UK Prime Minister Rishi Sunak is under pressure from within his Conservative Party. AFP
UK Prime Minister Rishi Sunak is under pressure from within his Conservative Party. AFP
UK Prime Minister Rishi Sunak is under pressure from within his Conservative Party. AFP
UK Prime Minister Rishi Sunak is under pressure from within his Conservative Party. AFP

UK Conservative Party flooded with fears of election 'wipeout'


Thomas Harding
  • English
  • Arabic

Fear and despondency are gripping the Conservatives' ranks in Britain over a potential general election disaster, with polls suggesting the party will be reduced to fewer than 100 MPs.

Panic in Downing Street over anticipated poor local election results on May 2 has allegedly led Prime Minister Rishi Sunak to consider calling a general election in June to avoid a vote of confidence in his leadership, MPs told The National.

Sources have suggested, however, that the election date is now much more likely to be later in the year, with October 17 and November 14 given as predicted dates.

Pull the pillars down

No 10 Downing Street allegedly floated the prospect of an election in June to prevent MPs from submitting letters of no confidence. To trigger a vote, 53 letters would be required.

“They were basically telling us that if we carry on causing trouble, we’ll pull the pillars of the temple down on top of us, but I don't think anyone takes it seriously,” an MP and former cabinet member said.

He suggested it might make it more likely for letters of no confidence to be submitted after the May election, although there was “not a co-ordinated campaign” to oust Mr Sunak.

However, he said even if there was a confidence vote, Mr Sunak would probably survive as there was “no one really outstanding” to replace him.

Labour leader Keir Starmer could become the most powerful British leader in recent times after a UK election, polls suggest. Getty Images
Labour leader Keir Starmer could become the most powerful British leader in recent times after a UK election, polls suggest. Getty Images

Wipeout

Ardent Tory Brexiteer David Frost has suggested waiting for an autumn election might not be helpful, with polling “getting worse over time, not better”.

The latest major survey of 15,000 people puts the Conservatives at 26 per cent and Labour at 45 per cent. If the polling was translated to the House of Commons, it would give Labour 468 MPs.

This would mean a substantial Labour majority of 286, with the Tories reduced to 98 MPs from their current total of 348. Out of 28 cabinet members, a mere 13 would be re-elected, the polling suggests.

“It is going to be a wipeout,” said a senior Conservative official. “No one has a clue about what we are about to experience.

“But if the Conservative Party is to rebuild itself then it needs to be pretty much wiped out to get rid of the corrupt networks and the rot that has set in so deep.”

Tories are also deeply concerned that last month’s budget, in which £10 billion ($12.57 billion) was given away in tax cuts, has failed to have any effect on polls, particularly as it did not benefit pensioners who make up their core support.

Dawning realisation

Polling results are so consistent across all companies that there was now a “dawning realisation” among pollsters that “maybe this stuff will happen", said Chris Hopkins of Savanta, a polling company.

“Maybe we will be left with a Conservative Party struggling to fill shadow cabinet positions and Keir Starmer, in terms of parliamentary majority, as the strongest prime minister in living memory.”

Even Tory seats with a majority of between 15,000 and 20,000 were now vulnerable, he said.

The evidence among focus groups also indicated a catastrophe, with the public regularly saying “we can't trust them to do anything”, from the economy to the NHS to immigration.

Rwanda policy

It was also suggested the failure to bring down immigration numbers was a significant factor in several Tory seats becoming highly vulnerable to people voting for the Reform UK party.

Mr Hopkins said the “only trump card the Conservatives have left to play” is getting at least one deportation flight to Rwanda for immigrants who have illegally entered Britain.

“It’s the only thing left to go right for them,” he added. “And I suppose you can never write off Labour’s ability to implode on itself.”

But the Conservative official said people hanging on to the deportations as a magic remedy were misled. “You can put on all the Rwanda flights you want to but people don't understand that the relationship with the Conservatives is dead.”

Canada 1993

Ultimately, Tory MPs are resigned to losing heavily at the general election, with one even making a comparison to the 1993 Canada poll in which the ruling Progressive Conservative Party was reduced to only two seats.

“But they came back and later won handsomely,” the Tory backbencher said. “A spell in opposition does give you some time to think about things and for some deep talk.”

Fifa Club World Cup:

When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The%20Beekeeper
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First Person
Richard Flanagan
Chatto & Windus 

Company%20profile
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TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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MATCH INFO

Uefa Nations League

League A, Group 4
Spain v England, 10.45pm (UAE)

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

Based: Dubai, UAE

Founded: 2015

Number of employees: 30

Sector: F&B

Funding so far: Dh3 million

Future funding plans: None at present

Future markets: Saudi Arabia, potentially Kuwait and other GCC countries

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
Stage 5 results

1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53

2 Alexey Lutsenko (KAZ) Astana Pro Team -

Adam Yates (GBR) Mitchelton-Scott - 

4 David Gaudu (FRA) Groupama-FDJ  0:00:04

5 Ilnur Zakarin (RUS) CCC Team 0:00:07

General Classification:

1 Adam Yates (GBR) Mitchelton-Scott 20:35:04

2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01

3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33

4 David Gaudu (FRA) Groupama-FDJ 0:01:48

5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11

Updated: April 03, 2024, 11:38 AM