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<ul class="summary-list"><li>The Labour Party has triumphed in the UK general election.</li><li>Prime Minister Rishi Sunak conceded defeat to the Labour Party chief, Keir Starmer.</li></ul>The Tories are out, and the <a target="_blank" href="https://www.businessinsider.com/europe-teeters-far-right-uk-opposite-keir-starmer-labour-tories-2024-7">Labour Party is back in power in</a> the UK.<a target="_blank" href="https://www.businessinsider.com/keir-starmer-mentored-barack-obama-uk-election-new-prime-minister-2024-7">Keir Starmer</a> officially became Britain's new prime minister on Friday after a meeting with King Charles at Buckingham Palace.It came hours after <a target="_blank" href="https://www.businessinsider.com/john-oliver-right-conservative-party-got-wiped-out-polls-2024-7">Rishi Sunak</a>, the Conservative Party leader, conceded defeat in Thursday's general election."The Labour Party has won this general election, and I have called Keir Starmer to congratulate him on his victory," Sunak <a target="_blank" href="https://www.bloomberg.com/news/live-blog/2024-07-04/general-election-2024-uk-live-labour-tories-starmer-sunak-results-exit-poll?cursorId=66876F7D688C0000">told</a> reporters early Friday morning in the UK.<div type="image" title="King Charles speaks with Keir Starmer during an audience at Buckingham Palace." height="3472" width="4900" msid="111516343" hostid="261"></div>"The British people have delivered a sobering verdict tonight," he added. "There is much to learn and reflect on, and I take responsibility for the loss."Starmer's party obtained a landslide victory against Sunak's, winning at least 412 seats as of press time, per Bloomberg. A party needs to obtain only 326 out of the 650 seats to form a simple majority.The watershed election marks the Labour Party's stunning return to power, as it has been out of government since 2010."A mandate like this comes with a great responsibility," Starmer said in his victory speech. "The fight for trust is the battle that defines our age."Starmer also said in his victory speech that his party planned to govern as a "changed Labour Party.""I don't promise you it will be easy," he said. "Changing a country's not like flicking a switch. It's hard work. Patient work. Determined work. And we will have to get moving immediately."The rise of Reform UK split the rightwing vote, helping Labour to victory. On Truth Social, Former US President Donald Trump congratulated Reform leader Nigel Farage for his "big WIN."<h2 id="39e3481a-44db-441e-8ce5-bb39f0dfe0f9">Starmer spent more than a decade rebuilding Labour and sought advice from Obama</h2>Labour's landslide victory bucks the trend of <a target="_blank" href="https://www.businessinsider.com/europe-teeters-far-right-uk-opposite-keir-starmer-labour-tories-2024-7">far-right parties sweeping Europe</a>.Starmer, a former lawyer, joined Labour in 2015 and became the party's leader in 2020.He spent more than a decade reshaping the party and seeking guidance from world leaders on how to bring it back to power.One person who had a strong influence on Starmer was <a target="_blank" href="https://www.businessinsider.com/keir-starmer-mentored-barack-obama-uk-election-new-prime-minister-2024-7">Barack Obama</a>, who served as US president from 2009 until 2017. <a target="_blank" rel=" nofollow" href="https://www.theguardian.com/politics/2021/dec/12/barack-obama-gives-tips-to-keir-starmer-and-david-lammy-on-how-labour-can-regain-winning-ways">The Guardian</a> reported in 2021 that the pair were involved in two hours' worth of private talks where they discussed how to bring center-left parties back to power.Speaking on the "<a target="_blank" rel=" nofollow" href="https://podcasts.apple.com/nz/podcast/keir-starmer-international-uk-labour-leader-puts-the/id1202281739?i=1000628653155">Power Play</a>" podcast in September, Starmer said he speaks to Obama frequently and sometimes seeks his political advice."It is always useful to test my ideas on people who won elections, people who've taken difficult decisions in power because that helps me think about how we might approach some of the decisions we might have to take if we do win that election," he said.Starmer also sought Obama's advice during the election campaign. Labour's David Lammy — who is said to have first introduced Obama and Starmer — told Politico's "Power Play" podcast that Obama encouraged Starmer to be more authentic and open up about his family and personal life."In terms of his leadership style, it's had an impact," political journalist Kitty Donaldson told Business Insider."Obama is quite laid back. This campaign has been more laid back than we have seen, and he seemed to enjoy going up and down the country speaking to people."

