee. In the leadership elections he showed that the Party had to change for us to connect more with voters and with the country. Implementing change can be a harder task and requires a different type of skill. The Labour Party is bigger than any one individual. My decision is about the future of the Party and how we best focus on achieving our purpose. It is why with great sadness, I believe we now need to move forward under a new leader to rebuild confidence in Labour, hold the Government to account effectively and start to look like a Government in waiting. This decision means I will shift my focus in Parliament to wider business and economy work, and reconnect with other policy interests. I remain supportive to our work from the back benches. My constituency work of course continues as normal and I thank all who have shared their views at this difficult time. The views expressed in this newspaper do not necessarily reflect the position of the publisher; the editorial advertiser(s) do not carry any endorsements presented by the publisher. Readers must take responsible care and precautions, when buying goods and services from advertisers. The newspaper and its publishers will not accept any claims from any dispute under any circumstances.
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Increase in racist attacks after EU referendum Aljazeera
Britain “will not tolerate intolerance”, the office of Prime Minister David Cameron has said, after a series of racist incidents were reported following its decision to leave the European Union. No 10 Downing Street came out with the warning, less than a week after the country voted to leave the EU in a referendum. “We should be absolutely clear that this government will not tolerate intolerance ... intimidating migrants, telling them they need to go home,” Cameron’s spokeswoman told journalists. The Polish Embassy in London earlier said it was “shocked and deeply concerned” by incidents of abuse directed at Poles and other Eastern Europeans living in England. They include the posting of laminated cards reading “Leave the EU - no more Polish vermin” to members of the Polish community in Huntingdon, near the eastern city of Cambridge, on Saturday. There were also reports of racist graffiti scrawled on a Polish community centre in Hammersmith, west London. The Metropolitan Police Service said it was investigating
the claim. “We would like to thank people for all the messages of support and solidarity with the Polish community expressed by the British public,” the embassy said. London mayor Sadiq Khan placed the city’s police force on alert following the incidents. Khan said he took “seriously my responsibility to defend London’s fantastic mix of diversity and tolerance. “I’ve asked our police to be extra vigilant for any rise in cases of hate crime, and I’m calling on all Londoners to pull together and rally behind this great city.” Mark Hamilton, the head of the Na-
tional Police Chiefs’ Council, said: “We are seeing an increase in reports of hate crime incidents to True Vision, the police online hate crime reporting site. “This is similar to the trends following other major national or international events. In previous instances, crime levels returned to normal relatively quickly but we are monitoring the situation closely.”
‘90 incidents’
Other incidents were reported on social media. Many used the #postrefracism tag and account to call out examples of intolerance, both to EU citizens living in England and non-white Britons. One Twitter user, Ben Zen, wrote that two Britons waved an English flag towards him and, having heard him speak in Roma-
Brexit’s blow to the NHS By Rachel Clarke/ Huffington Post
Brexit is a brutal blow for one of the most cosmopolitan of UK workforces. The NHS is an extraordinary melting pot of nationalities, and all the richer for it. On my ward alone, the doctors and nurses making up the team are British, Spanish, Nigerian, Portuguese, Canadian, Kiwi, French and Filipino. Overall, up to 35% of health professionals come from outside the UK, with 55,000 of the NHS England’s 1.2 million staff being citizens of other EU countries. Small wonder one of the UK’s most senior economists, Stephen Nickell of the Office for Budget Responsibility, has stated that the NHS would be “in dire straits” without migrant workers. Much has been made of the ephemerality of the Leave campaign’s £350million a week promise to the NHS in the event of Brexit a pledge that lasted barely an hour beyond the referendum result before Nigel Farage dismissed it as a ‘mistake’. Worse, our underfunded NHS now faces potentially catastrophic financial consequences of Brexit. But the most immediate threat to the NHS is not financial but human: the risk that members of its most precious, most undervalued asset - its workforce - may now wonder what on earth they are doing here. Already, nursing and medicine in the UK are perilously understaffed. Every day, in every hospital, doctor and nursing rotas are riddled with gaps - unfilled slots - leaving patients exposed to dangerously overstretched staff. If patient safety matters, we simply cannot afford to lose any more doctors and nurses. Yet now, vast numbers of them have been made to feel unwelcome and unwanted:
