Theresa May's Net Worth: A Look at the Former UK PM's Wealth.
What is Theresa May's Net Worth?
Theresa May is a British politician who has a net worth of $5 million.
Political Career
Theresa May, born on October 1, 1956, in Eastbourne, England, is a seasoned British politician who served as the Prime Minister of the United Kingdom from July 13, 2016, to July 24, 2019. A member of the Conservative Party, May’s political career spans several decades, marked by significant roles and achievements.
May’s entry into politics began in the 1980s when she worked as a research officer for the Conservative Party. She was elected as the Member of Parliament (MP) for Maidenhead in 1997, where she would go on to serve for over two decades. Her early political rise was defined by her pragmatic approach and her emphasis on social justice and inclusivity.
In 2002, May became the Conservative Party’s chairwoman, making history as the first woman to hold the position. During this time, she worked to modernize the party’s image, aiming to distance it from its reputation as a party of the privileged. She also advocated for more inclusive policies and better outreach to marginalized communities.
May’s leadership qualities were further recognized in 2010 when she was appointed Home Secretary under Prime Minister David Cameron. In this role, she introduced controversial policies, such as reducing net migration and overseeing a crackdown on terrorism and extremism. She also played a key role in the 2015 Conservative victory.
In 2016, following the resignation of Cameron after the Brexit referendum, May became the Conservative leader and subsequently Prime Minister. As Prime Minister, May faced the monumental task of negotiating the United Kingdom’s exit from the European Union, known as Brexit. Despite her efforts to secure a deal, her leadership faced considerable challenges, leading to her resignation in 2019. Despite this, Theresa May remains a respected figure in British politics for her long-standing public service and contributions to national policy.
Personal Life
Theresa May’s father, Hubert Brasier, was a vicar, and her mother, Zaidee, was a schoolteacher. Growing up in a religious household, May attended several schools, including St. Juliana’s Convent School in Oxford and later, the independent Holmes Chapel Comprehensive in Cheshire. She had a strong academic background, excelling in subjects like mathematics and languages.
May attended St. Hugh’s College, Oxford, where she studied geography and graduated with a Bachelor of Arts degree in 1977. She met her future husband, Philip May, while at university, and the couple married in 1980. They have no children, but they are known for their close, supportive relationship.
May's early life was shaped by her religious upbringing and a sense of discipline. She often reflects on how these values influenced her political career and approach to leadership.
Real Estate
Theresa May and her husband, Philip May, own several properties, reflecting their relatively modest lifestyle compared to other political figures. The couple’s primary residence is a Victorian house located in the affluent area of Maidenhead, Berkshire. They purchased the property in 2007 for approximately £1 million. The house is situated in a leafy, quiet neighborhood, offering privacy and proximity to London, which is convenient for May's political commitments.
In addition to their Maidenhead residence, the Mays have a country home in the Cotswolds. The couple has been known for maintaining a relatively low-profile lifestyle, avoiding extravagant displays of wealth despite their political prominence. This preference for modesty extends to their choice of real estate, with their homes being functional rather than luxurious.
May’s real estate holdings, along with her other assets, reflect her practical and understated approach to wealth and personal life, distinguishing her from other high-profile politicians.
Theresa May's career is a testament to resilience, dedication, and leadership. Despite facing significant challenges, including navigating Brexit negotiations, she remained steadfast in her commitment to public service.
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As the first woman to lead the Conservative Party and serve as Prime Minister, May broke barriers and left a lasting impact on British politics. Her pragmatic approach, emphasis on social justice, and dedication to her country earned her respect across political divides. Beyond her political achievements, May's modest lifestyle and personal values continue to inspire many, solidifying her legacy as a determined and influential leader.
David Cameron’s $50M Fortune: Inside His Wealth and Legacy.
What is David Cameron's Net Worth?
David Cameron is a prominent British politician, businessman, and author with an estimated net worth of $50 million. He is primarily recognized for his tenure as the Prime Minister of the United Kingdom. In 2010, at the age of 43, Cameron became the youngest individual to hold the office since the Earl of Liverpool nearly two centuries prior. He resigned from his position as Prime Minister in July 2016 following the referendum in which England voted to exit the European Union, a phenomenon commonly referred to as "Brexit."
Cameron's political career also includes serving as a Member of Parliament from 2001 to 2016 and leading the Conservative Party from 2005 to 2016. In 2005, he was appointed to the Privy Council of the United Kingdom, and in 2012, he received the Order of King Abdulaziz, Special Class. In 2016, he entered into an £800,000 agreement with HarperCollins UK for publishing, and in 2019, he released his memoir titled "For the Record," which was acclaimed by the "Sunday Times" as "the political memoir of the decade."
Early Life
David William Donald Cameron, known as David Cameron, was born on October 9, 1966, in Marylebone, London. His father, Ian, worked as a stockbroker, while his mother, Mary, is a retired Justice of the Peace. Cameron's maternal grandfather, Sir William Mount, served as the High Sheriff of Berkshire and held a commission in the British Army.
He spent his childhood in Peasemore, Berkshire, alongside two sisters and a brother, and received his education at Heatherdown School and Eton College. After completing his studies in 1984, David took a gap year during which he worked as a researcher for Conservative MP Tim Rathbone, who is also his godfather, and as a "ship jumper" for Jardine Matheson in Hong Kong. He traveled to the Soviet Union, where he was reportedly approached by two KGB agents attempting to recruit him.
In the autumn of 1985, Cameron began his studies at Brasenose College, Oxford, where he joined the Bullingdon Club, a student dining society. He pursued a degree in Philosophy, Politics, and Economics, graduating with First Class Honours in 1988.
Career
From 1988 to 1993, David was employed by the Conservative Research Department, ultimately rising to the position of head of the political section. In 1992, he assumed the role of Special Adviser to Norman Lamont, who was then the Chancellor of the Exchequer, and the subsequent year, he began his tenure with Home Secretary Michael Howard.
