LONDON // The head of the UK Independence Party, Nigel Farage, resigned on Monday as party leader, the latest British political chief to tumble amid the political turmoil following the country’s vote to leave the European Union.
Mr Farage’s departure makes him the third major political figure to announce plans to step aside rather than take ownership of the tumultuous times ahead as Britain navigates its departure following the June 23 referendum. An odd power vacuum has replaced the boisterous predictability of British politics.
“During the referendum campaign, I said I want my country back. What I’m saying today is I want my life back, and it begins right now,” Mr Farage said.
Farage joins Conservative Prime Minister David Cameron, who said he will step aside to allow a successor to deal with the negotiation process to extricate Britain from the EU’s single market of some 500 million. The favorite to replace him, prominent “leave” campaigner Boris Johnson, declined to stand for the Conservative leadership. The opposition Labour Party is having its own troubles, with leader Jeremy Corbyn clinging to office despite having lost a confidence vote by his party’s lawmakers.
Mr Farage was instrumental in the campaign to have Britain leave the EU, championing the issue of immigration. A much-criticized campaign poster featuring thousands of migrants massed at the border alongside the words “Breaking Point,” typified fears that fueled some Brits’ decision to vote for a Brexit.
“The victory for the ‘leave’ side in the referendum means that my political ambition has been achieved,” Mr Farage said. “I came into this struggle from business because I wanted us to be a self-governing nation, not to become a career politician.”
Mr Farage said he would retain his seat in the European Parliament to see out the negotiations for Britain’s exit from the EU. He defended his taunting of other politicians in the chamber last week, arguing he wanted Britain’s voice to be heard.
Other politicians have rushed to try to seize the moment and win a chance at power. British energy minister Andrea Leadsom launched her bid to lead the Conservative Party, pitching herself as a passionately leave candidate who can both unite a divided Britain and strike a good deal with the European Union.
Ms Leadsom is one of the least-known among the five candidates to replace Mr Cameron, but gained attention as one of the strongest voices for a vote to leave the EU. She’s targeting her pitch at Conservatives who think the next prime minister must be someone from the winning side of the referendum.
The Conservative front-runner, home secretary Theresa May, was on the losing “remain” side.
Ms Leadsom, who went into politics after a career in financial services, says she would keep the negotiations on an exit deal with the 27 other EU countries as short as possible, because “neither we nor our European friends need prolonged uncertainty.”
And, unlike Ms May, she says EU citizens living in Britain would be guaranteed the right to stay. She says “we must give them certainty. There is no way they will be bargaining chips in our negotiations.”
Earlier, Britain’s treasury chief announced plans to cut UK corporation tax to less than 15 per cent to encourage companies to invest and ease business concerns about the country’s vote to leave the EU.
Treasury chief George Osborne says the cut is meant to underscore that Britain is “still open for business,” despite the referendum result. A cut of about 5 percentage points brings Britain in line with Ireland’s 12.5 per cent rate.
Mr Osborne told the Financial Times it was time to “make the most of the hand we’ve been dealt.” He is urging the Bank of England to use its powers to avoid “a contraction of credit in the economy.”
Some businesses based in London are considering leaving for other cities like Dublin, Amsterdam, Frankfurt or Paris to benefit from the large EU common market.
Amid the uncertainty, a prominent law firm has said it may go to court to force a vote in Parliament on the referendum. The law firm Mishcon de Reya, acting on behalf of a group of anonymous clients, argued that the referendum was not legally binding and that it is up to Parliament to have their say before the next prime minister invokes Article 50, triggering the start of negotiations for a UK departure from EU.
Mr Cameron has insisted that it will be up to the next prime minister to enact Article 50.
*Associated Press
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The%20Roundup%20%3A%20No%20Way%20Out
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The%20specs
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Company%20Profile
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COMPANY%20PROFILE
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MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Company%20Profile
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Company%20profile
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UAE%20Warriors%2033%20Results
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY%20PROFILE
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Company%20Profile
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Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
The%20specs
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AL%20BOOM
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