The Labour Party is back in power in the UK after 14 years

Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

<ul class="summary-list"><li>Pandemic-fueled inflation seems to be spurring voters to kick out leaders.</li><li>Incumbent governments have been punished in Britain, France, India, Japan, South Korea, and elsewhere.</li></ul>From London to Tokyo, Seoul to Cape Town, 2024 has been a year of sharp election swings. Now you can add Washington D.C. to the list.Donald Trump soundly beat Democrat VP Kamala Harris in the US election, faring better than in 2020 in virtually every part of the country and with nearly all demographic groups. The near-universal shift away from Democrats echoes voters' <a target="_blank" class="" href="https://www.businessinsider.com/voters-world-elections-against-ruling-parties-analysis-2024-7">rejection of incumbent political parties</a> across the world this year.The US vice president's late substitution for Biden as the Democratic candidate, and her decision to embrace his policies instead of distancing herself from them, meant she <a target="_blank" class="" href="https://www.businessinsider.com/harris-lost-biden-unpopularity-trump-election-2024-11">effectively ran as an incumbent</a>.In contrast, Trump's defeat in the 2020 presidential election race enabled him to run as a "change candidate" this cycle and promise to disrupt the status quo.<h2 id="4f519aa6-7d08-4663-8d7f-8e62f03fcb58">Voter backlash</h2>Analysts have <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">proposed many theories</a> as to why Harris lost, ranging from her gender and race, to her failure to reach out to <a target="_blank" class="" href="https://www.businessinsider.com/election-musk-cuban-trump-meme-stocks-gamestop-dogecoin-crypto-markets-2024-11">young men</a>, to her support of Israel's war with Gaza, to her campaign focusing too much on reproductive rights and preserving democracy and too little on immigration and the economy.But from a global perspective, it's little surprise she lost given how many incumbent governments on both the right and the left have received a drubbing this year. Here are just a few of them:<ul><li>Britain's Labour Party <a target="_blank" class="" href="https://www.businessinsider.com/uk-labour-party-back-in-power-rishi-sunak-concede-defeat-2024-7">ousted</a> the Conservative Party, or Tories, this summer.</li><li>France's National Rally party <a target="_blank" class="" href="https://www.businessinsider.com/france-elections-far-right-macron-le-pen-bardella-2024-6">secured</a> more seats in the country's assembly than in 2022.</li><li>Japan's Liberal Democratic Party <a target="_blank" class="" href="https://www.businessinsider.com/japan-prime-minister-shigeru-ishiba-shake-up-us-military-pact-2024-9">ceded</a> its parliamentary majority this fall.</li><li>Indian Prime Minister Narendra Modi <a target="_blank" class="" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">lost</a> his majority against expectations, forcing him to form a coalition government.</li><li>South Korea's Democrat Party snagged a majority in the country's legislature.</li><li>South Africa's African National Congress (ANC) party lost its majority.</li></ul>Moreover, the incumbent US party has now lost three consecutive presidential elections for the first time in more than a century, Jim Reid, a research strategist at Deutsche Bank, said in a note this week.<h2 id="0e2b6ba9-92e6-4498-aadc-0fbc022d984f">Paying the price</h2><a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">Inflation</a> has been a key driver of the voter backlash. Prices of food, fuel, housing, and other essentials took off during the pandemic as governments spent heavily and lockdowns snarled global supply chains. In the US, inflation hit a 40-year high of more than 9% in early 2022 and was still above the Federal Reserve's 2% target this September."Trump's victory is the most powerful example this year of a political and economic environment that has been brutal for incumbents around