In mid-1994, Cameron transitioned to the role of Director of Corporate Affairs at Carlton Communications, although he temporarily departed in 1997 to pursue a parliamentary candidacy. In 2001, he resigned from his position at Carlton Communications to again seek election to Parliament, while still serving as a consultant for the firm. Cameron's second parliamentary campaign was successful, and he served until 2005. During his parliamentary tenure, he was a member of the Commons Home Affairs Select Committee, held the position of shadow minister in the Privy Council Office, and acted as vice-chairman of the Conservative Party.
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In 2004, he took on the role of head of policy coordination within the Shadow Cabinet, later becoming the Shadow Education Secretary. Concurrently, David also served as a non-executive director at Urbium PLC, the entity responsible for the Tiger Tiger nightclub chain.
In December 2005, Cameron emerged victorious over David Davis to assume the leadership of the Conservative Party. By March 2006, he had also become a member of the Privy Council. Subsequently, he collaborated with the Civic Democratic Party to establish the European Conservatives and Reformists, a new parliamentary group.
Following Gordon Brown's resignation as Prime Minister in 2010, David Cameron, alongside Nick Clegg, the leader of the Liberal Democrats, formed the Conservative–Liberal Democrat Coalition government after receiving an invitation from Queen Elizabeth II to establish a new administration. Cameron took on the role of Prime Minister and articulated his commitment to "set aside party differences and diligently work for the common good and national interest." He was re-elected in May 2015; however, after the British public voted to leave the European Union, he announced his resignation on June 24, 2016.
Theresa May succeeded him, and later that year, he stepped down from Parliament as well. Since his departure from politics, David has taken on the roles of chairman of the National Citizen Service Patrons and president of Alzheimer's Research UK.
Personal Life
David wed Samantha Gwendoline Sheffield on June 1, 1996. Samantha is the daughter of Sir Reginald Sheffield, 8th Baronet, and Annabel Lucy Veronica Jones, who became known as Viscountess Astor following her marriage to William Astor, 4th Viscount Astor, in 1976. The couple has four children: Ivan (born 2002), Nancy (born 2004), Arthur (born 2006), and Florence (born 2010). Tragically, Ivan, who was diagnosed with cerebral palsy and Ohtahara syndrome, passed away in February 2009 at the age of six.
Following the death of David's father, Ian, in 2010, Cameron inherited £300,000 from his estate; Ian had established an offshore investment fund named Panamanian Blairmore Holdings, which was valued at around $20 million in the late 1990s. In 2016, the Panama Papers leak disclosed David's investment in his father's offshore fund, prompting calls for his resignation.
Prior to his tenure as prime minister, Cameron frequently commuted to work by bicycle. In 2009, he participated in the Great Brook Run and the Oxford 5K to raise funds for charity. A cricket enthusiast, David has made appearances on the sports radio program "Test Match Special," and he is an ardent supporter of Aston Villa Football Club. In 2014, David discussed his faith in the "Church Times," stating, "I am a member of the Church of England, and, I suspect, a rather classic one: not that regular in attendance, and a bit vague on some of the more difficult parts of the faith. But that doesn't mean the Church of England doesn't matter to me or people like me: it really does. I like its openness, I deeply respect its national role, and I appreciate its liturgy, and the architecture and cultural heritage of its churches."
Real Estate
In 2017, David and Samantha acquired a holiday residence in Trebetherick, a village located in Cornwall, for £2 million. Following their purchase of the property, the couple invested in an £8,000 wood-burning hot tub and proposed plans to construct a game room in the garden.
Additionally, the Camerons possess a residence in Chipping Norton in the Cotswolds, which they purchased for £650,000 in 2001. David also invested £25,000 in a shepherd hut, often referred to as a "man cave," featuring a wood-burning stove and a pull-out sofa bed, which he expressed his intention to utilize as a space for writing books.
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David Cameron's journey from Prime Minister to businessman has been marked by both significant accomplishments and controversies. While his tenure as Prime Minister was defined by the historic Brexit referendum and his subsequent resignation, his post-political career has seen him delve into publishing, real estate, and charity work.
His net worth of $50 million reflects his diverse ventures and enduring influence in British politics. However, the Panama Papers scandal and personal tragedies have cast a shadow over his legacy. Despite these challenges, Cameron's ability to adapt to new opportunities showcases his resilience and determination.
Richard Tice's Net Worth, Career & Political Rise in 2025.
Richard Tice is a well-known figure in the UK, balancing his careers as both a businessman and a politician. As of 2024, his net worth is estimated to be around £40 million, reflecting his success in real estate and his growing influence in politics.
Born in 1964 in Farnham, Surrey, Tice has gained recognition for his active role in Brexit discussions and for leading Reform UK, a party he helped establish after the Brexit Party. Currently, he serves as the Deputy Leader of Reform UK and remains a key player in the UK’s political scene.
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Tice's transition from the business realm to the political scene is a story filled with ambition, smart choices, and a bit of drama. He first gained recognition as a real estate mogul, taking the helm at CLS Holdings and Quidnet Capital LLP.
While his fortune primarily stems from his business endeavors, his political clout has significantly increased lately. Richard Tice's professional journey, personal experiences, and rising wealth have established him as a prominent player in both British politics and the business world.
Key Facts
Richard Tice is a British politician and businessman, serving as the Deputy Leader of Reform UK right now.
As of 2024, his net worth is estimated to be around £40 million, thanks to his successful ventures in real estate and politics.
His political journey features his involvement with the Brexit Party and his current leadership role in Reform UK.
He was once married to Emma and has three kids. Currently, he’s dating journalist Isabel Oakeshott.
Tice keeps busy on Twitter, where he posts political insights and updates.
Political Career
Richard Tice kicked off his political career by getting involved with the Brexit Party, which he played a big part in founding. He’s been a strong supporter of Brexit, pushing for the UK to break away from the European Union and take back control of its laws and regulations. His passionate pro-Brexit views made him a significant player in the movement, eventually leading him to become the party’s chairman.