first by a campaign based on prejudice, propaganda and xenophobia, second, by the fact that the majority of voters actually embraced this narrative of fear. We have a long and grubby history of politicians and newspaper editors exploiting Britons’ love of the NHS to indulge in immigrant bashing. You know the drill. Why can’t you get an appointment at your GP? Because hordes of migrants are clogging up the surgery. Why have you been denied your ground-breaking cancer drug? Because all those brazen ‘health tourists’ are screwing us out of scarce NHS resources. The irony is, the NHS’s job of caring makes it in one sense our most egalitarian institution. In death lies the ultimate equality and, when treating sick patients, you are only one step removed from that. Medicine transcends difference. Hearts still pump, blood still flows, whatever skin they’re clothed in. My job is to help people, irrespective of race, religion, sexuality, nationality. When you lie before me in a hospital gown - vulnerable, frightened, disorientated, in pain - as your junior doctor I don’t care if you are English, Spanish or Outer Mongolian. You could be a communist, a Scientologist, a Prime Minister, an axe murderer. You could even be Jeremy Hunt and still I would treat you the same. Doctors, like nurses, treat one thing alone, the patient, the person in front of them. The values that infuse an NHS ward - kindness, tolerance, decency, humanity - should surely be writ large? I thought my country was inclusive, all-embracing. I’ve never felt more foreign. To my non-British colleagues, every one of you an asset to the NHS, I’m sorry, so sorry, please stay.
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NATIONAL nian, said: “We voted you out. Go home immigrants.” Another, Carlos from London, posted images of a Polish father and son who had been severely beaten, reporting that the family members had said Englishmen were behind the attack. On Facebook, Ai Sha shared a video showing members of the far-right English Defence League gathering outside a mosque in Birmingham waving a flag that read: “Refugees Not Welcome”. Police later made two arrests. John O’Connell, from anti-racism group Far Right Watch, said they had recorded more than 90 incidents in the past three days, ranging from “verbal abuse up to physical violence”. Rights groups called on people to report incidents as they promised action. “Now we are witnessing the shocking extent of this with reports around the country of hate speech and minorities being targeted,” said Shuja Shafi, secretary general of the Muslim Council of Britain. “I will be writing to the Home Secretary to ask what measures are being taken to step up security and policing in areas where such incidences have been reported.” Human Rights Watch said authorities “should take strong action to curb xenophobic attacks and abuse in the United Kingdom in the wake of the referendum”, as it encouraged people to report xenophobic acts to the police.
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Hounslow turn out in high numbers for the Armed Forces Crowds gathered in Hounslow to pay their tributes at the borough’s Armed Forces Day event. Residents, guests and dignitaries joined the Mayor of Hounslow, Councillor Ajmer Grewal and Councillor Steve Curran Leader of Hounslow Council to watch a parade followed by a special service in the Holy Trinity Church. As the main national Armed Forces Day (Saturday 25 June) event this year was held in Cleethorpes, Lincolnshire, it was decided to mark the day in Hounslow on Monday instead. Among those representing the Armed Forces were the 1st Battalion Irish Guard, Ghurkha veterans, the Chelsea Pensioners, Royal British Legion, British Army veterans and local cadet forces. Among the veterans taking pride of place in the parade was 94-year-old Rajinder Singh Dhatt, who served in the British Indian Army. After a parade through the town centre, a service was held commemorating the sacrifices that serving men and women of the armed forces make on a daily basis. At a reception held afterwards, members of the armed forces took part in a question and answer session with pupils from Beavers Community Primary School, Hounslow, who
On parade, the Irish Guards march past the crowd on Monday, at Hounslow’s Armed Forces Day
also got to try on the bearskin hats of the Irish Guards. Cllr Curran said: “It was an honour to be able to once again welcome representatives from our local armed forces and pay tribute to what they do for us. It’s an opportunity to say thank you, to let them know that we appreciate what they do for our country and the sacrifices they make. This has become an
Duke of Gloucester visits Bedfont
Paying respects, Councillor Ajmer Grewal, Mayor of Hounslow with the Irish Guards at Hounslow’s Armed Forces Day
annual event and one which Hounslow is extremely proud to support. Thank you also to all those residents who came to watch and add their backing, especially with the unpredictable weather.” Lt Colonel Ian Turner, Commanding Officer, Irish Guards, Hounslow, said: “On this day, we stop and pay tribute to the Armed
Forces, not just the forces here in Hounslow, but to everyone across the country and the world, whether in the front line or in support; whatever their service, whatever their unit, whatever their role. This event has once again brought together the community of Hounslow and we would like to thank everyone for supporting it.”
