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Economists sound the alarm over post-Brexit plans

It also raised the risk of hurting the real economy as the finance sector sucks in a disproportionate share of talent, they said in an open letter to finance minister Rishi Sunak…reports Asian Lite News

More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis.

The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the City of London to remain a global financial centre after the country left the European Union.

The group of 58 economists, including a Nobel Prize winner and former business minister Vince Cable, said making competitiveness an objective could turn regulators into cheerleaders for banks and lead to poor policymaking.

It also raised the risk of hurting the real economy as the finance sector sucks in a disproportionate share of talent, they said in an open letter to finance minister Rishi Sunak.

“The UK instead needs clear regulatory objectives that promote economy-wide productivity, growth and market integrity, and also protect consumers and taxpayers, advance the fight against climate change and tackle dirty money to protect our collective security,” the letter said.

Britain’s financial services minister, John Glen, has said the new competitiveness objective for the Bank of England and the Financial Conduct Authority would be secondary to keeping markets, consumers and companies safe and sound.

Banks have sought more focus on competitiveness than proposed, but the government has faced push-back from the BoE which has warned against a return to the “light touch” era that ended with lenders being bailed out during the financial crisis.

The signatories of the open letter included Cable, a former leader of the centrist Liberal Democrats, Mick McAteer, a former FCA board member, and Nobel Prize-winning economist Joseph Stiglitz.

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Thatcher’s statue pelted with eggs hours after installation

Her statue in Grantham lies between 19th-century MP Frederick James Tollemache and another of Sir Isaac Newton…reports Asian Lite News

A statue of former prime minister Margaret Thatcher which was erected in her hometown of Grantham was pelted with eggs hours after it was installed.

Moments after it was installed a protester organized an ‘egg-throwing contest’ on Facebook and according to UK-based news outlets, followed through with his threat as he threw several eggs at the statue. Only one egg hit the statue.

The statue designed by sculptor Douglas Jennings shows the former Conservative Party leader wearing a Baronial Gown of Kesteven and wearing the chain of the Order of the Garter, news agency iNews said in a report.

Her statue in Grantham lies between 19th-century MP Frederick James Tollemache and another of Sir Isaac Newton.

Following the news of eggs being pelted on her statue, the Grantham Community Heritage Association (GCHA) said that despite erecting her statue, ‘the full spectrum of views exist in Grantham about the legacy of Margaret Thatcher and an exhibition inside the museum illustrates this’.

Despite being known as a charismatic leader, opinions vary regarding Margaret Thatcher, the UK’s first female prime minister.

Margaret Thatcher was known famously for leading England against Argentina in the Falklands War.

Even though the UK emerged victorious during the Falklands War, the UK youth at that time did not approve of Thatcher’s military action.

Also some in England see Thatcher as a savior of the UK economy as she brought new laws which helped the UK public to navigate through the economic downturn brought forth by the Labor Party who preceded her.

But in some parts of England and Scotland, people dislike Thatcher because she closed down coal mines, broke the miners strikes and put people out of their jobs.

Thatcher introduced a poll tax which was a form of council tax and levied taxes on all people at the same rate regardless of their income.

This was hugely unpopular and is believed to have led the fall of Thatcher.

She is also controversial for allowing the privatization of several state-run companies. Several statues of famous UK politicians, including former prime minister Winston Churchill, were vandalised earlier.

Another statue of Margaret Thatcher was vandalised in 1998 when theatre producer Paul Kelleher decapitated her marble statue intended to be installed in the Member’s Lobby of the House of Commons after her death.

Later in 2007 another statue was installed and during its installation Thatcher was present. “This time I hope the head will stay on,” Thatcher quipped during the unveiling ceremony, news agency The National reported.

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Milling visits Mongolia to boost collaboration in trade

Minister for Asia, Amanda Milling, said, “I was delighted to make my first visit to Mongolia as UK Minister for Asia…reports Asian Lite News

During her visit the Minister focused on areas of UK-Mongolia bilateral relations such as trade and investment, foreign policy issues, climate change and education.

