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Brexit is to blame for Northern Ireland uncertainty

Boris Johnson, Britain’s Conservative prime minister, won the December 2019 general election by a large majority largely thanks to his catchy, if superficial, slogan “Get Brexit Done.” Pre-Covid and the national and global economic disaster triggered by Russia’s invasion of Ukraine, it seems ages ago.
Now Boris is facing a new crisis of his own making, over maintaining the Northern Ireland Protocol and the Good Friday Agreement of 1998 which ended three decades of tension – and terrorism - between extremist Republicans and Unionists. The protocol was designed to avoid the return of a hard border with the Republic of Ireland as a result of Brexit. But it has in effect created a border in the Irish Sea between Great Britain and Northern Ireland, meaning goods exported from Britain are subject to customs checks.
The UK government claims it has to act to resolve political instability in Northern Ireland, where Unionists have demolished the devolved government over the protocol. It also cites the red tape that the arrangement imposes on firms as a reason for dismantling it.
Sinn Fein, the political wing of the Irish Republican Army (IRA) gained a majority of seats in the local elections in May. That was also a symbolic breakthrough for Irish nationalism in Northern Ireland’s assembly election. “A party that does not want Northern Ireland to exist and refuses to even use the term Northern Ireland will become its biggest,” one expert said at the time. “It will not trigger a border poll, but it is an incremental step on the long road to Irish unity.”
Although a majority of assembly members in the province want to keep the protocol, the political infrastructure of Northern Ireland requires nationalists and unionists to co-operate.
The European Union is now poised to launch legal action against the UK after ministers controversially claimed an emergency loophole allowed them to scrap post-Brexit checks and standards in Northern Ireland. Brussels described the UK plan as “illegal”, “extremely damaging” and casting a shadow over British-EU relations. In a surprising admission, Johnson’s government accepted that its new Northern Ireland protocol bill would mean it did not meet its obligations under international law.
The Tories justified the move under a principle called the “doctrine of necessity”, claiming the protocol was causing “peril” to society and politics in Northern Ireland because of the threat to the Good Friday agreement. Johnson insisted the changes in the legislation were “relatively trivial” measures designed to ease trade disruption between Northern Ireland and the rest of the UK, as the bill was published last Monday.
Under the new legislation, which is likely to face considerable opposition in parliament, the government would scrap checks for firms selling goods from Great Britain destined for Northern Ireland rather than the EU. Instead, the government envisages the creation of a “green lane” of fewer checks for those selling goods heading for Northern Ireland and a “red lane” with existing checks for goods destined for EU countries. The Guardian newspaper described that approach as “a fantasy wish list for the Eurosceptic hard right” and an “exercise in high-profile Brussels-bashing.”
There are many unknowns to this strategy. Chief amongst them is the future of the Stormont assembly. The Democratic Unionist Party is pushing for the legislation to be passed, before it will consider returning to power sharing. Sir Jeffrey Donaldson, the leader of the DUP, welcomed the Northern Ireland protocol bill last week, but said the party would revive the Stormont assembly only if the bill progressed at Westminster.
“Parliament can either choose to go forward with the [Good Friday] agreement and the political institutions and stability in Northern Ireland, or the protocol, but it can’t have both,” Donaldson told the BBC.
This is another toxic and divisive issue: the European Commission stance over the Northern Ireland protocol led a leading unionist campaigner to compare the "subjugation" of his corner of the UK to Russia's attempt to seize Ukraine by force. While Unionist Voice editor Jamie Bryson acknowledged Vladimir Putin's brutal use of military force in Ukraine, he argued that Northern Ireland was facing an equally serious erosion of sovereignty by Brussels, be it through bureaucratic means and with the "complicity" of the British Parliament. European Commission vice-president Maros Sefcovic said the UK's move had "no legal or political justification".
The dispute could ultimately lead to a trade war, with tariffs or even the suspension of the entire Brexit deal between the UK and the EU. The Centre for European Reform estimates that the British economy was 5.2% smaller in the final quarter of 2021 than it would have been without Brexit—and that’s when the relationship was still working. By introducing the bill, Johnson’s government has exacerbated political uncertainty, worsened Britain’s international reputation, and increased the risk that more businesses will hold back on investment.
This is the last thing Britain needs in these deeply uncertain times, with the first minister of Scotland, Nicola Sturgeon, having pledged last week to hold a new referendum on Scottish independence. It is hard to avoid the conclusion that Brexit means – in the big picture - disuniting the United Kingdom.
BY: IAN BLACK
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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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