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HRH Duke of Gloucester (C) Talking to Mr Anthony Leask (L) and Mr Christopher Round (R) By Liz Mammatt
His Royal Highness, the Duke of Gloucester, visited The Fairholme Estate, Staines Road, Bedfont TW14 8DE on Tuesday 21 June 2016 to present the Almhouse Association’s 2014 Patron’s Awards to the winners, which were from around the country. The Duke is a Vice-Patron of the Almshouse Association, of
which The Charity of Elizabeth Jane Jones, namely Fairholme, is a member. The Duke of Gloucester is seen here with Mr A Leask, a Director and Mr C Round, the Clerk to the Charity. He had previously visited two homes on the estate and subsequently circulated to meet all the residents who attended the tea party, as shown in the Hall.
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Make Eid special for your little one this year Eid is just around the corner and at Asda we know you are busy balancing the last few days of Ramadan and preparing for Eid to make it a memorable day for your family. From making the perfect Sheer Korma to marinating the meat for that delectable biryani, you must be running around putting in all the effort that goes into making this Eid memorable but there is that special member in your family who looks forward to Eid with bated breath every year. Whether they are excited about the sweets or Eidi, when they get gifts and goodies ranging from toys to chocolates or money, Asda knows you are looking for ideas on how to make Eid extra special for your little ones. This year we asked kids and mums about what made their Eid special. We bring you heart-warming stories featuring a mother and son duo, Tasneem and Moiz Tawawalla, and how they plan on making Eid special this year. The stories also feature how little Naqiya helps her mum with household chores before Eid and how the siblings, Raheel and Shazia, are working towards their Eidi.
Mother and Son Duo – Tasneem and Moiz
Every year Tasneem mum of six-years-old Moiz sees a flurry of activities taking place for Eid. From relatives visiting, to dishing up some Eid favourites and making sure the kids are having a good time. This year Eid is especially important for the mother of two from St Albans since her relatives in the UK and her family in Pakistan will be coming for a visit. “This year the house is going to be packed and I have to ensure there is something for everyone to look forward to. Since the kids will be busy playing with their cousins and collecting Eidi from everyone, I need to make sure they eat well as well while they are busy with fun and games. So while there will be biryani and sheer korma, I will also be getting some Bombay mix, kebabs and samo-
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the best. I always look forward to it and sometimes she adds a bit of mango in it. This year she has promised that I can help her in the kitchen and my daadi said if I do a good job she will give me lots of chocolates for Eidi!” This year for Eid you can top up your desserts with Alphonso Mango Pulp (850g) for £1.50 from your Local Asda.
Sibling Teamwork – Raheel and Shazia
sas for them to munch on while they play.” While six-year-old Moiz Tawawalla loves his mum’s Eid special biryani, he is looking forward to his grandparents visit. He said: “This year I told Nani to get me an Iron Man toy so I can play superheroes with my friends and she promised me she would. During Eid my mum and dad usually give me new clothes, all my cousins come over and we get to eat lots of chocolates and play the whole day.” In case you are looking to make the celebrations even sweeter for your child, why not get a box of Cadbury Heroes (695g) or Cadbury Roses (729g) for just £5 at Asda.
ing she makes her little chapattis. This year for Eid she is looking forward to sevaiya. She keeps asking me when I’ll be making it and if she can help as well. So I am planning to get her to help me with sprinkling the pistachios and adding a bit of mango for decoration.” Speaking about her favourite dish twelveyear-old Naqiya said, “My mum’s sevaiya is
Mummy’s little helper Naqiya
As Moiz looks forward to the gifts and chocolates, little Naqiya from Manchester will be helping her mother in the kitchen with the preparations. “Every time I am in the kitchen, she follows me around and watches what I do. Usually when I am cook-
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While Moiz and Naqiya are looking forward to their gifts, brother and sister duo - Raheel and Shazia Khan are working towards their Eidi. Speaking to us about why they deserve the best Eidi, ten-year-old Raheel said, “This Eid my sister and I have made Eid Mubarak cards with a special message for everyone in the family. Also Shazia and I have promised to study hard and get good marks if we get a good Eidi from our mum and dad.” From looking forward to their favourite dishes to working towards their Eidi’s, Muslim kids across the UK are looking forward to Eid celebrations. At Asda we know how important Eid is for the little ones, that’s why this year we are providing great deals on their favourite dishes, chocolates and toys under one roof so that you make this festive day even more joyous for them.