Minister Milling also co-chaired the UK-Mongolia Roundtable Dialogue with the Mongolian Minister of Education and Science and the Foreign Policy Dialogue with the Deputy Foreign Minister. These covered a range of bilateral and international issues.

Minister Milling also met other Ministers and senior officials during her visit. She raised global issues, in particular the importance of international condemnation of Russia’s invasion of Ukraine. The Minister welcomed Mongolian humanitarian assistance to Ukraine and urged Mongolia to join the international community’s call to uphold the UN charter in Ukraine and press for an end to the violence. The Minister also discussed continued provocations by the Democratic People’s Republic of Korea (DPRK) and sought Mongolia’s views on international engagement with DPRK and deterring provocations.

Minister for Asia, Amanda Milling, said, “I was delighted to make my first visit to Mongolia as UK Minister for Asia. I held productive discussions on a range of bilateral and international issues and look forward to strengthening our relationship with Mongolia even further. Seeing the Oyu Tolgoi copper mine and the transformational impact of UK investment was a particular highlight.”

The Minister also had the opportunity to pay a visit to the Oyu Tolgoi copper mine in the South Gobi. It is managed by the UK/Australian company Rio Tinto and is the largest investment by a UK company in Mongolia. The mine is the largest employer in Mongolia and a significant contributor to Mongolia’s development. The Minister was able to see the new underground phase and operations across the mine. It is set to be the 3rd largest copper mine in the world when fully on-stream, with amazing potential for UK investment and Mongolia.

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Queen attends Jubilee celebration after health concerns

The queen on Friday spent almost an hour at the Royal Windsor Horse Show at the same venue, in an increasingly rare public appearance…reports Asian Lite News

A smiling Queen Elizabeth II attended a Platinum Jubilee celebration at Windsor on Sunday, days after ill health and old age forced her to pull out of the opening of the UK parliament for the first time in nearly 60 years.

The 96-year-old monarch used a walking stick to make her way to the royal box at the show, entitled “A Gallop Through History”, near her Windsor Castle home west of London.

The audience gave the queen a standing ovation at the star-studded equestrian extravaganza, led by Hollywood actors Tom Cruise and Helen Mirren.

The queen on Friday spent almost an hour at the Royal Windsor Horse Show at the same venue, in an increasingly rare public appearance.

The queen last week did not open parliament, the first time she has missed the event since 1963.

Officials blamed her absence on “episodic mobility problems” — understood to be difficulties walking and standing — that have dogged her since last year.

An unscheduled overnight hospital stay last October and frailty have seen her withdraw from a string of public engagements.

She was last seen in public at the end of March, at the Westminster Abbey memorial service for her late husband, Prince Philip.

At that event, she used a walking stick and required assistance to get to her seat.

Her dwindling appearances, plus a bout of Covid earlier this year, have fuelled concerns for her health in her record-breaking 70th year on the throne.

Four days of public celebrations for her Platinum Jubilee are planned for early June, including military parades and a public pageant, as well as picnics and a pop concert.

Her eldest son Prince Charles, 73, stood in at the state opening of parliament, in the clearest sign yet that her reign is coming to a close.

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DUP shuts down Northern Ireland Assembly

Unless the DUP changes its mind, it could take up to six months before fresh elections would be held…reports Asian Lite News

Northern Ireland’s Democratic Unionist Party (DUP) lived up to its threat and blocked the restoration of the power-sharing government.

In the Northern Ireland Assembly (Stormont) on Friday, the DUP politicians abstained in a vote on the appointment of a Speaker, forcing it to collapse, reports Xinhua news agency.

They ignored pleas by other elected members to allow the assembly and its cabinet of ministers to function.

Unless the DUP changes its mind, it could take up to six months before fresh elections would be held.

In the meantime, there will be no functioning executive cabinet or Assembly.

In last week’s elections, the pro-Republican Sinn Fein party won majority support and the right to choose, for the first time ever, the administration’s First Minister.

The vote left the previous majority-holder in the assembly, the DUP, with the right to name a Deputy First Minister.

Under the rules, the Assembly and its executive cabinet cannot function unless a Speaker, First Minister and a Deputy fFirst Minister are all in place.

