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After Brexit, What Next for the Brexit Party?

The European Union has got itself into a mess over the procurement of anti-Covid vaccines. Its inability to act promptly, and the complicated political, diplomatic and legal processes required to salve the needs of the European Commission, 27 member states and domestic pharmaceutical interests, contrasts with the nimble response of the British government, and its vaccine task force by Kate Bingham.
For many Brexiteers, the vaccine debacle, and the failure of statecraft that it represents, is a core example of why they argued to leave the European Union – that Britain is better taking its own decisions, plotting its own route, and making alliances as it sees fit. Having ‘got Brexit done’ however, Boris Johnson is mistaken if he believes that some of the unruly political forces of the past decade will now go gently into the good night.
A whole host of pro-Brexit parties wait in the wings for any stumble or sign of weakness from the Prime Minister towards Brussels, sniffing the air for the big campaigning issue that would allow them to make their mark. Some, like the rejuvenated Social Democratic Party (SDP) enjoy a strong intellectual base, but without electoral progress risk remaining chiefs without Indians. Others, like Lawrence Fox’s Reclaim Party, or David Kurten’s Heritage Party, possess articulate leaders, but lack regional, never mind national presence. Having suffered a disastrous showing in the 2019 European parliament elections, the party for so long associated with Brexit, UKIP, is trying to re-establish itself after a characteristic period of internecine conflict. The arrival of social media controversialist Katie Hopkins to its ranks will bring renewed publicity, if not stability.
Perhaps the politician most associated with Brexit, and capable of appealing to both Conservative voters in the south of England and former Labour voters in red wall seats, is Nigel Farage. The Conservative party in particular observes Farage with a degree of nervousness. In 2019 the ex-UKIP leader was able to form the Brexit Party from scratch, and within a few months lead it to an astounding victory in the 2019 EU election. Its 5.2 million votes were 30% of those cast, more than Labour and Conservative combined, and won it 29 seats (the equal largest party in the Brussels parliament). The Conservatives were pushed down to 8.8%, a humiliation from which Theresa May’s premiership never recovered.
Farage has now turned the Brexit Party into Reform UK, and seeks to again break the political mould. Richard Tice, the party’s Chairman, is questioning the economic effects of lockdown, and is reportedly interesting in standing against Sadiq Khan as London Mayor. Whilst Khan’s lead in the polls appears unassailable, a strong showing could help Reform UK gain seats in the Greater London Assembly. There, Tice would relish questioning Khan, who tends to become distinctly prickly when challenged on his record. Elections to the Welsh assembly, where pro-Brexit parties have in the past done well, plus those in the English regions present further opportunities.
Success, however, is far from a given. Reform UK appears set to copy the Brexit Party’s unusual organising structure, of having paid up supporters, rather than full party members. Instead of one member one vote, registered supporters of the Brexit Party were asked to vote by email on potential policy options. As Reform UK develops, that may not be enough to keep committed activists happy. Whilst Farage is undoubtedly a big beast in political terms, he is a marmite politician (either loved or hated) and his parties have traditionally done far better in elections decided by versions of proportional representation (as London, Scotland and Wales will be) than first past the post. As the Covid vaccine is distributed across the country, Reform UK will be under pressure from lockdown sceptics to oppose ongoing restrictions, and press for the quickest possible return to normality. However, critics of lockdown have tended to overlook that however damaging to the economy, public support for it, in opinion poll data, has tended to be strong.
For now, though, optimism is the watchword. Consider Jonathan Bullock, former Brexit Party MEP for the East Midlands, who has warmly welcomed Reform UK stepping up its activity. He said: “It is clear with the two major parties supporting an extreme lockdown, costly green energy policies and wasteful schemes such as the HS2 rail project, that there is a need for a real opposition party in the U.K. which will also hold the Government to account on Brexit delivery and control of immigration.”
Brexit may be done. But the Brexit Party, in its new guise as Reform UK, may yet have some life in it.
Dr Paul Stott
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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