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China
Brexit is the sum of China’s fears By Christopher Balding/ Bloomberg
In voting to leave the European Union, the UK has confirmed many of the Chinese Communist Party’s worst fears about democracy. Now the question is whether Brexit will also impede its attempts at economic reform. At least one major target of “Leave” campaigners in the U.K. -- an unaccountable bureaucracy in Brussels, enjoying the fruits of power -- will certainly resonate with Chinese citizens. Despite a recent corruption crackdown, dissatisfaction with officials is simmering in many parts of China -- over land grabs, unpaid wages, layoffs and more. For the Communist Party, a popular rejection of distant bureaucrats isn’t to be taken lightly. Brexit also confirms the party’s fears about the capriciousness of the people. As an editorial in the Global Times, a state-run tabloid, put it, Brexit is a “Pandora’s box,”
a “lose-lose situation” and a “major setback.” The Chinese people, it went on, “will continue to watch the consequence of Britain’s embracing of a `democratic’ referendum.” Such scepticism of the wisdom of crowds is widespread in Beijing’s halls of power -- and it has
real-world consequences for democracy advocates. A deeper worry for the party is instability. The political and business classes in China are extremely risk-averse. Banks lend to stateowned enterprises in the belief that the government stands be-
hind them, students from the best schools aspire to the civil service, and changes to policy flow from on high. Party technocrats tend to see political and financial instability as intimately linked. And as Premier Li Keqiang stressed repeatedly at the World Economic Forum, Brexit has increased both. The immediate economic consequences for China are likely to be minimal. As Bloomberg economists Tom Orlik and Fielding Chen have pointed out, only 2.6 percent of Chinese exports head to the UK But the indirect consequences could be substantial. After Britain voted out, the yuan suffered the biggest one-day drop since its devaluation last August. In the worst case, Brexit may act as a long-term drag on China’s exports, increase its spare capacity, spur capital flight, impede foreign direct investment and generally weaken the forces that have sustained its growth over the past few decades.
Amid that kind of pressure, expect China’s leadership to double down on economic and financial policies intended to keep growth humming and minimize any disruption, no matter what the price. That may mean a further weakening of the yuan and more creditfueled investment. It may mean leaders will think twice about undertaking contentious bank reforms. And a much-needed overhaul of state-owned enterprises -- which risks turning laid-off workers into crowds of protesters -could be placed on the backburner. A further tightening of dissent also can’t be ruled out. The Chinese Communist Party is a keen watcher of world events, and is quick to learn from the failures and successes of others. As it watches the British pound plummet and global markets go haywire, it will only see more evidence that the risks of major financial and political reforms simply aren’t worth taking.
Burma
Sri Lanka
US to downgrade Burma in annual human trafficking report
Sri Lanka to fast track trade pact with India after Brexit
The US will downgrade Burma (Myanmar) to the category reserved for the world’s worst perpetrators of human trafficking in the annual Trafficking in Persons (TIP) report, which will be released this Thursday. According to Reuters, the US Department of State made the decision to move Burma to the “Tier 3” category in a bid to get the country’s newly-installed government to take action against the indoctrination of child soldiers and forced labour. The report divides countries into three categories: Tier 1 for countries that fully comply with the minimum standards of the Trafficking Victims Protection Act (TVPA); Tier 2 for countries that do not fully comply with the TVPA’s minimum standards, but are making significant efforts to bring themselves into compliance with those standards; and Tier 3 for countries that do not fully comply with the minimum standards and are not making
significant efforts to do so. There is also the additional category, the “Tier 2 Watch List”, which monitors countries that do not fully comply with the TVPA’s minimum standards, but are either making significant efforts to bring themselves into compliance with those standards, or are sliding back to worse standards. In the 2015 TIP report, Burma was on the “Tier 2 Watch List”, but will now join the ranks of other “Tier 3” countries, such as North Korea, Syria, and Iran. The move was confirmed by a US official in Washington and a Bangkok-based official from an international organization, who spoke to Reuters on the condition of anonymity. Getting a “Tier 3” rating would not bode well for Burma’s budding economy, as countries in the category are subject to sanctions, such as the withholding of assistance or funding from other countries, or international financial institutions
such as the World Bank or the International Monetary Fund. There was a heated debate among committee members over Burma’s demotion to “Tier 3”, as some wanted to reward Burma for its political reforms, while human rights experts argued that the government was still not doing enough to curb human trafficking. The controversy surrounding Burma’s ethnic Rohingya, the majority of whom are Muslim, likely played a major role in the decision. Since coming to power, de facto leader Aung San Suu Kyi and her government have come under fire from the international community due to their failure to resolve issues involving the persecuted minority, thousands of whom have fled to neighboring countries and are currently stuck in refugee detention camps.The Burmese government’s refusal to grant citizenship to an estimated 800,000 Rohingya “significantly increased this population’s vulnerability to trafficking”, concluded last year’s TIP report. “The chronic, chronic abuse of the Rohingya has not been dealt with at all,” said a U.S. congressional aide regarding the issue. Last month, the newly-appointed U.S. envoy to Burma, Scot Marciel, insisted that the persecuted Muslim minority in the country had the right call themselves ‘Rohingya’, despite the administration’s call to avoid using the term.