In 2024, Tice stepped into a bigger role as the Deputy Leader of Reform UK after Nigel Farage left the position. Reform UK is all about shaking things up in the political scene, challenging the traditional parties and advocating for policies that focus on national sovereignty, economic freedom, and anti-establishment ideas. With Tice at the helm, he’s solidified his status as a key figure in British politics.
Business Background & Success
Before jumping into the political scene, Richard Tice made a name for himself in the business world, especially in real estate. He served as the CEO of CLS Holdings, a company focused on property investment and management, and later founded Quidnet Capital LLP, a real estate investment firm. His business endeavors were quite successful, helping him amass a considerable fortune. A big chunk of his net worth, which is still strong in 2024, comes from these ventures.
Tice's background in business gave him a solid grip on financial management, which he later applied to his political career. His insights into economics and real estate have influenced his political views, particularly his push for lower taxes, less government spending, and policies that support businesses.
Family and Personal Life
Richard Tice's personal life has caught the attention of the public. He was once married to Emma Tice, and they share three kids. Their marriage ended in divorce, and now he's in a relationship with Isabel Oakeshott, a prominent British journalist and author. They've been together since 2018, and Oakeshott has had a significant impact on Tice's public persona.
While details about Tice's homes and properties are mostly kept under wraps, it's known that he owns several places across the UK. His success in business and politics has given him a pretty comfortable lifestyle, but he tends to keep most of his private life away from the media glare.
Social Media Presence
Richard Tice is quite the presence on social media, especially on Twitter. He uses his platform to share his thoughts on politics, news, and what he's up to with Reform UK. His Twitter handle, @TiceRichard, has attracted a lot of followers, and he often dives into conversations about British politics, Brexit, and the need for changes in the UK’s political landscape. His tweets tend to spark reactions from both fans and critics, solidifying his role as a key player in online political discussions.
Net Worth In 2025
As of 2025, Richard Tice's net worth is around £40 million. He’s built this wealth through a successful career in business, especially in real estate, and his rising presence in the political scene. Tice has cleverly leveraged his business achievements to create a political platform, using his resources and know-how to support his political goals.
His financial success has positioned him as a significant player in British politics, and his sharp business skills have allowed him to maneuver through both the corporate and political worlds quite smoothly. With Reform UK on the rise, it’s likely that Tice’s wealth will grow as he continues to thrive in both politics and business.
Influence on British Politics
Richard Tice has made quite a name for himself since entering the political arena, becoming a prominent player in the UK’s conservative and Eurosceptic communities. As the Deputy Leader of Reform UK, he champions policies that focus on national sovereignty and free-market principles. Under his guidance, Reform UK has grown into a significant force in British politics, especially among voters who are disillusioned with the mainstream parties.
But Tice's impact goes beyond just elections. He often shares his thoughts on topics like Brexit, national security, and economic reforms, frequently taking a critical stance on the current government. His ideas about cutting red tape and supporting businesses have attracted both fans and critics, making him a divisive figure in the UK political scene.
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While Richard Tice’s rise in both business and politics is impressive, some remain skeptical about his long-term influence. Despite his success in real estate and the growing presence of Reform UK, critics question whether his political platform can truly resonate with a broad audience. His strong pro-Brexit stance and controversial views may alienate voters who seek more moderate solutions.
Furthermore, Tice's transition from business to politics raises concerns about his ability to balance both spheres effectively. While his wealth and media presence are undeniable, the future of his political ambitions remains uncertain, and his influence may face significant challenges.
Nigel Farage Net Worth: How the Politician Amassed $4 Million.
What is Nigel Farage's Net Worth?
Nigel Farage is a British media personality and ex-politician with a net worth of $4 million. He led the UK Independence Party twice, first from 2006 to 2009 and then again from 2010 to 2016, and was at the helm of the Brexit Party from 2019 to 2021. Farage also represented South East England as a Member of the European Parliament from 1999 until the UK left the EU in 2020. On the broadcasting side, he hosted "The Nigel Farage Show" on LBC, a talk radio station, from 2017 to 2020.
Fox News Salary
In 2018, Nigel shared his financial records, revealing that he made about $1 million from media gigs, mostly on Fox News, from 2014 to 2018.
Early Life and Education
Nigel Farage was born on April 3, 1964, in Farnborough, England, to Barbara and stockbroker Guy. His father struggled with alcoholism and left the family in the late 1960s. Farage attended Greenhayes School for Boys in West Wickham and another school in Eden Park before moving on to Dulwich College in south London, where he studied from 1975 to 1982.
Career Beginnings
Farage kicked off his career in the 1980s trading commodities at the London Metal Exchange. He began with the American branch of Drexel Burnham Lambert and later moved to Crédit Lyonnais Rouse. He also worked with Refco and Natixis Metals. On the political front, he joined the Conservative Party but left in 1992 after 14 years, unhappy with Prime Minister John Major's decision to sign the Treaty on European Union.
European Parliament
In 1999, Farage was elected to the European Parliament representing South East England and was reelected in 2004, 2009, and 2014. Throughout his time there, he advocated for the UK's exit from the EU and held the position of president of the Europe of Freedom and Direct Democracy, a Eurosceptic political group.
UK Independence Party
In 2006, Farage took the reins of the UK Independence Party, a rightwing populist group he co-founded back in 1993 after leaving the Conservative Party. He led UKIP during the 2009 European elections, where they snagged the second-largest share of the UK vote. After that, he stepped back to challenge newly elected Speaker John Bercow in Buckingham but ended up in third place. In 2010, following Lord Pearson's resignation, Farage ran for UKIP leadership again and won. By 2013, he guided UKIP to its best performance ever in a UK election, securing 147 council seats.
In the 2014 European elections, UKIP scored 24 seats, outpacing both Labour and the Conservatives. Fast forward to the 2015 general election, UKIP pulled in over 3.8 million votes but only landed one seat. After failing to win in South Thanet, Farage announced he would resign, but that was turned down. He became a prominent figure in the successful Brexit campaign during the 2016 EU membership referendum. After the vote to leave the EU, he stepped down as UKIP leader but stayed on as an MEP until he left the party in late 2018.