the world and brought home the fact that inflation is political kryptonite," Tina Fordham, an independent strategist and advisor, said in a LinkedIn post this week.A key consequence of inflation has been central banks raising <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-interest">interest rates</a> to curb spending, hiring, and investing, cooling price growth. The Fed raised its benchmark rate from nearly zero to north of 5% in under 18 months, raising many people's monthly payments on their credit cards, car loans, and mortgages.The central bank made its first cut this September and <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">trimmed</a> a second time this week, broadly in line with peers such as the Bank of England and the European Central Bank.Surging prices and steeper interest rates has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-jpmorgan-consumer-inflation-rates-banking-crisis-2023-4">squeezed households</a> in the US and many other countries. Voters appear to be fed up with onerous living costs and eager to kick out the leaders they blame for their struggles.Other issues, such as illegal immigration and the wars in Ukraine and the Middle East, have also spurred votes for change.<h2 id="508f4884-4bdf-4651-b7a6-4bb22f9f0fde">Demanding change</h2>In the US, those concerns are so powerful that they've trumped the <a target="_blank" class="" href="https://www.businessinsider.com/economic-outlook-pandemic-stock-market-crash-inflation-recession-rates-ai-2024-2">economic reality</a> of resilient growth, historically low unemployment, declining inflation, falling rates, and a record stock market. In a CNN exit poll, 72% of Americans said they were dissatisfied with the country's direction.Louis Perron, a political consultant author of "Beat the Incumbent: Proven Strategies and Tactics to Win Elections," said in a note this week that elections featuring an incumbent are "foremost a referendum on the incumbent."In Harris' case, he said "it would have probably taken a miracle to overcome the circumstances with respect to inflation and the border."People "can't pay for groceries with Democracy or reproductive rights," he added. "If the mood of the electorate is so sour, people just want to stop the bleeding."Similarly, Deutsche Bank's Reid wrote that voters are disappointed by how slowly their lives are improving amid cooler economic growth.He said they don't buy that incumbents can tackle immigration, some incumbent governments have had scandals, and voters have become "much more willing to change their vote from election to election."

Voters worldwide are angry about higher prices and keep punishing those in power

<ul class="summary-list"><li>Benjamin Chadwick — a dual citizen of France and the UK — voted in two national elections this year.</li><li>He writes that in both nations, there's been a shift away from moderate politics toward extremes.</li></ul>I was born and raised in England, but this June marked 10 years since I moved to Paris.I came to France on a student exchange in 2012 and met my now partner. We moved to Paris together in 2014. When the British people voted to <a target="_blank" href="https://www.businessinsider.com/eu-referendum-reasons-and-analysis-on-a-brexit-vote-2016-6">leave the European Union</a> in 2016, I decided I wanted to live in France long-term.I planned to apply for French citizenship as soon as I could. I didn't know exactly how the <a target="_blank" class="" href="https://www.businessinsider.com/brexit-and-boris-johnson-explained-2019-9">Brexit vote</a> would impact me at the time, but I wanted to secure my right to vote in French elections or perhaps move elsewhere in the EU later in life.It took me another three years to meet the residency requirements for citizenship. In the meantime, I began paying closer attention to politics in France. As I wasn't yet a citizen, I couldn't vote in 2017's presidential election, leaving me feeling powerless. But I was relieved about the result.For much of its history, French