India External Affairs Minister Sushma Swaraj (L) talks to with Sri Lanka’s Prime Minister Ranil Wickremesinghe during their meeting in Colombo, Sri Lanka February 5, 2016. Photo by Dinuka Liyanawatte/ Reuters Indian Express
Sri Lanka’s opposition has criticised the proposed trade deal with India as an attempt to “foreignise” the country’s economy. Sri Lanka said it will fast track its proposed trade agreements with India in order to mitigate the effect of Brexit, notwithstanding opposition from political parties and trade unions. “We hope to fast track the Economic and Technical Cooperation Agreement (ETCA) with India and free trade agreement with China. We are also hoping to sign similar trade deals with Japan and South Korea,” Deputy Foreign Minister Harsha de Silva said. De Silva was among those in the government delegation which was sent to the UK to campaign for remain in the EU. The move was criticised by the opposition. De Silva, however, has defended the action as one done in the best interests of Sri Lanka. He told parliament that the UK’s exit from the EU
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will impact Sri Lanka’s exports to the 28-nation bloc. Sri Lanka’s opposition has criticised the proposed trade deal with India as an attempt to “foreignise” the country’s economy and demanded that the shortcomings in the existing free trade agreement should be sorted out before concluding the deal. It said the agreement would be advantageous to India and inimical to Sri Lankan economic interests. The opposition demands that the agreement include goods, trade in services and investment. Prime Minister Ranil Wickremesinghe has in the past said that his government will sign the proposed ETCA with India by the middle of this year notwithstanding opposition from political parties and trade unions. He said that it was a misconception that the country would be flooded with Indian workers. The leave vote of the UK referendum has had an effect on global financial markets and the world economy faced new uncertainties post Brexit.
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Persian Gulf
Why Iran was so quick to praise Brexit? By Melissa Etehad/ Washington Post
While the international community squirmed in distress when Britain voted to leave the European Union, there was one country that was quick to voice its optimism: Iran. Even though only a few Iranian political and military leaders decided to speak about Brexit, the ones who did expressed support and even enthusiasm for the referendum. “The departure of England from the E.U. is a ‘historic opportunity’ for Iran — an advantage must be taken from this new opportunity,” President Hassan Rouhani’s deputy chief of staff for political affairs, Hamid Aboutaebi, wrote in a tweet. “As a democratic establishment, the Islamic Republic of Iran respects the British people’s vote on leaving the European Union, and considers that as being in line with the will of majority of that country’s people to adopt their own foreign policy,” the Iranian Foreign Ministry said in a statement Friday. “A large earthquake shook Europe. The stars of the E.U. flag are currently falling. It is a long time that the E.U. has lost the trust of the people,” Aboutaebi added. With many political analysts and economic experts raising concern that a post-Brexit world could negatively impact the economy and fuel mistrust of Western institutions, WorldViews answers why Iran might support Brexit:
Why does Iran view Brexit as a ‘win’?
Some Iranian officials see a Britain outside the E.U. as a major geopolitical reshuffle that might give Iran more leverage in a political environment that has historically been against it. Iran’s relationship with Britain and the rest of Europe is complex and dates back before the 1979 Islamic Revolution. In the 1950s, Britain opposed the nationalization of Iranian oil and eventually, with the support of the United States, backed a coup to replace Prime Minister Mohammed Mossadegh, who wanted to take back control over Iran’s oil.