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Brexit Party
After his time with UKIP, Farage helped kick off the Brexit Party, a rightwing populist group. In March 2019, he became the new leader after Catherine Blaiklock resigned. A few months later, he led the Brexit Party to a stunning 29-seat win in the European Parliament elections, marking the highest vote share. The UK officially left the EU in early 2020. Later that year, during the COVID-19 pandemic, Farage rebranded the Brexit Party as Reform UK and shifted focus to anti-lockdown efforts. He stepped down as leader in March 2021.
Reform UK
Nigel Farage’s rise to leader of Reform UK is the latest chapter in his long political career, marked by his advocacy for Brexit, Farage continues to champion issues like democratic reform and limiting the power of political elites, aiming to reshape British politics and represent the voice of the people.
International Political Involvement
Outside of the UK, Farage has backed several right-wing populist figures globally. He notably supported Donald Trump in the US, speaking at the Conservative Political Action Conference in 2015 and meeting Trump after the 2016 presidential election. Farage later became a person of interest in the FBI's probe into potential Russian interference in that election. In 2021, he traveled across the US to engage with Republican grassroots groups.
In other parts of the world, Farage has shown support for far-right leaders like Austria's Norbert Hofer, France's Marine Le Pen, and Germany's Beatrix von Storch. He has also remarked that Russia's invasion of Ukraine in 2022 was a result of the EU and NATO's expansion.
Broadcasting Career
Farage had his own talk radio show, "The Nigel Farage Show," on LBC from 2017 to 2020. In 2018, he launched a podcast for LBC titled "Farage Against the Machine," but it was shut down after he received a cease and desist letter from the band Rage Against the Machine, which wanted him to change the podcast's name. In 2021, he joined GB News to host "The Political Correction," a Sunday morning political discussion show, and later took on a weekday evening program. Additionally, Farage has provided commentary for US networks like Fox News and the Fox Business Network.
Personal Life
Farage tied the knot with his first wife, Irish nurse Gráinne Hayes, back in 1988. They welcomed two sons, Samuel and Thomas, but ended up divorcing in 1997. He then married German national Kirsten Mehr in 1999, and they have two kids together. However, in early 2017, Farage announced that he had separated from Mehr.
Farage has had his share of serious accidents. In late 1985, he was struck by a car and spent 11 months in a cast. Then, in 2010, he was involved in a plane crash that left him with a broken sternum and ribs, plus a punctured lung. Interestingly, the pilot of that plane was later charged with making threats against Farage in an unrelated incident.
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Nigel Farage's career has been marked by controversy and setbacks, despite his rise to political prominence. While he played a key role in the Brexit campaign, his leadership has often been divisive, alienating many in the political sphere. His time with UKIP was plagued by internal conflicts, and his departure from the party highlighted ongoing struggles with leadership and unity.
Farage's attempts to continue his influence with the Brexit Party and Reform UK have yielded mixed results, and his personal controversies, including ties to far-right figures, have only further tarnished his reputation. His legacy remains highly contentious.
Pound Hits A 2.5-Year High Against Euro, Set to Reach Pre-Brexit Levels.
The pound is looking like it might bounce back to levels we haven't seen since before the Brexit vote, especially after hitting its highest point against the euro in almost three years.
Sterling climbed to €1.2157 against the euro, the best it’s been since March 2022, and a senior forex trader in the City thinks it could hit €1.30 by next year.
The last time the pound was at those heights was right before the UK voted to leave the EU back in June 2016.
This optimistic outlook comes as the European Central Bank (ECB) is expected to lower interest rates in the eurozone to 3 percent today to help revive the struggling economy, which has been affected by issues in Germany and France.
Meanwhile, the Federal Reserve is also likely to cut rates in the US next week after recent data showed inflation only rose slightly from 2.6 percent in October to 2.7 percent in November.
On the flip side, the Bank of England is anticipated to keep interest rates steady at 4.75 percent next week, which might not sit well with many borrowers.
Credit: tadamichi on IStock
A drop in interest rates usually makes a currency less valuable, and since there's talk of a rate cut in the eurozone but not in the UK, the euro has slipped against the pound.
Neil Jones, who runs foreign exchange firm TJM, believes that eurozone interest rates will drop to 1.5 percent next year, down from 3.25 percent, following today’s anticipated cut to 3 percent.
‘The ECB is very much on the trajectory of almost collapsing interest rates, perhaps to emergency levels,’ he told the BBC.
‘We know that the political and economic disarray in Germany and France will push the ECB lower.
‘Meanwhile, the Bank of England is likely to remain on hold, certainly for December. But you can see how interest rates in the UK and the pound are destined to remain higher. I’m looking for €1.30-plus, so a revisit to pre-Brexit levels.’
Jones admitted he’s in the minority with his prediction, but he believes that soon enough, most people will see things his way.
Chris Turner, who leads the global markets team at ING, mentioned that if the pound goes over €1.22, we can expect to see a lot of chatter about sterling bouncing back to its pre-Brexit values. He also noted, “We believe sterling has the potential to keep doing well in the next few months.”
Joe Tuckey, the head of currency analysis at Argentex, stated that hitting the €1.30 mark, which we haven’t seen since before Brexit, is possible, but it would likely be the best-case scenario.
‘Achieving such levels would probably rely on eurozone fundamentals becoming considerably worse than they are right now.’
The pound's recent surge against the euro highlights a potential return to pre-Brexit levels, offering optimism for the UK economy. However, this positive shift doesn’t overshadow the broader challenges Brexit has imposed.
The decision to leave the EU has led to ongoing trade disruptions, a decline in foreign investment, and regulatory complexities that continue to hamper growth. While interest rates in the UK remain higher than in the eurozone, the long-term effects of Brexit, including reduced market access and labor shortages, remain a significant concern. The economic uncertainty Brexit has caused is still deeply felt, despite short-term gains in currency value.