The DUP vehemently opposes the Northern Ireland Protocol, the trade solution agreed by London and the European Union (EU) to prevent a hard border between Northern Ireland and the neighbouring Republic of Ireland.

Under the deal, an Irish Sea border was created between the British mainland and Northern Ireland, meaning goods transported to and from Northern Ireland are subjected to border controls.

It has led to threats by the British government to tear up the protocol, a prospect hotly opposed by the EU.

The focus now switches to UK Foreign Secretary Liz Truss, who needs to solve the protocol dispute with EU officials in Brussels.

In Friday’s debate, the DUP’s Gordon Lyons said: “We will not be going into an executive until we deal with the instability of the protocol and with the long shadow it is casting.”

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Boris spars with EU over Northern Ireland

Johnson will urge political leaders in Belfast to get back to work and deal with “bread and butter” issues such as the soaring cost of living…reports Asian Lite News

Prime Minister Boris Johnson is heading to Northern Ireland on Monday to try to end a political deadlock that is preventing the formation of a regional administration.

The trip comes amid threats by Johnson’s government to break the Brexit agreement with the European Union that it signed, but now blames for the crisis.

Johnson said there would be “a necessity to act” if the EU didn’t agree to overhaul post-Brexit trade rules.

Voters in Northern Ireland elected a new Assembly this month, in an election that saw Irish nationalist party Sinn Fein win the most seats. It was the first time a party that seeks union with the Republic of Ireland has won an election in the bastion of Protestant unionist power.

The Democratic Unionist Party came second and is refusing to form a government, or even allow the assembly to sit, until Johnson’s government scraps post-Brexit checks on goods entering Northern Ireland from the rest of the U.K.

Under power-sharing rules set up as part of Northern Ireland’s peace process, a government can’t be formed without the cooperation of both nationalist and unionist parties.

Johnson will urge political leaders in Belfast to get back to work and deal with “bread and butter” issues such as the soaring cost of living, his office said Sunday.

But Johnson also accused accuse the EU of refusing to give ground over post-Brexit border checks.

Northern Ireland is the only part of the U.K. that shares a border with the EU. When Britain left the bloc in 2020, a deal was agreed to keep the Irish land border free of customs posts and other checks, because an open border is a key pillar of the peace process that ended decades of violence in Northern Ireland. Instead, there are checks on some goods, such as meat and eggs, entering Northern Ireland from the rest of the U.K.

The arrangement is opposed by unionists in Northern Ireland, who say the new checks have put a burden on businesses and frayed the bonds between Northern Ireland and the rest of the U.K.

The British government agrees that the regulations are destabilizing Northern Ireland’s peace agreement, which relies on support from both Protestant unionist and Catholic nationalist communities.

The prime minister’s office said Sunday that the trade agreement — which Johnson’s government negotiated and signed — had “resulted in the unionist community feeling like its aspirations and identity are threatened.”

In the Belfast Telegraph, Johnson accused the EU of failing to recognize that the arrangements weren’t working.

“I hope the EU’s position changes. If it does not, there will be a necessity to act,” he wrote.

Johnson said his government would “set out a more detailed assessment and next steps to Parliament in the coming days.”

The U.K. has said it may pass a law allowing it to override parts of the Brexit treaty if the EU doesn’t agree to scrap the checks. If that happened the EU would hit back with legal action — and potentially trade sanctions. The 27-nation bloc is Britain’s biggest economic partner.

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Tony Blair was listening to Lady Aruna Paul’s advice: Cherie Blair

Lady Paul was strikingly good looking and the story goes, the legendary filmmaker Satyajit Ray wanted to cast her in one of his movies….reports Asian Lite News

Lady Aruna Paul, wife of Lord Swraj Paul of Marylebone, was cremated at north London’s Golders Green crematorium on Wednesday in the presence of family members and close friends.

At the service preceding the cremation, Cherie Blair, eminent barrister and wife of former British Prime Minister Tony Blair, said: “It isn’t easy to build a life in a new country as Aruna and Swraj did here in the UK… their achievements were marked by Swraj’s elevation to the House of Lords for his services to industry and to the Labour party and many Labour leaders including Tony welcomed and listened to his advice, and therefore, I know they were listening to Aruna’s advice.”