Why is this important to Iranians?
Iranians saw this as a direct attack on their sovereignty and independence. Along with other things, this remains a strong reason for continued mistrust between Iran and Britain and could partially explain the lingering resentment. As the deputy chief of staff of Iran’s armed forces, Brig. Gen. Massoud Jazayeri, was quoted as saying after Brexit: “Britain must pay the price for years of colonialism and crimes against humanity.” Jazayeri’s choice of words to describe Britain isn’t uncommon. Many officials within Iran’s establishment still hold resentment of British and U.S. meddling in Iran’s affairs, and use it as part of their propaganda to maintain public support in post-revolutionary Iran. For example, Iran’s supreme leader, Ayatollah Ali Khamenei, during his sermons or television appearances,
has referred to Britain as “wicked” and “evil.” Despite this, President Rouhani did make it a point to establish ties by reopening the British Embassy in Tehran in 2015 after it had been closed for four years.
But could Brexit actually be a ‘historic opportunity’ for Iran?
Though they haven’t gone into detail, it’s possible to speculate that some Iranian officials were thrilled with the announcement for economic reasons. Europe is an important trading partner for Iran. And as an emerging market, some Iranian officials believe, Iran stands to benefit from business opportunities. In addition to having an easier time making business deals with individual European countries such as Italy, Greece or Spain, as BuzzFeed’s Borzou Daragahi points out, Britain might also stand to benefit. In fact, Britain has been trying to increase trade with Iran for two years with no success, according to Lobe Log’s Esfandyar Batmangheldj. He also noted how Lord Norman Lamont, Britain’s formal “trade envoy” to Iran, is a supporter of Brexit. However Batmangheldj, who is a researcher on Iranian political economy and social history, also expressed scepticism. “Practically speaking, Iran will not be a priority in the post-Brexit economic agenda,” he wrote.
Why does Iran think Brexit would be a rejection of US-style
policies?
The British people’s decision to leave the EU is a “rejection of America’s imposition of will against European states,” said Jazayeri, the armed forces deputy chief of staff, according to Mehr News. He added later that “the only path to protect the EU is the open and practical independence from the White House.”It’s not clear how some Iranian politicians see a Britain separated from the EU as less open to American influence. But it is true that the United States influenced the EU to impose trade sanctions on Iran because of its nuclear program, which it curtailed under the Joint Comprehensive Plan of Action (JCPOA), an agreement reached between Iran and six world powers almost one year ago. Perhaps officials in Tehran think that a Britain separate from the EU would have weaker relations with the United States.
But could Brexit affect the U.S. relationship with Britain?
Obama made it clear that the American relationship with Britain won’t be affected by the vote. Although he was in favor of Britain remaining part of the E.U., Obama said in a statement in that “the special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security and economic policy.”
Nepal
Prolonged political instability forcing scientists to leave Nepal, says Minister Gajurel Scientists are leaving the country because of prolonged political instability, said Minister for Agriculture, Haribol Gajurel. Gajurel, speaking at a programme in Bhaktapur, stressed the need to stop the outflow of agri-scientists by ending political transition. He said: The government is working to retain young people in the country’s farm sector by creating a conducive environment.
There’s a pension scheme in the farm sector now, so the workforce does not have to go abroad for jobs. Gajurel said a national government is a must, no matter who leads it. The minister claimed that National Reconstruction Authority has turned into ‘a political recruitment centre’. He stressed the need to address Madhesh movement’s demands and hold elections on schedule.
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Brexit vote throws agricultural trade into question By Whitney McFerron and Manisha Jha/ Farm Future
The UK’s decision to walk away from the European Union may throw billions of pounds worth of agriculture trade into question as politicians prepare for a lengthy wrangle over future policy. The EU is the biggest customer for UK food and drink exports, with last year’s sales, excluding alcohol, valued at 8.9 billion pounds ($12.2 billion), according to the Food & Drink Federation. Britain is also a major importer from countries including the Netherlands, France, Ireland and Germany. Refining existing policies may be lengthy and difficult: The UK has two years to negotiate its exit and nobody knows yet what type of trade deals will be secured. While a weaker pound would make exports of U.K. products including grains more attractive, German farm cooperatives’ group DRV warned on Friday that Brexit could lead to a patchwork trade policy in Europe that might have “far-reaching, negative consequences” for exports. “Trade is the most urgent and most obvious issue,” Pekka Pesonen, secretary general of Brussels-based farm lobby group Copa & Cogeca, said by phone. “The last thing we need is another element of uncertainty. There are very strong economic
links between the British Isles and continental Europe, and severing those business relationships would be serious for everybody.”
