The UK’s Chancellor of the Exchequer, Rishi Sunak, has presented his Summer Economic Statement, a de facto budget, and this article is an overview of the main points with particular reference to any announcements or changes that are relevant to those living out of the UK.
I am sure we are all well aware that the restrictions related to COVID-19 have meant that the income of many people in the UAE has been affected. In order to find out the extent of this I have put together a quick survey and would appreciate as many responses as I can get as the more people who answer, the more valid the information.
Survey here: UAE Income & Coronavirus – June 2020
All responses are anonymous.
The results will be discussed in my weekly segment on Capital Radio UAE on 21st June at 6pm and I will share many of the results on this website too.
The survey will only take a couple of minutes and I appreciate all answers. Please share this too as the more answers I get, from different groups of people, the better.
Thank you for your time.
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai. I do not provide an employment advisory service to individuals, only via my newspaper column and radio show.
To arrange a meeting to discuss any aspect of your personal financial planning, please email me at keren@holbornassets.com Please take a look at the other useful articles on this website.
As many will be aware, I have been writing about UAE employment regulations, and other matters, in my weekly column in The National newspaper since 2008. This is addition to my main business as an Independent Financial Adviser. All columns are online but in view of the current economic situation in relation to COVID-19, I thought it would be useful to clarify both employee and employer rights at this time.
HMRC (Her Majesty’s Revenue & Customs) has announced that it will be giving special treatment to non-residents who are forced to stay in the UK exceeding their permitted number of days. With quite a few expats unable to leave due to closed borders and lock downs, I was expecting an announcement and this is helpful news.
I published an article on this topic on 4th March but with the ongoing situation and further stock markets falls, it is time for another.
With worries and panic across the world in respect of both health and all the knock-on economic issues, we have seen substantial falls in all stock markets so many people are asking what they should do regarding their investments. The falls have been more than anyone expected as the current situation in regard to COVID-19 are simply unprecedented. As before, my general advice is not to sell now, not least as you would simply be crystallising a loss. My clients are all diversified and have suitable risk profiles, in line with their preferences, although I understand if some want to reduce the risk levels a little. Please read on to find out more about what is happening, why, and what we can expect.
This is the first budget of this Government and the first by Chancellor, Rishi Sunak, less than a month after taking over at the Treasury.
This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK. The UK press will cover many points in detail but much of this is not directly relevant to expats so this article focuses of the relevant points for us. I have included specific measure related to COVID-19 as this has a significant impact on the economy and a wide-ranging, knock-on effect.
No one can avoid this subject right now but, in this article, I want to address the financial concerns, specifically in relation to investments. Global stock markets fell last week, the largest falls over a couple of days for 10 years, although some are moving upwards again at time of writing, and I do not believe this is a major cause for concern.
In November 2019, the UAE Government announced a new law for personal insolvency, to assist people with debt problems, and this has now come into effect. This is a real game changer as it will give people in difficulties an opportunity to repay what they owe with manageable payments and removes the threat of jail time.
In this article I will cover some of the main points and requirements but I will also update it, if and when there are any changes.
These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days of holiday for both the public and private sector should be the same and these are the dates announced by the UAE Government.
As usual, dates of Islamic holidays will be subject to slight variation, dependent on moon sighting, and others may also change.
With this in mind, this article will be updated throughout the year as any changes are announced.
| Occasion | Date | Day of the week | No. of Days |
| New Year’s Day | January 1st | Wednesday | 1 |
| Beginning of Ramadan* | April 24th | Friday | 0 |
| Eid Al Fitr* | May 23rd | Saturday | 4 |
| Arafat (Haj) Day* | July 29th | Wednesday | 1 |
| Eid Al Adha* | July 30th | Thursday | 3 |
| Hijri New Year’s Day* | August 23rd | Sunday | 1 |
| Prophet’s Birthday | October 29th | Thursday | 1 |
| Commemoration Day | December 1st | Tuesday | 1 |
| UAE National Day | December 2nd & 3rd | Wednesday & Thursday | 2 |
| *Islamic holiday dates are dependent on moon sighting and all are subject to confirmation and may change | |||
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai.
To arrange a meeting to discuss any aspect of your personal financial planning, please email me at keren@holbornassets.com Please take a look at the other useful articles on this website.
Source: UAE Government Communications Office
Starting next week some 360,000 British pensioners living in Europe will receive letters from The Department for Work and Pensions (DWP) confirming that their UK State Pension pension will rise each year for at least the next three years in the event of a no-deal Brexit. There are no guarantees that these increases will continue after this time. Continue reading