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Brexit UK should aim to be a global broker, not a great power, says report

Chatham House director general says UK must not seek to be rival to EU on foreign policy
Britain will fail if it seeks to reincarnate itself after Brexit as a mini-great power, and should focus instead on being a global broker for solutions to specific challenges such as climate change, cybersecurity, global health and human rights, a major report has proposed.
The report by Robin Niblett, the director general of Britain’s leading foreign policy thinktank Chatham House, coincides with the 75th anniversary of the first meeting of the UN general assembly in London.
It also warns that the UK will be making a mistake if it seeks to set itself up as a rival to the European Union on foreign policy, since it will need EU cooperation to meet many objectives.
Niblett urges the UK not to indulge in nostalgic fantasies about individual glory or Global Britain. “Britain will fail if it now tries to reincarnate itself as an independently influential miniature great power,” he writes. “It should focus instead on being an enabler of positive international outcomes.”
He also says the UK has an image problem as it strikes out on its new journey “at a moment when its competence is being called into question as a result of the government’s handling of coronavirus”.
Instead, Niblett suggests, it should draw on its soft power and diplomatic network to become a practical solution seeker on some of the world’s great problems.
The six subjects he chooses are climate change, human rights, Nato strength, global health, a cyber alliance of democracies and clamping down on global tax avoidance – a subject the UK championed in the past, but has since dropped.
Even, he says, “enjoying unique reserves of soft power, a seat at most of the world’s top tables, and the assets to leverage the UK’s voice and support its interests does not guarantee an ability to lead global change or secure outcomes to the national advantage”.
“The incoming administration of Joe Biden will seek to heal America’s relations with allies in Europe and Asia,” Niblett writes.
“Brexit Britain will have to fight its way to the table on many of the most important transatlantic issues, with the EU now the US’s main counterpart in areas such as China relations and digital taxation.”
The UK will also come under greater bilateral pressure than before to demonstrate its loyalty to the US or risk paying a price as the junior partner in the relationship. The test for British governments, Niblett says, will be whether they can turn the UK’s greater policy autonomy and nimbleness as a non-EU member into an asset in the relationship with the US.
He argues strongly against the UK seeking to undercut the EU in foreign policy areas.
“For Britain to strengthen its relations with Hungary or Turkey, for example, with no regard for the ways this could undercut the policies being developed towards them by their European neighbours would not only be hypocritical; it would be counterproductive, whatever the potential near-term economic benefits for the UK,” Niblett writes.
“The EU remains the main upholder, inside and around Europe’s neighbourhood, of the political norms that Britain champions. If these are eroded, the UK will be less secure and less prosperous in the long term.”
He also suggests that, in seeking new partners, the UK will have to choose not to be close to everyone, and suggests Saudi Arabia, Turkey, Russia and India as four countries with which the UK should not seek close alliances.
He also gives an implicit warning to Boris Johnson that he will have to improve and change his tone on the international stage if he is to achieve the new role he proposes for the country.
A positive reputation for Britain as a valued and creative broker in the search for solutions to shared problems will need to be earned, he warns.
“It will emerge only from the competence and impact of Britain’s diplomacy, from trust in its word, and from a return to the power of understatement for which the country was so widely respected in the past. Britain’s G7 presidency and co-chairmanship of COP26
He also urges Johnson and others to be judicious in their rhetoric, writing: “The notion of ‘Global Britain’ may have a convenient alliteration with ‘Great Britain’ but, in the minds of many, Britain became ‘Great’ by building a world-spanning empire whose injustices and inequities are now rightly being re-examined.
“The government will need to be judicious in how it now goes about communicating its global agenda, especially among its Commonwealth partners.”
source: Patrick Wintour
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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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