Agriculture Investment
One concern is investment in UK agriculture, which will probably stall until trade and farming policies are clarified, said Allan Buckwell, an economist and emeritus professor from Imperial College London. “Huge uncertainty” will remain in the markets for at least a year, farm-land prices may drop and costs of imported machinery and fertilizers may rise, he said. Leaving the EU poses both challenges and opportunities for the UK fishing industry, according to the National Federation of Fishermen’s Organizations, which said the country may seek to renegotiate catch quotas with the EU. The group Fishermen For Leave, which gained notoriety last week after U.K. Independence Party leader Nigel Farage joined it on a flotilla on the River Thames, has criticized the EU’s Common Fisheries Policy as damaging to the industry by allowing vessels from other countries to fish in British waters. Here’s what other analysts and industry groups said about the implications for food and agriculture: Meurig Raymond, president of the UK National Farmers’ Union, said there are concerns about renegotiating trade deals and secur-
German carmakers warn on free movement
German carmakers have said that the UK will have to accept the free movement of EU citizens in return for access to the single market. Matthias Wissmann, from the German Automotive Industry Association, said the UK would have to accept the “bitter pill” of free movement. Restricting access to the UK was a key promise of the Leave campaign. Leave campaigners also argued that, to help car exports, Germany would push for a generous trade deal with the UK. However, the German carmakers appear to be taking a tough line. “We don’t like to build new barriers... but any bid to secure full access to the single
market would necessarily come with conditions. Everyone who negotiates on the British side will understand that,” Mr Wissmann said. “If you want full access to the market, that comes necessarily with the free movement of people. That’s the bitter pill the Brexiteers have to accept,” he added. Would the UK face tariffs outside the EU?
Free trade without free movement?
Responding to those comments, Conservative MP John Redwood said: “I don’t think he [Mr Wissman] speaks for the German government. “We’ve heard Mrs Merkel take a fairly emollient line. She is only too well aware that German industry is saying to her: ‘For goodness sake do not end up with tariffs and barriers in the way of our very substantial exports to the United Kingdom market.’” Mr Redwood thinks that the UK would get a much better deal then Norway and Switzerland who are outside the European Union, because the UK is a “very heavy
ing labour in an industry which partly relies on workers from Eastern Europe. -The Irish Farmers’ Association expressed “disappointment” in the vote result and said the trade relationship with Great Britain and Northern Ireland will be central to EU-UK negotiations. -The Crop Protection Association, which represents chemical companies, said there’s now an opportunity to scrutinize policies and address poorly managed regulations that hurt the competitiveness of U.K. farming. Bloomberg Intelligence said because the UK is only 54 percent self-sufficient in food, some food costs may increase if trade tariffs are imposed.