politics has been dominated by two parties, representing the left and right. But in 2017, <a target="_blank" href="https://www.bbc.co.uk/news/world-europe-39130072">neither historic party made it to the second round</a>. Emmanuel Macron <a target="_blank" href="https://www.theguardian.com/world/2017/apr/03/emmanuel-macron-french-presidential-candidate-grassroots-movement">ran with a centrist campaign</a>, while Marine Le Pen, leader of the National Rally, campaigned on <a target="_blank" href="https://www.theguardian.com/world/2017/apr/04/french-presidential-election-how-the-candidates-compare">anti-immigration and nationalist ideals</a>. Her brand of populism had succeeded in the previous year with Trump's election — but failed in France, and <a target="_blank" href="https://www.businessinsider.com/emmanuel-macron-wins-french-presidential-election-in-landslide-marine-le-pen-2017-5">Macron defeated her</a>, becoming France's President.By the time the 2024 elections came around in France and the UK, I was a citizen of both countries and eager to exercise my vote. In the UK, I wanted to remove the unpopular governing party, the Conservatives, from office. In France, I wanted to keep Le Pen's party out.In recent years, I've watched moderate ideals lose out to reactionary politics again and again, from Trump to Brexit to the <a target="_blank" href="https://www.politico.eu/article/mapped-europe-far-right-government-power-politics-eu-italy-finalnd-hungary-parties-elections-polling/">success of hard-right parties in Europe</a> and elsewhere. Britain looked to be moving in the opposite direction with a projected victory for the center-left Labour Party, which made me feel optimistic, but France looked to be heading into reactionary territory.Political disagreements are a normal part of any healthy democracy. But increasingly, these disagreements are about our fundamental values and even the nature of truth itself. With a big election still to come this year in the US, I'm concerned about this move toward the extremes.<h2 id="86ebff10-5fe7-40c0-8b40-c666fa355f56">Politics in France and the UK has been turbulent in recent years</h2>My first national French elections as a voter were in 2022 when the National Rally continued its seemingly unstoppable rise — Le Pen came <a target="_blank" href="https://www.nbcnews.com/news/world/french-presidential-election-results-2022-macron-wins-rcna25555">closer than ever</a> to the French presidency.Le Pen became leader of France's right-wing populist "National Front" party in 2011 and renamed it "National Rally" in 2018. Despite the rebrand, the party continues to focus on <a target="_blank" href="https://www.france24.com/en/france/20240620-how-france-s-far-right-changed-the-debate-on-immigration">drastically reducing migration</a>. France has seen major social unrest in recent years, including protests against <a target="_blank" href="https://www.theguardian.com/world/2016/apr/08/nuit-debout-protesters-occupy-french-cities-in-a-revolutionary-call-for-change">labor</a> and <a target="_blank" href="https://www.bbc.com/news/world-europe-50971439">pension</a> reforms, <a target="_blank" href="https://www.france24.com/en/20191116-a-year-of-insurgency-how-yellow-vests-left-indelible-mark-on-french-politics">rising fuel costs, and the cost of living</a>. Le Pen has capitalized on a mistrust of mainstream politics, gaining popularity in <a target="_blank" href="https://www.theguardian.com/world/2017/apr/21/counryside-marine-le-pen-forgotten-france-presidential-election-2017">rural</a> areas where some of these <a target="_blank" href="https://www.theguardian.com/world/2018/dec/21/how-hi-vis-yellow-vest-became-symbol-of-protest-beyond-france-gilets-jaunes">protest movements</a> have been popular.Across the Channel, the political landscape was no less chaotic. The Brexit vote was a seismic shock, and a <a target="_blank" href="https://www.businessinsider.com/uk-brexit-deal-startups-limbo-financial-services-data-2020-12">deal with the EU</a> was only reached