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Blair tells Britain’s Labour: change or face dustbin of history

Former British Prime Minister Tony Blair, Labour’s most successful election winner, on Wednesday, urged moderates in the party to grab back control from leader Jeremy Corbyn, whose brand of “quasi-revolutionary socialism” had failed.
Outgoing Labour leader Corbyn has called for a period of reflection on Thursday’s election defeat, Labour’s worst result since 1935, though a battle is now underway for control of the party with Corbyn’s hard-left loyalists unwilling to let go.
“The takeover of the Labour Party by the far left turned it into a glorified protest movement with cult trimmings, utterly incapable of being a credible government,” said Blair, who won three elections and was prime minister from 1997 to 2007.
“The result has disgraced us.”
Labour won just 203 seats in the election, down 59, and saw its vote share fall by 7.8 percentage points to 32.2 percent while Prime Minister Boris Johnson’s Conservatives won 365 seats, up 47, on 43.6 percent of the vote.
Blair said that few would now bet against a decade of Conservative rule given the state of Labour and that unless the party changed course it faced the threat of never winning power again.
“The choice for Labour is to renew itself as the serious, progressive, known Conservative competitor for power in British politics, or retreat from such an ambition, in which case over time it will be replaced,” Blair said.
He chided Corbyn for leading Labour to defeat with a set of ideas that voters had no interest in.
“He personified politically an idea, a brand, of quasi-revolutionary socialism, mixing far-left economic policy with deep hostility to Western foreign policy,” he said.
“(This) never has appealed to traditional Labour voters, never will appeal to them, and represented for them a combination of misguided ideology and terminal ineptitude that they found insulting,” Blair said.
“It’s essentially a cry of rage against the system. It’s not a program for the government. To win power we need self-discipline, not self-indulgence.”
Corbyn, besides a promise of another EU referendum in which he said he would be neutral, offered voters the most radical socialist government in British history with higher public spending, sweeping nationalization and taxes on the wealthy.
Supporters of Corbyn say Blair betrayed the working classes by shifting the party to the right and undermined faith in politicians by supporting the US-led 2003 invasion of Iraq.
Blair said Corbyn’s complicated and equivocal stance on Brexit had displeased both opponents and advocates of Britain’s departure from the European Union.
“We pursued a path of almost comic indecision, alienated both sides of the debate leaving our voters without guidance or leadership,” Blair said.
“The absence of leadership on what was the biggest question facing the country then reinforced all the other doubts about Jeremy Corbyn.”
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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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