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Most Brexit Voters Would Agree to Free Movement for Single Market Access.
Recent polling across Europe indicates that leaders in the UK and the EU are increasingly misaligned with public sentiment as they seek to implement an 'ambitious reset'.
A significant portion of British citizens who supported leaving the EU would now be amenable to reinstating free movement in return for access to the single market, as indicated by a comprehensive study conducted across Europe. This research also revealed a mutual interest among EU member states in fostering stronger connections with the United Kingdom.
The report from the European Council on Foreign Relations (ECFR) noted that Russia's invasion of Ukraine and Donald Trump's election as President of the United States have "fundamentally altered the context" of relations between the EU and the UK.
There is a remarkable consensus on both sides of the Channel that the time is ripe for a reassessment of EU-UK relations,” it concluded. In every country surveyed, closer relations emerged as the most favoured option, with public sentiment on the matter significantly outpacing governmental positions.
A study conducted by the European Council on Foreign Relations (ECFR), which surveyed over 9,000 individuals across the United Kingdom and the five most populous countries of the European Union—namely Germany, France, Italy, Spain, and Poland—revealed that following Donald Trump's election victory in November, there was a notable enthusiasm in Britain for re-establishing connections with the EU.
One of the most significant revelations from the study was that 54% of British voters who supported leaving the EU, including 59% of those in traditionally Conservative constituencies, indicated that they would now be willing to accept full free movement for EU and UK citizens in exchange for access to the single market.
This shift in perspective may be attributed to the increase in net migration to the UK post-2016, leading supporters of Brexit to reconsider its effectiveness as a solution to immigration issues, as suggested by the report.
Among the broader UK electorate, 68% of respondents expressed support for free movement in return for single market access, while 19% opposed it. This sentiment was prevalent among supporters of nearly all political parties, with the exception of Reform UK, where 44% of its voters also endorsed the proposal.
A comparable proportion of British citizens expressed support for a reciprocal youth mobility program aimed at individuals aged 18 to 30. This initiative is regarded as a significant request from EU leaders in exchange for a more favourable Brexit agreement; however, it has thus far been opposed by the British Prime Minister, Keir Starmer.
In light of the current global situation, the report indicated that the United Kingdom and the European Union ought to “go big and go fast” in restoring links. It added: “The EU and the UK are both very vulnerable to prevailing global events and a reset of relations is the single most effective way to make both sides stronger.”
The report indicated that although EU politicians and officials have expressed skepticism regarding the proposal to extend any special arrangements to the UK, Starmer and his administration have also shown caution in advocating for enhanced relations. However, public sentiment on both sides of the English Channel appears to diverge significantly from these official positions.
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Among the British electorate, there is notable support for a strengthened relationship with the EU, with 55% expressing a desire for closer ties to the bloc, in contrast to 10% who favor a more distant relationship and 22% who wish to maintain the current status quo.
This perspective is echoed by a considerable number of Conservative supporters, particularly concerning issues related to migration and security. Conversely, it is primarily voters from Reform UK who exhibit greater skepticism regarding the advantages of closer connections with the EU.
In a survey conducted across the European Union, majorities in each participating nation expressed a desire for strengthened ties with the United Kingdom. Specifically, 45% of respondents from Germany indicated this preference, followed by 44% from Poland, 41% from Spain, 40% from Italy, and 34% from France.
“It is important to recognise that Brexit and the UK-EU future relationship matters more to UK respondents than to citizens of other states. But there is broad permission from European publics to recast relations,”the report said.
“There might be scepticism about special terms for the UK among EU officials and governments, but our poll suggests that public opinion is more pragmatic.”
Both UK and EU citizens, it continued, “are open to a much more ambitious and far-reaching reset than their governments have been envisaging”.
The report indicated that approximately half of the British population believed that increased engagement with the European Union was the most effective means to enhance the UK economy (50%), improve security (53%), manage migration effectively (58%), address climate change (48%), support Ukraine against Russia (48%), and enable Britain to assert itself against the US (46%) and China (49%).
There was also considerable support among EU nationals for the notion of granting certain post-Brexit economic concessions in return for enhanced cooperation in critical areas such as collective security.
Polling data revealed that a majority of voters in Germany and Poland, along with a plurality in France, Italy, and Spain, felt that the EU should be prepared to offer economic concessions to the UK to foster a closer security partnership. Additionally, majorities or near-majorities expressed openness to the UK participating in the bloc’s research initiatives.
This sentiment could extend to the concept of the UK selectively accessing certain aspects of the single market, with a majority of voters in Germany (54%) and Poland (53%) supporting the idea of “special access.” Even in France, which was the least favorable towards such proposals, 41% of respondents indicated support, compared to 29% who opposed it.
For citizens of the European Union, the primary motivations for enhancing collaboration with the United Kingdom included the desire to bolster the security of the bloc, with approximately 40% of respondents from Germany, Italy, Poland, and Spain supporting this view, as well as the need to assert themselves against the United States and China.
Majorities in all five EU nations indicated that increased cooperation between the EU and the UK would be the most effective means to boost the European economy, with support ranging from 38% in Spain to 26% in France. Additionally, they believed it would facilitate more effective migration management, with figures varying from 36% in France to 29% in Germany. A significant portion of the population across the EU expressed the sentiment that Brexit had negatively impacted the Union.
Although certain Conservative and Reform politicians have proposed that the UK should align politically with a potential Trump presidency at the expense of its European ties, this perspective did not appear to resonate with a majority of voters. When surveyed about whether the UK should prioritize its relationship with the United States or the EU, 50% of Britons favored Europe, while only 17% preferred the US.
European citizens exhibited a comparable hesitance regarding their governments adopting the approach taken by Trump. “Donald Trump’s election and Putin’s full-scale invasion of Ukraine have hit British and European politics like a double hammer blow,” said the ECFR director, Mark Leonard, who authored the report.