years later after Boris Johnson, whom Donald Trump rather unflatteringly labeled "<a target="_blank" href="https://www.theguardian.com/us-news/2019/jul/23/trump-boris-johnson-britain-trump-uk-prime-minister">Britain Trump</a>," came to power in 2019.Johnson's center-right Conservative party had been in power since 2010 and remained so until the July 2024 election. Revelations of<a target="_blank" href="https://www.businessinsider.com/partygate-sue-gray-report-details-2022-5"> lockdown-era parties</a> in Johnson's offices forced his resignation in 2022, and life for many Britons kept getting worse under his successors, Liz Truss and Rishi Sunak.As in many other countries, wages were failing to keep up with a sharp rise in the <a target="_blank" href="https://www.businessinsider.com/cost-of-living-crisis-uk-people-turn-to-tiktok-2022-11">cost of living</a>. Years of budget cuts meant public services were <a target="_blank" href="https://www.theguardian.com/society/2023/oct/30/uk-public-services-policy-institute-for-government-report">crumbling</a>. Yet despite bold promises, I feel the government <a target="_blank" href="https://www.bbc.com/news/65647308">failed to address</a> this and seemed more eager to stoke hatred <a target="_blank" href="https://www.theguardian.com/uk-news/2023/mar/08/stop-the-boats-sunaks-anti-asylum-slogan-echoes-australia-harsh-policy">against migrants</a> and <a target="_blank" href="https://www.bbc.co.uk/news/uk-politics-68229785">other minorities</a>.One of Rishi Sunak's <a target="_blank" href="https://www.bbc.co.uk/news/uk-64164339">often repeated pledges</a>, both while in office and campaigning for the 2024 election, was his mission to "stop the boats," referencing the illegal immigrants arriving in Britain via small-craft vessels.Back in France, Macron still held the presidency. He initially ran on a centrist platform in 2017, aiming to find <a target="_blank" href="https://www.standard.co.uk/news/world/emmanuel-macrons-la-republique-en-marche-all-you-need-to-know-about-the-french-presidents-groundbreaking-new-party-ahead-of-the-elections-a3563256.html">common ground</a> between the left and right blocs. However, during his seven years in office, he's been <a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/01/12/new-french-cabinet-reflects-macron-s-electorate-shift-to-the-right_6426251_5.html">accused of</a> veering to the right, appointing ministers who deny police <a target="_blank" href="https://www.hrw.org/news/2021/10/14/french-ministers-denial-police-abuses-against-migrants-flies-face-facts">brutality</a> toward migrants, and positioning himself <a target="_blank" href="https://www.politico.eu/article/france-war-on-woke-laboratoire-de-la-republique/">against "wokism."</a>On June 9, a historic <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">European Parliament election</a> took place, with Le Pen's far-right National Rally netting a record 31.4% of French votes, more than twice as many as Macron's centrist alliance. <a target="_blank" href="https://www.reuters.com/world/europe/le-pens-party-trounces-macrons-eu-vote-exit-polls-2024-06-09/">Claiming the country needed "clarification,"</a> Macron called for a national parliamentary election on June 30 and July 7. Even <a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/06/17/how-macron-threw-his-supporters-into-a-panic-by-calling-snap-elections_6675018_5.html">his own allies</a> didn't understand.In the lead-up to the UK election on July 4, opinion polls <a target="_blank" href="https://www.politico.eu/article/uk-election-final-mega-polls-predict-total-tory-annihilation-labour-win/">predicted</a> a huge majority for the center-left Labour Party. In France, I feared the National Rally would capitalize on their European victory and take control of the Assembly. As an immigrant, I didn't want to be ruled by a party that routinely demonizes migrants.