Lord Paul also briefly spoke at the ceremony in a moving manner. He recalled: “65 years ago I married one of the most beautiful girls of Calcutta.” With tears in his eyes, he concluded: “Aruna I will miss you. Good bye my dear. I love you. I will always love you.”

Lady Paul was strikingly good looking and the story goes, the legendary filmmaker Satyajit Ray wanted to cast her in one of his movies.

She leaves behind a 91-year-old husband, who is chairman of Caparo Group, which has businesses in the UK, the US, India, Canada and the United Arab Emirates.

Also in mourning are twin sons Akash and Ambar, daughter Anjli, eight grandchildren and one great-grandchild.

The last rites of Indian industrialist G.D. Birla were also performed at Golders Green crematorium in 1983.

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‘Restore power sharing agreement in Northern Ireland’

The PM will update party leaders on the UK Government’s discussions with EU leaders over recent days, in which the EU have confirmed that they will never change their current negotiating mandate….reports Asian Lite News

The Northern Ireland power sharing institutions must get back up and running so that they can start delivering on the issues that matter for the people of Northern Ireland, the Prime Minister will tell party leaders this week.

Delivering a “tough message” in private meetings on his first visit to Belfast since the Assembly elections, the Prime Minister is expected say that – while the UK government will “play its part to ensure political stability” – any action to fix the Protocol must result in all parties coming together to form and Executive and Assembly.

Drawing on his time as Mayor of London, he will say that there is “no substitute for strong local leadership”. Legislators must “get back to work” so that they can deal with the “bread and butter issues” like supporting families with the cost of living, cutting covid backlogs and fighting crime.

In his meetings with party leaders, the Prime Minister will also guarantee the delivery of three pre-existing commitments to Northern Ireland in the “coming weeks” including: Taking forward the Language and Culture Package agreed as part of the New Decade, New Approach, Intervening to deliver abortion regulations and place a duty on the Department of Health, so that women and girls have access to services that are their legal right and Introducing new measures to deal with the legacy of the past, with the Secretary of State for Northern Ireland setting out more detail in the coming days and weeks.

The PM will update party leaders on the UK Government’s discussions with EU leaders over recent days, in which the EU have confirmed that they will never change their current negotiating mandate.

He will tell party leaders “that we will always keep the door open to genuine dialogue” however “there will be a necessity to act” and protect the Belfast (Good Friday) Agreement if the EU does not change its position.

The PM will make clear that the government has never suggested scrapping the Protocol. There will always have to be a treaty governing the UK’s relationship with the EU in respect of Northern Ireland in order to prevent a hard border on the island of Ireland and protect the integrity of the EU single market.

Instead, the Protocol needs to be reformed so that it delivers on its initial objectives to protect the Belfast (Good Friday) Agreement in all its dimensions.

He will say that there is “no disguising the fact” that the delicate balance of the Agreement has been upset by the Protocol, because one strand of the Agreement (North-South) has taken precedent over another (East-West).

This undermines the text of the Agreement, which makes clear that all strands are of “interlocking and of equal importance”. It has eroded the historic economic bonds which link Great Britain and Northern Ireland and resulted in the Unionist community feeling like its aspirations and identity are threatened.

The UK and EU’s “shared objective” should be for a reformed Protocol to enjoy “the broadest possible cross-community support” when it faces a consent vote in 2024, he will say.

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DUP blocks restoration of government in Northern Ireland

Northern Ireland’s Democratic Unionist Party (DUP) lived up to its threat and blocked the restoration of the power-sharing government, reports Asian Lite News

In the Northern Ireland Assembly (Stormont) on Friday, the DUP politicians abstained in a vote on the appointment of a Speaker, forcing it to collapse, reports Xinhua news agency.

They ignored pleas by other elected members to allow the assembly and its cabinet of ministers to function.

Unless the DUP changes its mind, it could take up to six months before fresh elections would be held.