FNSEA, the French National Federation of Farmers’ Unions, said Britain should remain an “indispensable partner” in food trade and the vote highlights the divide between people and EU institutions. The National Farmers’ Union Scotland said there needs to be a period of stability following the “seismic” political changes in the last 24 hours. quark/charts/netchart/savings.qxd
MONEYFACTS SAVERS SELECTION Telephone Account Notice Deposit % Interest Number or Term AER Paid EASY ACCESS ACCOUNTS WITH BONUS Tesco Bank www.tesco.com Internet Saver None (W) £1 1.27%* Yly Post Office Money® www.postoffice.co.uk Online Saver 21 None (W) £1 1.00%* Yly TSB Via branch Easy Saver Instant £1 1.00%* Yly TSB www.tsb.co.uk eSavings None (H) £1 1.00%* Yly SAGA 0800 066 5701 Telephone Saver (18) None (T) £1,000 1.00%* Yly BM Savings www.bmsavings.co.uk Online Extra (Issue 21) None (W) £25,000 1.00%* Yly EASY ACCESS ACCOUNTS WITHOUT BONUS RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Yly Virgin Money www.virginmoney.com Defined Acc E-Saver 6 None (W) £1 1.26% Yly United Bank UK Via branch Online Easy access None (W) £500 1.25% Yly State Bank of India www.sbiuk.com Online Instant Access 4 None (W) £500 1.25% Mly Shawbrook Bank www.shawbrook.co.uk Easy Access - Issue 5 None (W) £1,000 1.25% Yly Nottingham BS www.thenottingham.com eSaver Instant Issue 4 None (W) £500 1.21% Yly 1 YEAR FIXED RATES Fidor Bank www.fidorbank.uk Savings Bond 18 Month Bnd (W) £100 1.90% F OM Charter Savings Bank www.chartersavingsbank.co.uk Fixed Rate Bond 18 Month Bnd (W) £1,000 1.85% F Yly Fidor Bank www.fidorbank.uk Savings Bond 12 Month Bnd (W) £100 1.80% F OM Charter Savings Bank www.chartersavingsbank.co.uk Fixed Rate Bond 1 Yr Bnd (W) £1,000 1.79% F OM Al Rayan Bank 0845 6060 786 Fixed Term Deposit 18 Month Bnd £1,000 1.76% F Qly BLME www.blme.com Premier Deposit Account 18 Month Bnd (W) £25,000 1.74% F OM 4 YEAR AND OVER FIXED RATES FirstSave www.firstsave.co.uk Fixed Rate Bd 5th 7 Yr Bnd (W) £1,000 2.75% F Yly BLME www.blme.com Premier Deposit Account 5 Yr Bnd (W) £25,000 2.55% F Yly Union Bank of India (UK) Ltd 0207 332 4250 Term Deposit 5 Yr Bnd £1,000 2.50% F OM Milestone Savings www.milestonesavings.co.uk Fixed Term Deposit 5 Yr Bnd (K) £10,000 2.50% F Yly Ikano Bank www.ikano.co.uk Fixed 5 Year Saver 5 Yr Bnd (W) £1,000 2.45% F Yly Raphaels Bank 01296 436661 Fixed Rate Bond 60 Month Bnd £5,000 2.35% F Yly MONTHLY INTEREST Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Mly RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Mly Charter Savings Bank www.chartersavingsbank.co.uk 60 Day Notice Issue 2 60 Day (W) £1,000 1.45% Mly Buckinghamshire BS 01494 879500 Chiltern Gold Generator 7 180 Day £1,000 1.35% Mly FirstSave www.firstsave.co.uk 60 Day Notice 60 Day (W) £5,000 1.35% Mly Charter Savings Bank www.chartersavingsbank.co.uk 30 Day Notice Issue 2 30 Day (W) £1,000 1.30% Mly NOTICE Bank and Clients 01935 609600 6 Month Notice Account 6 Month £1,000 1.60% Yly Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Yly Shawbrook Bank www.shawbrook.co.uk 120 Day Notice Issue 35 120 Day (K) £1,000 1.55% Yly Raphaels Bank 01296 436661 Sapphire Account 6 Month £5,000 1.55% Yly Al Rayan Bank 0845 6060 786 120 Day Notice 120 Day £250 1.51% Mly Hampshire Trust Bank www.htb.co.uk 90 Day Notice (7) 90 Day (P) £1,000 1.50% Yly VARIABLE ISAS Al Rayan Bank 0845 6060 786 Notice Cash ISA 120 Day £250 1.55% Mly Bank and Clients 01935 609600 90 Day Cash ISA 90 Day £1,000 1.50% Yly Yorkshire Bank 0113 807 2000 Cash ISA - 40 Day Notice 40 Day £15,000 1.50% Yly Clydesdale Bank 0800 222426 Cash ISA - 40 Day Notice 40 Day £15,000 1.50% Yly Buckinghamshire BS 01494 879500 Mly Income Cash ISA (6) 180 Day £100 1.36% Mly Coventry BS 0800 121 8899 Easy Access ISA (3) Instant £1 1.30% Yly * = Introductory rate for a limited period. B = Operated by Post or Telephone. F = Fixed Rate. H = Operated by Internet or Telephone. K = Operated by Internet, Telephone or Post. OM = Interest paid on maturity. P = Operated by Post. T = Operated by Telephone. W = Operated by Internet. All rates are shown as AER. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.
FIGURES COMPILED ON: 23 June 2016 Source:
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