Like most journalists who spend a lot of time with politicians, I like many, admire some and count a few as friends. The ones I admire come from opposing political parties but they all work extremely hard, are tolerant, open-minded and unselfish people who are in politics to make the world better.
In Britain, politics is not generally a way to get rich. But one thing has always disturbed me about political parties: why would anyone actually want to join one? The best people in politics work tirelessly, are grounded in reality and try their best. But democratic politics also attracts some very strange, narcissistic and nasty people.
The British Prime Minister Theresa May memorably described her own Conservative party as "the nasty party".
Nowadays the British Labour Party rivals the Conservatives for gold medal nastiness. Consequently some in the British political world have been excited by news in the past few days that rich donors may have found £50 million (Dh262 million) to back a new political party.
I doubt that any new group could call itself the Nice Party but clearly voters feel the need for a new and better version of politics than those that are currently on offer.
The former prime minister Tony Blair pointed out that millions of British voters today are “politically homeless”. They feel no loyalty or even any affection towards existing political parties.
The search for a new knight in shining armour to rescue us has been going on for years — and not only in Britain.
US President Donald Trump pretended to be just such a rescuer. Now many Americans wish to be rescued from him too. Another rescuer arose here, where I am writing this, in Italy. Silvio Berlusconi, a rich businessman like Mr Trump, promised to be “Il Cavaliere” — literally, “the knight” — who would save Italy from corrupt politicians.
Mr Berlusconi out-trumped Trump in his financial and sex scandals and is currently banned from running for elected office.
Italy’s search for a successful new force has lessons for Britain and other countries disgusted by the incompetence and nastiness of current political life.
I asked an Italian businessman I met near Genoa what he thought about Italy’s new party, the Five Star Movement.
“No better than the others,” he said, unimpressed.
“But,” I persisted, “is Five Star a party of the new right or the new left?” The businessman laughed.
“Nobody knows,” he said, “including the Five Star party leaders themselves.”
He confessed that for the first time in his life he had no idea whom he should vote for.
______________
Read more from Gavin Esler:
On its 20th anniversary, the Good Friday Agreement teaches us important lessons – even for those with blood on their hands
Blade Runner's dystopian vision failed to account for our changing social habits. Where will we be 30 years from now?
America is great in every field except government
______________
Democracy depends upon healthy political parties attracting talented people with good ideas. But for the vast majority of people in Italy, Britain and the US – indeed most democracies – joining a political party seems a terrible idea.
Like most people who have lives, families, jobs and hobbies, the Italian businessman has better things to do than attend meetings full of political activists with, as he put it, impractical ideas that could never work in the real world.
When I meet business people, academics and leaders in various professions, they generally have strong opinions and a wealth of experience, yet the idea of joining even a new political party strikes them as utterly pointless.
At a British business conference, I asked a room of several hundred business leaders if any of them would consider running for any kind of political office.
The question resulted in hoots of laughter. The most common responses were: “Why would I bother?” Why would anyone put up with the scrutiny of the media, the viciousness of political life, the long hours of drudgery and boredom and (as many of them said) also take a pay cut?
Nasty parties are nasty with their opponents but they are even more nasty with their own side. Insider factions can seem like cults of true believers.
On Twitter, a Labour activist and fan of party leader Jeremy Corbyn commented sarcastically about the prospect of a new party: “Best of luck to a group of multi-millionaires from the 1% launching their own party. We will crush you just as we crush the Tories….Hope some of the melts join them.”
Most outsiders will not understand this tribal language. The one per cent means the super-rich. I had to look up “melts” and it turns out to be a nasty party term of abuse for those who do not subscribe to the ideology of the most faithful cult members.
And of course Labour is not “crushing” anyone. It has not won an election since 2005, when it was led by its most successful leader ever, Tony Blair, who won three elections by a landslide.
Mr Blair’s reward for historic success is the eternal loathing of some of the nastier Labour activists.
I doubt a new party, nice or otherwise, can succeed. But something is desperately needed to suck the poison out of British political life.
Faced with the choice between two parties that both seem nasty and incompetent, like most British people and my Italian businessman friend, I would not join either.
Even worse, I’m ashamed to admit that for the first time in my adult life, I might not vote at all.
Gavin Esler is a journalist, author and television presenter
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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More from Neighbourhood Watch:
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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