<h2 id="59a6f7d6-73eb-4e8f-b47a-503a385d4dc3">The elections have made me concerned about extremism and division in both countries</h2>In the end, Labour did secure a historic majority in the UK, but only with a tiny increase in vote share. Meanwhile, Reform UK, a party led by Brexit campaigner Nigel Farage that campaigned on "freezing" immigration, reneging on net zero climate goals, and <a target="_blank" href="https://www.politico.eu/article/nigel-farage-manifesto-you-dont-have-to/">banning "transgender ideology"</a> in schools, netted more than 14% of the vote. This made them the third-largest party in terms of vote share. I was concerned that so many people were willing to vote for such a reactionary party.On top of this, one of Labour's first challenges in power was to deal with widespread <a target="_blank" class="" href="https://www.businessinsider.com/arrests-violence-riots-uk-far-right-wing-protests-immigration-2024-8">anti-immigration riots</a> targeting people of color. The protests that spread across the UK this summer were brought about by online disinformation about a stabbing where three young girls were killed.In France, the National Rally failed to get the majority many feared. A "<a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/07/07/french-elections-far-right-s-rise-blocked-by-republican-front_6676995_5.html">republican front</a>", consisting of other parties joining together to counter the far-right threat, worked better than expected, making the National Rally the third-largest group in terms of seats. But they still wound up with a much bigger voice in parliament than before and were by far the <a target="_blank" href="https://www.politico.eu/article/france-left-wing-marine-le-pen-far-right-national-rally-jordan-bardella-seats-new-popular-front/">largest party in terms of vote share</a>.I feel that France and the UK are dealing with many of the same problems: political polarization, the scapegoating of migrants, and an increasing focus on culture wars.<h2 id="c3bc22d1-7f74-40d0-a217-dc97700fc623">I'm worried history will repeat itself when the US elections come around</h2>This summer's events on both sides of the Channel have shown that as people grow disillusioned with the status quo, the extremes are becoming increasingly attractive.The National Rally continues to progress. I fear this year's vote has merely delayed their arrival in government, rather than preventing it. In the UK, this summer's far-right riots show that even when progressives win at the ballot box, the extremes are never far away.European eyes are now looking across the Atlantic.Donald Trump has been <a target="_blank" href="https://www.nytimes.com/2024/04/27/magazine/trump-rallies-rhetoric.html">embracing conspiracy theories and referencing an "invasion" of migrants "conquering" the USA</a> in his 2024 campaign. His victory could have serious consequences for Americans, especially <a target="_blank" href="https://www.washingtonpost.com/politics/interactive/2024/trump-harris-abortion/">women</a> and <a target="_blank" href="https://www.forbes.com/sites/saradorn/2024/05/10/trump-promises-rollback-on-trans-rights-heres-what-hes-said/?sh=51549ef4dae0">minorities</a>.In Europe, observers like me are worried about what his leadership would mean for <a target="_blank" href="https://www.politico.eu/article/donald-trump-signal-us-stop-ukraine-election-russia-volodymyr-zelenskyy-vladimir-putin/">foreign policy</a> in today's turbulent world. Trump's victory would galvanize European politicians like Le Pen and Farage and their supporters. Populist politics may not have won their national elections, but the most powerful nation in the world and its leader are behind them, normalizing their rhetoric.But if he loses, I'm still anxious about what will happen next, given the January 6 <a target="_blank" href="https://www.businessinsider.com/five-things-we-learned-about-the-insurrection-in-2022-2023-1">capitol riots</a> in 2021.Kamala Harris has reenergized the presidential race and given hope to those who oppose Trump. But even if she wins, the deep divisions in American society won't go away — they haven't in the UK or France.

