Walking under the shading leaves of the affluent Surrey village of Shalford resplendent on a classic English summer’s day, the political tsunami rapidly approaching Britain appears remote.
Yet this once unassailable Conservative stronghold could soon become forever known as the seat where for the first time in modern British history a chancellor of the Exchequer was thrown out as its MP.
Yet the Tory toxicity has set in so deep that during The National’s visit to his constituency of Godalming and Ash, it appears that the chances of Mr Hunt remaining in post are slim.
The Electoral Calculus website puts the likelihood of retaining the seat at just 5 per cent, an astonishing turnaround for a place where he once had a majority of more than 28,000.
But he is not the only senior cabinet member now under threat of defenestration, with Electoral Calculus giving Defence Secretary Grant Shapps five per cent and former prime minister Liz Truss just two per cent chance of remaining MPs.
Place your bets
How could that possibly happen? The thumping majority won by Boris Johnson in 2019 with 365 MPs has been eroded by a collapse in Tory support initially caused by the Partygate scandal in which Downing Street workers blatantly ignored Covid-19 lockdown rules.
That ultimately led to Mr Johnson’s resignation but another bomb detonated under the party from Liz Truss’ 49-day premiership when she crashed the economy with unfunded tax cuts.
A sensible technocrat, Mr Sunak has righted the ship somewhat yet unwisely expended huge political capital on the questionable Rwanda deportation scheme.
Now his campaign is gaining notoriety as one of the worst, after it stumbled from the rain-soaked Downing Street election announcement to his D-Day early departure snub and more seriously to “Gamblegate”, with the Tories who allegedly knew the July 4 election date placing bets on it.
Lend me your votes
All the above has what pundits call “cut-through” to the electorate, hence why on this correspondent’s journey among the green lanes of southern England only one Conservative placard was spotted to the Liberal Democrat’s seven.
Thus the confident timbre in the man who will stand beside the chancellor as his likely political executioner at 3am on Friday when the Godalming result is declared.
Tall, affable and an effective political operator, Paul Follows is working towards victory by getting people to “tactically vote” for Lib Dems, even if they are not their first party of choice.
“Labour and Greens are going to lend us their vote this time because they want to see the Tories out,” he said.
Tactical voting is taking hold across Britain threatening once safe Conservative seats by people ditching their regular party and voting in favour of the person most likely to win who is not Tory.
Green goes Lib Dem
It doesn’t take long to find hardline Green voter Cecilia Taylor, 59, who has a billboard outside her home stating: “I’m Green. Voting Lib Dem. Stop the Tories.”
“We've simply got to get them out because they've been so disruptive to nature and so toxic generally,” she said.
She cites Ms Truss’ economic incompetence which saw her daughter’s mortgage rise by £500 a month to £1,700 as a significant motivation.
In her view, Mr Follows is “more of a collaborator than an agitator” whereas the “Conservatives just agitate”.
“A lot of us just want to see grown up conversations in parliament, not name-calling.”
Unrecognisable Tory
As leader of the local council, Mr Follows knows his beat intimately and at the 2019 election got within 8,000 votes on Mr Hunt.
Now, he says, the feel on the ground among Conservative voters is different as the impact of Tory scandals past and present is evident
“They’re reasonable, compassionate, progressive people, who want to see government managed professionally but they just don't identify with their party any more. It's not their values that have changed, it’s their party that has become unrecognisable to them.”
The problem for the genial Mr Hunt is that those well-to-do, once traditional Conservative voters, have had enough.
“Jeremy Hunt is a voice of reason,” said Roger, 62, on the doorstep of his well-appointed Surrey home. “But I do not want the Conservatives to be in power, however a strong opposition is important. What I don’t want to happen is for the Conservatives implode and for the right wingers to dictate its future policy.”
Pressed by The National on whether he might vote Lib Dem, the well-spoken Roger remained reticent. “I’ll keep it to myself, if you don’t mind,” he replied.
“But ultimately, I would prefer it if there was a hung parliament,” he added, suggesting other parties could then exercise a check on what looks like a Labour “supermajority”.
D-Day anger
In an area brimming with those who have served in the military – Mr Follows’ father served in the British army – it is Mr Sunak’s ill-advised early departure from the D-Day commemorations three weeks ago that continues to grate.
“It’s still coming up on the doorstep a lot,” he said. “It’s the last straw for how poor his political judgment was and that level of disrespect really lands with them. It’s a symbol of ‘the rules don't apply to us culture’ that is pervasive throughout the Conservative Party.”
Portillo moment?
Mr Hunt himself is braced for humiliation recently telling The Times that “I’ve had the conversation with my kids, I may not be an MP after the election,” and that his seat was “too close to call”.
Many pundits reference Mr Hunt’s impending downfall to the iconic 1997 election “Portillo moment” when the-then defence secretary Michael Portillo was the shattered metaphor for Conservative downfall after losing his seat to Labour.
That is why the Chancellor is now tramping the streets, vigorously knocking on doors to muster support to save his political career while civil servants run the Treasury.
A sign too of Conservative HQ nerves came on Wednesday when they parachuted the prime minister’s wife, Akshata Murty, on to the Surrey campaign trail to help garner votes.
Mr Hunt now shuns media interviews – slightly understandable given the concentration of questions on his looming loss – and instead uses Twitter to promote his credentials. “We are going to win this,” he proclaims on one, then looks rather awkward.
“It’s quite difficult for us to canvass with journalists in tow,” his media adviser said, rebuffing The National’s interview request. “His diary is incredibly hectic. He’s just focused on campaigning now.”
That diary may well soon free up after around 3.30am on Friday after the votes are counted, although with a strong business portfolio and experience as Britain’s finance chief will not, unlike many of his colleagues, see Mr Hunt out of work for long.
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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.”
Killing of Qassem Suleimani
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UAE v Zimbabwe A, 50 over series
Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri