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Brexit Curse Afflicts Britain

Since the EU Referendum proposed and led by former British Prime Minister, David Cameron, on the relationship with the EU, Britain has not experienced political stability. This headed to economic stagnation, inflation, high unemployment, frustration, and pessimism among British citizens about the future.
Since that ominous referendum, the premiership in 10 Downing Street has rotated four leaders. The last one was Liz Truss, who remained only for 44 days in this position. Liz Truss was the 56th Prime Minister in British history and the shortest-lived in this post.
It seems that Brexit has become a scourge that will haunt the UK for a period to come that probably will be more turbulent and chaotic.
When David Cameron planned to hold a referendum on the ties with the EU in 2016, he sought to sort out the sharp dispute within his party over this issue. But he did not realise that by doing so, he was initiating a new era of chaos and uncertainty in his country.
It is the story of populism and polarisation led by Boris Johnson and his Conservative counterparts that inflamed in the run-up to and following Brexit. Those leaders who deluded British electorate into voting in favour of departing the EU, even by a narrow margin, by portraying Britain’s membership in the EU as an anathema on Britain and that leaving the EU would bring prosperity, goodness, and freedom to the British people, as if Britain was occupied by the EU. According to many analysts, Britain's international rank and economy were much better when it was in the EU for 47 years.
The UK, which was an example of political stability, has become, due to reckless and selfish policies of Conservative leaders, a symbol of turmoil, disorder, and deadlock. This reflects the flawed political and electoral system and the absence of true leadership qualities for Conservative chiefs who prefer their personal and partisan interests and privileges over those of the British people.
All the promises neo-Conservatives made to British voters during Brexit have become a mirage. Practically speaking, Brexit has brought nothing but more burdens, shocks and a series of failed and fraudulent leaders who do not confess their grave mistakes and insist on continuing on the path of loss and bearing more losses for the Britons.
After all the heavy damages the British people have incurred since Brexit, Tory leaders are still lying to the British people. The only one who kept his word, respected his promises, and had the qualities and charisma of a leader, was David Cameron. Cameron said prior to the referendum that he would resign if the majority of Britons decided to leave the EU, and he did, even though he was not obligated to do so.
However, the rest Prime Ministers from the Conservative submitted their resignations under duress and after being subjected to a vote of no confidence by their party comrades in Parliament. After all this, some of these leaders have no reluctance in running anew for premiership. Indeed, if you are not ashamed, do whatever you want.
It seems that the only solution for the UK to get out of this impasse formulated and put in place by the Conservative Party is to hold an early general election. Although this alternative is fraught with many challenges due to the conservatives' clinging to power, it appears the most appropriate and most viable in light of the scarcity of options.
BY: Jwan Dibo
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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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