Boris Johnson pushes 'level up' message despite economic woes
October 7, 2021, 12:20 am

Boris Johnson pushes 'level up' message despite economic woes

Boris Johnson-UK

The Xinhua reported, British Prime Minister Boris Johnson on Wednesday vowed to change the direction of the British economy, shifting away from its reliance on cheap imported labor, as he shrugged off the ongoing fuel, food and industry crises as "merely a function of growth and economic revival."

In a speech to end the Conservative Party's four-day annual conference in Manchester, Johnson pledged that his top team will get on with "the job of uniting and levelling up across the UK," calling it "the greatest project that any government can embark on."

The prime minister vowed to address economic inequality to provide greater opportunities around the whole country, by carrying out new road, rail and technology infrastructure projects after "decades of ducked decisions."

Johnson said he'd end "decades of drift and dither" and tackle "long-term structural weaknesses in the British economy," especially a reliance on cheap imported labor.

He said there needed to be more investment in people, skills and facilities to create a "high-wage, high-skilled, high-productivity" economy.

To alleviate the disruption to the education system caused by the COVID-19 pandemic, he announced a "levelling-up premium" worth up to 3,000 pounds (about 4,076 U.S. dollars) to encourage science and maths teachers to underprivileged areas of the country where schools are more likely to face teacher supply and retention issues.

Johnson called the upcoming COP26 climate conference in Glasgow the "summit of our generation" but didn't provide any new detail for Britain's net-zero ambitions.

The prime minister's ambition and optimism for levelling up Britain, though winning applause from within the party, doesn't seem to quite convince others. The country is yet to recover from the pandemic but its economic prospects are fogged by worker shortages and rising inflation.

Ed Davey, leader of the Liberal Democrats, tweeted: "Boris Johnson might as well have made that speech in a parallel universe. Nothing for struggling families facing Universal Credit cuts and soaring bills, nothing for businesses on the brink of bankruptcy and nothing for our nation's carers. Totally out of touch."

Ian Blackford, the Commons leader of the Scottish National Party, said in a statement: "For all the waffle and deflection, the prime minister cannot escape the fact that millions of families are poorer and worse off as a direct result of his government's damaging policies."

The Adam Smith Institute (ASI), a think tank, described Johnson's "rhetoric" as "bombastic but vacuous and economically illiterate."

The ASI's head of research Matthew Lesh said: "This was an agenda for levelling down to a centrally-planned, high-tax, low-productivity economy. Boris is hamstringing the labor market, raising taxes on a fragile recovery and shying away from meaningful planning reform."

Lesh said: "Shortages and rising prices simply cannot be blustered away with rhetoric about migrants. It's reprehensible and wrong to claim that migrants make us poorer."

"'Levelling-up' so far consists of little more than listing regions and their local produce. He added, Boris throws out impressive-sounding economic terms like 'pareto-improvements' to hid the fact that he lacks policies to drive growth.

Source: xinhua

Taiwan warns of 'catastrophic consequences' if China takes over island Putin agrees to 'carefully' increase gas supplies amid price hike in Europe

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.