Voting in the UK and French elections taught me a concerning lesson that Americans should heed when heading to the polls

For employees, a job is about more than just the paycheck—elements like work-life balance, career development and a positive <keyword id="20375714" type="General" weightage="20" keywordseo="workplace-environment" source="keywords">workplace environment</keyword> play crucial roles. This broader perspective extends to a national level too, with highly <keyword id="20614079" type="General" weightage="20" keywordseo="skilled-professionals" source="keywords">skilled professionals</keyword> increasingly drawn to countries that offer a more inclusive and progressive atmosphere. A recent study from Washington State University underscores this notion, revealing that European countries which embraced <keyword id="20026331" type="General" weightage="100" keywordseo="same-sex-marriage" source="keywords">same-sex marriage</keyword> saw a significant boost in retaining their top talent. This shift had considerable economic repercussions, particularly in influencing the flow of skilled workers to the United States. <cmsannotation type="cmsannotation" annotationid="Uncovering the link between marriage equality and skilled labour retention" comment="subhead" text="Uncovering the link between marriage equality and skilled labour retention">Uncovering the link between <keyword id="1660336" type="General" weightage="20" keywordseo="marriage-equality" source="Orion">marriage equality</keyword> and <keyword id="22603926" type="General" weightage="20" keywordseo="skilled-labour-retention" source="Orion">skilled labour retention</keyword></cmsannotation> The study, recently published in AEA Papers and Proceedings, analysed 20 years of data on H-1B visas—those coveted permits for immigrants with advanced degrees and specialised skills. The research team’s choice to focus on EU countries was a strategic one, leveraging the shared labour market within this political and economic union for a more precise analysis of marriage equality’s effects. The EU also provided a natural experiment: by 2019, roughly half of the 27 member states had legalised same-sex marriage, while the remaining 14 had not, creating a perfect control group for comparison. The results revealed that from 2000 to 2019, as 13 EU countries adopted same-sex marriage laws, the U.S. experienced a 21% decline in new H-1B visas from these countries. This trend persisted despite differences in enactment dates and economic conditions across the EU. The study also considered the effect of the U.S. recognising foreign same-sex marriages in 2013. Notably, this policy change slowed the decrease in H-1B visa admissions from EU countries with existing marriage equality laws, such as The Netherlands, Belgium and Spain. Koroles Awad, a Ph.D. candidate in economics at WSU, emphasised that <keyword id="21934841" type="General" weightage="20" keywordseo="inclusive-policies" source="keywords">inclusive policies</keyword> make countries more attractive to skilled labour. This finding underscores the broader economic benefits of marriage equality beyond just social progress. Awad further noted that marriage equality could act as a non-monetary incentive for attracting and retaining highly sought-after skilled workers, particularly in STEM fields. Building on previous U.S. studies showing that same-sex couples and households led by women were more likely to relocate to states recognising same-sex marriage, this new research broadens the understanding of how inclusive policies affect migration patterns. Although this study doesn’t address the sexual orientation of H-1B visa holders, it clearly indicates that the appeal of inclusive environments is a significant factor for skilled professionals.

Inclusivity pays off: Countries with same-sex marriage retain skilled professionals more effectively, per study

<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

Three <keyword id="19909452" type="General" weightage="20" keywordseo="labourers" source="keywords">labourers</keyword> died of <keyword id="20100581" type="General" weightage="20" keywordseo="asphyxiation" source="keywords">asphyxiation</keyword> at an <keyword id="454970" type="General" weightage="100" keywordseo="illegal-coal-mine" source="Orion">illegal coal mine</keyword> in Gujarat's Surendranagar district, police said on Sunday. A case has been registered against four persons for <keyword id="20497088" type="General" weightage="20" keywordseo="culpable-homicide" source="keywords">culpable homicide</keyword> not amounting to murder, and efforts are on to apprehend them, an official said. The victims, Lakshman Dabhi (35), Khodabhai Makwana (32) and Viram Keraliya (35), were digging at a mine near Bhet village in Thangadh taluka of the district when they died of asphyxiation on Saturday, the official from Muli Muli police station said. The trio did not have helmets, masks or other <keyword id="20754876" type="General" weightage="20" keywordseo="safety-equipment" source="keywords">safety equipment</keyword> when they were working for the accused, he said. As per the first information report (FIR), the accused did not provide helmets or other safety equipment to the deceased while employing them to dig a well. They died after inhaling gas from the well, it stated. A case was registered against Jashabhai Keraliya, Janak Aniyaria, Khimjibhai Saradia, and Kalpesh Parmar, the official said. Bodies of the deceased labourers have been sent for post-mortem, he added. Earlier in February, three workers died after inhaling toxic gas that emanated after a blast triggered by gelatin sticks for an <keyword id="19932636" type="General" weightage="20" keywordseo="illegal" source="keywords">illegal</keyword> mining operation in the district.

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