In the meantime, there will be no functioning executive cabinet or Assembly.

In last week’s elections, the pro-Republican Sinn Fein party won majority support and the right to choose, for the first time ever, the administration’s First Minister.

The vote left the previous majority-holder in the assembly, the DUP, with the right to name a Deputy First Minister.

Under the rules, the Assembly and its executive cabinet cannot function unless a Speaker, First Minister and a Deputy fFirst Minister are all in place.

The DUP vehemently opposes the Northern Ireland Protocol, the trade solution agreed by London and the European Union (EU) to prevent a hard border between Northern Ireland and the neighbouring Republic of Ireland.

Under the deal, an Irish Sea border was created between the British mainland and Northern Ireland, meaning goods transported to and from Northern Ireland are subjected to border controls.

It has led to threats by the British government to tear up the protocol, a prospect hotly opposed by the EU.

The focus now switches to UK Foreign Secretary Liz Truss, who needs to solve the protocol dispute with EU officials in Brussels.

Northern Ireland Assembly(credit: https://www.facebook.com/NorthernIrelandAssembly)

In Friday’s debate, the DUP’s Gordon Lyons said: “We will not be going into an executive until we deal with the instability of the protocol and with the long shadow it is casting.”

In a statement after the vote, Paul Murnaghan, president of the Northern Ireland Chamber of Commerce and Industry, described the decision as a blow to business and investor confidence.

“At a time when our elected representatives should be getting straight to work to tackle a myriad of very significant challenges, we remain in limbo.

“We call on all political representatives to stop allowing division to hold back progress and form a stable, fully functioning assembly and executive without delay,” he added.

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Britain, France urge allies to keep pressure on Putin

The war in Ukraine is set to be the main topic on the agenda, with Ukrainian and Moldovan foreign ministers Dmytro Kuleba and Nicu Popescu also on the guest list…reports Asian Lite News

G7 industrialized nations are “strongly united” in backing Ukraine until its “victory” against Russia, France said Friday, as Britain urged more weapons for Kyiv to keep up the pressure against Vladimir Putin.

“It is very important at this time that we keep up the pressure on Vladimir Putin by supplying more weapons to Ukraine, by increasing the sanctions,” said British Foreign Secretary Liz Truss as she arrived for a second day of talks with her Group of Seven counterparts.

“G7 unity has been vital during this crisis,” she added.

French Foreign Minister Jean-Yves Le Drian said the G7 countries were “very strongly united” in their will to “continue in the long term to support Ukraine’s fight for its sovereignty until Ukraine’s victory.”

The foreign ministers are meeting over three days in the resort of Wangels in Germany, which currently holds the presidency of the group.

The war in Ukraine is set to be the main topic on the agenda, with Ukrainian and Moldovan foreign ministers Dmytro Kuleba and Nicu Popescu also on the guest list.

Russia invaded Ukraine on February 24 but Ukrainian forces managed to push Moscow’s forces back from Kyiv, and the conflict is now well into its third month.

Western countries have supplied Ukraine with weapons, including artillery, anti-aircraft missiles, anti-tank weapons and other powerful materiel, but Kyiv has been pushing allies for more support.

Le Drian also pointed to the global effects of what he called a “lasting conflict… particularly in the area of food security.”

German Foreign Minister Annalena Baerbock had also on Thursday highlighted the growing impact of the war on poorer countries.

“We as the strongest industrialized democracies have a special responsibility” to help poorer nations weather the food and energy squeezes caused by the war, the minister said.

Russian President Vladimir Putin (Photo: Twitter@KremlinRussia_E)

Swedish policy review says joining NATO would reduce conflict risk

Swedish membership in NATO would have a stabilizing effect and would benefit countries around the Baltic sea, Foreign Minister Ann Linde said on Friday, the day after neighbour Finland committed to applying to join the 30-nation alliance.

“Swedish NATO membership would raise the threshold for military conflicts and thus have a conflict-preventing effect in northern Europe,” Linde told reporters when presenting a parliament report on security.

Sweden is widely expected to follow Finland’s lead and Stockholm could apply for NATO membership as early as Monday.

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