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Bank of England Widely Expected to Hold Interest Rates

File photo: The risk of a resurgence in inflation and the July 4 election are seen as keeping the Bank of England from starting to cut rates at its Thursday meeting ( AFP)
File photo: The risk of a resurgence in inflation and the July 4 election are seen as keeping the Bank of England from starting to cut rates at its Thursday meeting ( AFP)
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Bank of England Widely Expected to Hold Interest Rates

File photo: The risk of a resurgence in inflation and the July 4 election are seen as keeping the Bank of England from starting to cut rates at its Thursday meeting ( AFP)
File photo: The risk of a resurgence in inflation and the July 4 election are seen as keeping the Bank of England from starting to cut rates at its Thursday meeting ( AFP)

The Bank of England is widely expected to keep interest rates unchanged on Thursday, a day after official figures showed inflation in the UK holding steady at an annual rate of 2.2% in August, with higher airfares offset by lower fuel costs and restaurant and hotel bills.
The latest reading from the Office of National Statistics on Wednesday was in line with market predictions and means that inflation remains just above the British central bank’s goal of 2% for the second month running, having fallen in June to the target for the first time in nearly three years.
Last month, the central bank reduced its main interest rate by a quarter-point to 5%, the first cut since the onset of the pandemic. It was a close call though with four of the nine members voting for no change.
The economic landscape indicates that the BOE is likely to delay a second rate cut until November.
Inflation, wage growth, and labor market conditions are the three key indicators the bank monitors when adjusting monetary policy.
On Wednesday, data showed that British inflation held steady in August but sped up in the services sector which is closely watched by the Bank of England, adding to bets that the central bank will keep interest rates on hold on Thursday.
Consumer price inflation of 2.2% last month was unchanged from July, the Office for National Statistics said, matching the median forecast in a Reuters poll of economists although it was below the BoE's latest projection of 2.4%.
Also, British house prices rose by an annual 2.2% in July, the fifth monthly rise in a row but the pace of increase cooled and was below a revised 2.7% increase in the 12 months to June, the Office for National Statistics said on Wednesday.
The ONS said house prices in London fell 0.4%.
Other indicators of Britain's property sector have shown a recovery as demand improved after a cut in borrowing costs.

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Gulf States Accelerate Adoption of Unified Digital Government Platforms

A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
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Gulf States Accelerate Adoption of Unified Digital Government Platforms

A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)
A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)

Gulf governments are moving swiftly to leverage modern technology in reshaping citizen-government relations, with a strong push toward digital transformation and more efficient, user-centric public services.

At the forefront of this shift are unified government applications that constitute comprehensive digital platforms that combine smart technology with seamless usability.

According to a recent study by Strategy& Middle East, a member of the PwC network, these platforms are no longer optional but have become strategic necessities.

The study, titled “Unified Government Apps: Smart Choices for Services and Cost Control,” highlights that citizens and residents can now complete services such as issuing birth certificates, renewing business licenses, or applying for social support within minutes, without physically visiting a government office.

Tawakkalna: A Saudi Model

Saudi Arabia’s Tawakkalna app, originally launched as a health tool during the COVID-19 pandemic, has since evolved into a comprehensive digital gateway offering over 1,100 government services.

Dr. Esam Al-Wagait, Director of the National Information Center at the Saudi Data and Artificial Intelligence Authority (SDAIA), noted the Kingdom’s aim to build a proactive digital government powered by AI.

“We are creating an integrated system that uses advanced technology to predict citizen needs and deliver personalized experiences aligned with smart and sustainable city goals,” he said.

Engineer Saleh Mosaibah, Deputy Director of the National Information Center, added that unified platforms enhance inter-agency collaboration, reduce operational costs, strengthen cybersecurity, and boost Saudi Arabia’s regional and global competitiveness.

Challenges and Solutions

Despite progress, the study noted operational and technical challenges remain, particularly around user expectations for faster, smoother service. Repeated logins and redundant data entry were identified as key obstacles.

Engineer Hani Zein, Partner at Strategy& Middle East, stressed the need for seamless, single-entry platforms powered by artificial intelligence.

“Unified interfaces are the future. They improve service delivery, enhance quality of life, and align with Gulf digital transformation goals,” he said.

Investment and Private Sector Integration

Experts stress that building such applications requires significant investment in IT infrastructure, data integration, and cybersecurity. “These are not just tech expenses, they are investments in smarter, more cost-efficient governance,” said Mosaibah.

The private sector also presents growth opportunities. Licensed companies could offer services through government platforms for a fee, or strategic partnerships could bring in private funding and innovation without straining public budgets.

Building a Sustainable Model

To ensure sustainability, Zein recommends a three-pillar approach: an agile operational model inspired by startups, strong legal and financial frameworks, and robust risk management systems. These foundations, he said, enable governments to move quickly, innovate freely, and maintain public trust.

With the right strategy, Zein and Mosaibah believe Saudi Arabia is well-positioned to set global standards for integrated digital government, offering a world-class experience for citizens and residents alike.