British Prime Minister Liz Truss at a news conference in London, on October 14. Reuters
British Prime Minister Liz Truss at a news conference in London, on October 14. Reuters
British Prime Minister Liz Truss at a news conference in London, on October 14. Reuters
British Prime Minister Liz Truss at a news conference in London, on October 14. Reuters


Tory incompetence doesn't start or end with Truss


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October 18, 2022

British university history tutors often recommend reading a book called The Strange Death of Liberal England. It’s about the 20th-century demise of the once-great British Liberal party. Nowadays we are witnessing a sequel: the strange death of conservative England. The Conservative party, which ruled Britain for more of my life than any other, is currently 12 years in government and resembles a circular firing squad or political death cult, splitting apart like an over-ripe banana. We could begin with the new Conservative leader, but only if we agree that the leader is not Liz Truss, the nominal prime minister.

After just one month, Ms Truss remains in office, not in power, as the figurehead for a zombie government. The real leader of the UK government is the new Chancellor of the Exchequer, Jeremy Hunt. He is virtually unsackable, brought in to save Ms Truss from her own unbelievable errors. Mr Hunt is an estimable figure, calm, successful in business and may salvage the British economy, but no one can save Ms Truss from herself.

Britain's Chancellor of the Exchequer, Jeremy Hunt, speaks in the House of Commons, on October 17. AP
Britain's Chancellor of the Exchequer, Jeremy Hunt, speaks in the House of Commons, on October 17. AP

She is the most disastrous choice of prime minister in living memory and now inspires neither respect nor fear nor even pity. Rather than waste time considering her shortcomings, we need to understand that the problem is not one failed person, but the failed system that allowed someone manifestly unsuitable to rise to power in the first place.

Some 40 years ago, the elder statesman of the right wing of the British Conservative party, Enoch Powell, remarked that "all political careers end in failure". What is astonishing about Ms Truss is that her career as prime minister began in failure. Even sober editorial writers of The Economist compared her first few days in office to the shelf life of a supermarket lettuce.

Even if Truss remains in Downing Street she will be like a squatter in someone else’s home

But the real blame lies with the Conservative party itself. They created a system that allowed just 81,000 members to decide who should lead their party, and therefore the country, without the other 68 million British people having a say.

For some extraordinary reason, those 81,000 members loved the Truss message that cutting taxes, most notably on the rich, and cutting public spending would, in an injection of free-market fundamentalism, in some miraculous way create "growth, growth, growth".

They swallowed these political platitudes without once asking the most obvious question: do the numbers add up? They don’t. The Conservative party has, therefore, led the UK into crisis after crisis. A British child aged six will have lived under four Conservative prime ministers, five if Ms Truss is forced out soon, as some believe.

The Tories have already inflicted four chancellors on us in four successive months this year. There are plenty of complicated reasons for their incompetent behaviour, but here is one simple one: Brexit.

A woman holds a banner ridiculing political figures during a ‘March for Europe’ demonstration in London in 2016, against Britain’s decision to leave the EU. Reuters
A woman holds a banner ridiculing political figures during a ‘March for Europe’ demonstration in London in 2016, against Britain’s decision to leave the EU. Reuters

The decision to leave the EU came because former prime minister David Cameron worried about an upstart anti-European party, UKIP, taking millions of votes in the 2015 UK general election. He thought he could swallow up UKIP, so he offered the 2016 referendum on leaving the EU. Mr Cameron lost the referendum, lost his job as prime minister, and the infection of Brexit and UKIP-style policies rotted the best brains within the Conservative party.

The result was the jovial but incompetent and law-breaking premiership of Boris Johnson, the utterly inept premiership of Ms Truss, and a UK that is poorer and deeply divided. The union of Scotland, Wales and especially Northern Ireland has been undermined. Virtually every economic indicator – trade, economic growth, the falling pound – shows Britain has failed or is underperforming.

Ms Truss proved to be simply the most virulent form of the post-Brexit failure because she relied in government on groups of advisers from right-wing so-called "think tanks" – more like lobby groups – and adopted their free-market fundamentalist ideas, crashing the economy, crashing her career and crashing the Conservative party too.

Perhaps as they survey the wreckage, Conservatives may consider that their party, the party of Margaret Thatcher, once stood for free markets, fiscal prudence and "sound money". In the 2020s, their party now stands for competing egos, empty slogans and incompetence. Still, there is good news.

For the past few years, a sensible conversation about the damage done to the British economy by Brexit has been impossible. Now it is essential. In one of the many pro-Brexit British newspapers, a distinguished columnist finally came around to admitting that leaving the EU has been exactly the kind of disaster that some of us (me included) predicted years ago.

That, at least, is a start. Instead of worrying about the future of Ms Truss – she probably does not have one, even if she remains in Downing Street she will be like a squatter in someone else’s home – what we need to do is begin a grown-up conversation about how to end the self-harm that Brexit has caused. It will not be easy. It is, however, necessary.

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
UAE currency: the story behind the money in your pockets

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.”

While you're here
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Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons.  Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

'Jurassic%20World%20Dominion'
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Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

Updated: October 18, 2022, 2:47 PM