“The Brexit-era divisions have faded and both European and British citizens realise that they need each other to get safer. Governments now need to catch up with public opinion and offer an ambitious reset.”
Brexit has proven to be a costly and divisive decision for the UK. The promised economic benefits have not materialized, with trade barriers, rising costs, and disrupted supply chains negatively impacting businesses and consumers alike. The lack of clarity and misalignment between government policies and public sentiment has created ongoing uncertainty.
The fracturing of UK-EU relations has also led to diminished global influence, particularly in matters of security, climate change, and economic cooperation. As public opinion shifts, it is clear that Brexit’s long-term consequences are far more detrimental than anticipated, leaving the UK isolated and struggling.
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Reeves Seeks EU Reset to Drive Economic Growth.
Closer ties between the United Kingdom and the European Union (EU) are expected to enhance economic growth, Chancellor Rachel Reeves will convey to finance leaders on Monday.
In the inaugural address by a British chancellor to the Eurogroup following Brexit, Reeves is expected to assert that a "reset" in relations entails "dismantling trade barriers" and facilitating "businesses to engage in each other's markets."
Although Labour has dismissed the prospect of rejoining the trade bloc, it has consistently expressed its desire for the UK to "strengthen connections" with the EU.
The Conservative Party has contended that the chancellor should focus on reversing the "devastating Budget measures that have undermined confidence."
The British Chambers of Commerce (BCC), representing approximately 50,000 businesses, emphasized that for the economy to thrive, "we must increase exports," yet UK companies "are burdened by significant regulatory and paperwork challenges."
During the Eurogroup finance ministers meeting in Brussels, Reeves will advocate for the establishment of a "mature, business-oriented relationship" between the UK and the EU.
"I know that the last few years have been fractious," she will inform her European counterparts. "Division and chaos defined the last government's approach to Europe. It will not define ours."
Reeves will say: "I believe that a closer economic relationship between the UK and the EU is not a zero-sum game. It's about improving both our growth prospects."
This speech is not anticipated to lead to any alterations in Labour's commitment to refrain from rejoining the EU's single market or customs union. However, it is expected to facilitate an agreement concerning food and agricultural exports, as the UK has expressed its intention to pursue a veterinary agreement.
Additionally, it may result in reduced bureaucratic obstacles for more intricate pan-European supply chains in the manufacturing and textiles sectors, although significant compromises may be required.
The EU is interested in establishing a program that would allow young Europeans to live and work in both the EU and the UK, a proposal that Sir Keir Starmer has previously dismissed.
Furthermore, a closer alignment with European food standards could complicate the UK's efforts to strengthen ties with the United States, particularly in light of Donald Trump's potential return to the White House in January.
'Rebuilding Relations With The EU'
Prior to the chancellor's address, shadow business secretary Andrew Griffith called upon her to “jump on a plane to the US and talk to [President-elect] Trump about getting a US-UK trade deal done, not trying to take Britain backwards into the slow growth EU."
Liberal Democrat Treasury spokesperson Daisy Cooper stated "The Conservatives' botched Brexit deal has been a disaster for the economy, with small businesses, farmers and fishers all caught up in endless red tape."
Recently, in an unexpected development, Andrew Bailey, the governor of the Bank of England, stated that the United Kingdom needs to "rebuild relations" with the European Union.
The governor has refrained from making any statements regarding Brexit due to the Bank's autonomy from the political landscape of Westminster.
"The impact on trade seems to be more in goods than services," he said. "But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting that very important decision of the British people."
The exportation of products, particularly in the sectors of food and agriculture, has been affected by the introduction of new trade barriers. Conversely, the services sector, including banking, has exceeded expectations in its performance.
Chancellor Rachel Reeves is championing a "reset" in UK-EU relations, emphasizing dismantling trade barriers to foster economic growth. Speaking to the Eurogroup, Reeves is set to advocate for a pragmatic, business-focused partnership, aiming to boost exports and streamline regulatory challenges.
Highlighting Labour’s commitment to a stronger connection with the EU without rejoining the single market, she envisions mutual growth opportunities benefiting both sides. Her approach reflects a sharp contrast to past government divisions, signaling a cooperative and forward-thinking strategy. By prioritizing trade facilitation and economic alignment, Reeves underscores the UK’s ambition for robust and sustainable growth.
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The Public Accounts Committee (PAC) report warns that there could be “potential disruption” at the UK border if cross-border passenger volumes, which have been at a fraction of normal levels due to the pandemic, recover as expected in 2022.
This could be “exacerbated by further checks at ports as part of the EU’s new Entry and Exit system and especially at ports like Dover where EU officials carry out border checks on the UK side,” the PAC’s report says.
“The PAC has repeatedly raised concerns about the impact of changes to trading arrangements on businesses of all sizes and we remain concerned.”
Since the end of the agreed transition period on 31 December 2020, there have been a series of changes in how the UK trades with the EU, and in relation to the movement of goods between the UK and Northern Ireland.
This has led to the EU introducing full import controls. While the UK had initially intended to follow suit, the implementation of such controls has been delayed by the government three times over the past year.
“Government plans to create the most effective border in the world by 2025 is a noteworthy ambition but it is optimistic, given where things stand today,” The PAC says, moving on to comment that it is “not convinced that it’s underpinned by the plan to deliver it.”
The dispute is about the fees charged by Visa, which have recently increased due to Brexit. Interchange fees sit at the centre of this issue. This is a small fee levied by card networks such as Visa on every transaction made using its cards, taken to cover the cost of processing the payment.
Under 2015 EU regulation, interchange fees were capped in the bloc of 0.2% for debit card transactions and 0.3% for credit cards. At the time of introduction, the EU said that the regulation would save consumers approximately $6 billion in hidden fees. However, post-Brexit, operators in the UK are no longer bound by these rules.
According to the Financial Times, Visa planned to up its cross border interchange fees from 0.3% to 1.5% this year. Such fees, to be paid either by Amazon directly or by sellers on its platform, would erode profit margins and lead to more costly products if passed on.
A spokesperson for Amazon said, "The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers. These costs should be going down over time with technological advancements, but instead, they continue to stay high or even rise.
"As a result of Visa's continued high cost of payments, we regret that Amazon.co.uk will no longer accept UK-issued Visa credit cards as of 19 January, 2022."
The online retailer also advised its customers to update their default payment.
Following Boris’ vaguely described promise of a “high-wage, high-skill, high-productivity” economy during his speech to the Tory Conference, the right-wing Adam Smith Institute called the plan “bombastic, vacuous and economically illiterate.” The CBI warned it’s a “fragile moment” and how empty ambitions and promises on wages and productivity could lead simply to higher prices.
Boris shrugged it off. He says all the necessary things for the Tory faithful: “I’m a staunch, low-tax Conservative who believes in an enterprise economy”, which is probably what Margaret Thatcher was thinking before she junked the UK’s ageing manufacturing base 40 years ago. A political lifetime is next week. Political consequences can take decades to emerge – Thatcher’s programme ignited the fire of Scottish nationalism and set the UK on course for a potential breakup.
Boris Johnson is a master of the soundbite moment. Now he’s telling the world the UK will be the “Qatar of Hydrogen” – yet I doubt he has any real familiarity with the enormous problems that will accompany the hydrogenisation of the Global Economy. Still, it sounds good ahead of COP26.
The City of London’s markets are concerned with immediate threats. They fear the multiple storms lurking on the horizon: inflation/stagflation, trade, recession, government debt, taxes, consumer confidence, and geopolitics. These are the normal ups and downs of markets that competent governments and functional economies take in their stride.
Boris Johnson is a master of the soundbite moment. Now he’s telling the world the UK will be the “Qatar of Hydrogen” – yet I doubt he has any real familiarity with the enormous problems that will accompany the hydrogenisation of the Global Economy.
These economic squalls only become truly dangerous storms when they trigger serious economic damage, or the ship of state is no longer fit to ride them out. And that’s what really worries markets deep down about the UK. It’s the absence of a discernible joined-up strategy to address the UK’s economic reality that scares the City. The government’s competency is increasingly being questioned.
The reality is the crises are already upon us: supply chain fractures, diminished opportunities and social mobility, Brexit, Europe, a dearth of innovation and entrepreneurship, rising real and relative poverty, insufficient wages in unattractive jobs, decaying infrastructure, crushing bureaucracy, a dysfunctional housing market, and ossified unfit-for-purpose public services.
They can be solved – but not separately. Addressing these issues holistically requires time, money and joined-up thinking. But, there is little joined-up thinking – just triage offering sticking plasters to be slapped on gaping economic wounds, or telling the victims it’s “transitory”. Not enough lorry drivers? Let’s bring in Europeans on three-month contracts! Energy bills unaffordable? Wrap up well then!
Rather than address these issues through policy, it feels like the UK’s economic future is being gambled away by Boris betting his political popularity will see him through. He’ll bluster past any problem hoping that it all sort-of-comes-together around the “hi-wage, hi-skill, hi-productivity” soundbite economy he promised us. If it doesn’t, he’ll wage the next election promising it’s coming – assuming he doesn’t jump ship into some high-paying private sector role.
Politics and Policy sit uneasily together. Yet, never has the UK required joined-up economic policies as much as today. The big question is – do the Tories have the political competency to deliver? There is – apparently – “tension” between Chancellor Rishi Sunak and Boris.
- Sunak has a problem. In the absence of his party being able to put together any viable alternative plan, he sees the need to anchor the government’s credentials via economic orthodoxy; austerity and spending cuts, reining back borrowing and raising business and personal taxation to pay for it all.
- Boris’ political senses are appalled – he’s not minded about concepts like spending limits. He regards government borrowing as his personal piggy bank of political popularity. Why not build a new Royal Yacht? Why not borrow more to rebuild a stronger economy.
Which one is right?
Perversely, it might be Boris. The success of governments around the globe in raising and distributing billions in pandemic support spending packages without causing government debt markets to implode should have been a light bulb moment. Since the last economic crisis in 2009, we’ve proved devasting austerity is not an answer while other solutions, including printing money, are available and proving practical. Wake up to the possibilities of fiscal boost and new monetary policy.
Let’s be clear: there is no free Magical Monetary Tree of unlimited government spending – but the markets are open for smart, credible governments to sell more debt and create more money. The key word is credibility – and avoiding policy mistakes. The UK spending itself out of its current hole should be entirely feasible. Rather than hiking taxes and cutting the modest £20 a week targeted helicopter money of universal credit to the poorest 10% of the economy, the government could keep the economic wheels spinning through the current supply chain/recession/stagflation threat.
Rather than address these issues through policy, it feels like the UK’s economic future is being gambled away by Boris betting his political popularity will see him through.
Sunak’s plan to impose austerity and tax hikes as we enter a potential stagflationary environment could prove a recipe for a confidence breakdown. It looks a classic policy mistake.
What’s the alternative? Well, that’s difficult. Politically it’s impossible to tackle the ever-hungry spending behemoth the National Health Service has become. But it’s critical it’s done – refocusing it to deal better with the modern age and the diseases of the old and infirm. It’s now in long-term crisis as it scrabbles to refocus post-pandemic – costing billions. Staff are underpaid and demotivated – costing more billions. Yet the NHS was recently advertising 200 plus senior managerial roles paying more than the prime minister. Modern tech can help – fitness and diagnosis can digitise, but the government has a peculiar ineptitude with new systems. Unless the government addresses the growing burden of public sector pensions – the entire UK tax take will soon be directed to paying the retirement costs of state employees. But to even suggest it – would again be political suicide.
There are a host of other policy initiatives the government could consider, but sadly they are the kind of concepts Boris and his fellow Oxbridge PPE rejects don’t have the imagination or political bravery to explore. I reckon Sunak probably does – but he’s got to bide his time.
As a primer Boris needs to understand good and bad government spending – and integrate them into his political calculus. Creating economic growth through a fiscal boost to companies to create jobs, growth, and build infrastructure is good. Solving skills shortages by paying doctors, nurses, engineers and HGV drivers to train, rather than charging them, would work. Spending money on fast, small Nuclear energy solutions and tidal power – tick. Helicopter money has been shown to work in a crisis. Markets accept the QE money creation trick – it works.
Ask difficult questions: Why are we charging students for their education? Why aren’t we paying them to upskill? Why aren’t we spending more on the armed forces in a period of rising tension to generate greater security, but also multiplier effects across the economy? There are a million more to be posed…
There are positive signals beginning to emerge – but aside from lots of words, there seems to be very little strategic thinking going on in the party of government to actually deliver these hi-skill jobs and raised productivity.
Words are cheap. Action is difficult.
Bill Blain is Strategist at Shard Capital and author of the Morning Porridge markets blog: www.morningporridge.com
Annie Button, professional content writer and branding aficionado, explores how businesses are successfully recruiting and retaining new delivery drivers amid the supply chain crisis.
While the HGV driver shortage is based on a variety of factors, including the pandemic, and Brexit, businesses are stepping up their efforts to recruit, train and retain new drivers in record time and mitigate the impending supply chain crisis.
Attracting new drivers
Amid serious concerns about the driver shortage impacting food, fuel and other deliveries in the build up to Christmas, the Government introduced measures to promote HGV driver recruitment both at home and abroad. Almost one million targeted letters were sent to drivers with existing HGV licences to attract them back to driving while 5,000 temporary visas were fast-tracked to help fill HGV vacancies from applicants overseas.
Training qualified drivers
Even with a shortage of drivers and new applicants coming forward, many still won’t be sufficiently qualified for the role. Businesses are solving this issue more directly by incentivising roles by paying for the relevant HGV training courses, offering scholarships or subsidising training. This means that applicants truly interested in a career in this industry can have their training paid for and businesses will have a qualified individual at the end that can fill the vacancy they have available.
Retaining employees
Now skilled drivers are in such short supply, many businesses are combatting driver shortages by focusing on employee retention. In addition to the driver shortage, recruiters also have the issue of high turnover rates which are common within this industry.
The way to successful retention is focusing on more than simply providing bonuses and financial incentives, though these are beneficial to encouraging applicants too. There have been many reports in the media of dramatic hikes in salaries which are not sustainable in the short-term. Strong retention rates are linked with the quality of the role and the business, such as having a positive company culture in place, listening and responding to feedback from staff and prioritising the safety of drivers, again highlighting the importance of driver training. Addressing the current driver shortage, the Government also created an extra 50,000 HGV annual driving tests and shortened the application process for such tests.
Lacking diversity
The majority of HGV drivers are men, with women making up just over 1 percent of the current workforce. The male-dominated industry can mean that fewer women apply for roles, as they don’t feel as welcome or encouraged to fill vacancies. For logistics businesses, women are a hugely valuable resource that organisations aren’t doing enough to utilise.
Businesses can tackle this through strategic recruitment campaigns that specifically target women. This includes highlighting the benefits of working in the industry and supporting women with female-centred scholarships that will highlight a career and industry they’ve likely not considered before.
Working conditions
There’s no denying that the unsociable hours can put people off the industry. To encourage applications and to keep the staff already working in the role, working conditions need to be a focus for recruiters.
Tackling this issue comes down to providing flexibility and better facilities for staff. This might mean reducing the number of duties employees need to carry out, to reduce overnight stays and being away from home, or providing a better balance in terms of working days and days off. It also means having a clear policy on keeping cabs tidy and hygienic, so that no member of the team is working in a poorly maintained environment, and that lorries are checked regularly to prevent safety or mechanical issues.
Long-term planning to address an ageing workforce
Once businesses have addressed the short-term driver shortage, there are other challenges further down the road, too. One of the biggest problems that companies face when recruiting drivers is the ageing workforce. Fewer young people are considering lorry driving as a career choice, so as existing drivers retire, there aren’t as many people taking their place and picking up the shortfall. Beyond the high cost of acquiring a license, which has deterred many people from training in this industry, there’s also a lack of understanding of the sector. Young people aren’t being educated about how the logistics sector operates and what the role of an HGV driver entails, meaning it’s less likely to be considered as a career choice.
To overcome this difficulty, businesses can offer apprenticeships which are a way for young people to gain the necessary skills and experience without having to pay out for training. Engaging with younger people is also a great way to educate them and encourage them to take up a career in the driving sector. Highlighting the benefits that the role offers, providing competitive salaries and delivering a role that offers career progression and fulfilment can all help to attract younger people.
In summary
The HGV driver shortage has reached critical levels now and is impacting other industries, so businesses have their work cut out for them when it comes to qualified driver recruitment, professional training and long-term retention. Managing recruitment properly is essential to ensure safety and compliance while still filling roles as quickly as possible to ease the burden that the shortage of drivers continues to have on the UK’s overall economic recovery.
On Thursday evening, environment secretary George Eustice announced that butchers in abattoirs and meat processing plants will be permitted to come to the UK to work for six months. He said that extra butchers were needed to meet staffing shortages in the sector.
The government’s intervention comes several weeks after farmers in the UK began culling healthy livestock due to a lack of staff in the abattoirs and plants where the animals were being processed. Thousands of pigs have been culled in the past week alone.
The measures “will help us to deal with the backlog of pigs that we currently have on farm, give those meat processors the ability to slaughter more pigs, and crucially as well we are going to make available what is called private storage aid to help those abattoirs to temporarily store that meat,” Eustice said.
UK ministers have also launched a consultation on extending cabotage rights, which would allow foreign HGV drivers to make unlimited journeys for two weeks within the country before returning home. Currently, foreign HGV drivers are only permitted to make two trips within seven days.
The meat industry is one of several sectors in the UK struggling with labour shortages exacerbated by Brexit and the Covid-19 pandemic. A lack of HGV drivers has also led to further disruption for supply chains.
