Former British prime minister Boris Johnson will have to answer questions about allegedly lying to parliament. PA Wire
Former British prime minister Boris Johnson will have to answer questions about allegedly lying to parliament. PA Wire
Former British prime minister Boris Johnson will have to answer questions about allegedly lying to parliament. PA Wire
Former British prime minister Boris Johnson will have to answer questions about allegedly lying to parliament. PA Wire


Boris Johnson wants to retake No 10, but Sunak outclasses him


  • English
  • Arabic

March 08, 2023

I don’t understand Boris Johnson, the former British prime minister. I’ve met and enjoyed the company of members of his extended family. They are clever and charming. I’ve read a few of his (often silly and sometimes offensive) newspaper columns. And I’ve watched his bizarre political career with a mixture of amazement and sorrow, but I still don’t really know what makes Mr Johnson tick.

As a journalist I’ve met many impressive political leaders including – name drop alert – Margaret Thatcher, Jacques Chirac, Angela Merkel, Tony Blair, Bill Clinton and many others. Every one of them had a vision. They all wanted to do something for their country and the world as well as to be something important for their own egos. Mr Johnson is not like that. He’s all ego and no vision. He talks in headlines – “Global Britain”, “Levelling Up” – but there is no story. He has ambition but no ideology nor a coherent plan for governing. And now he is reported to be still trying to make a comeback as prime minister and allegedly plotting against his successor Rishi Sunak.

Mr Johnson certainly has experience in plotting. He helped bring down two predecessors, David Cameron and Theresa May. But now many MPs in his own Conservative party have tired of his disloyalty. An important parliamentary disciplinary committee, the Privileges Committee (where Conservative MPs are in the majority) says the evidence “strongly suggests” that as prime minister Mr Johnson knew that parties he held in Downing Street breached coronavirus lockdown rules in ways that were “obvious”.

Boris Johnson, Britain's Chancellor of the Duchy of Lancaster Stephen Barclay and Rishi Sunak, in the House of Commons, on May 25, 2022. AFP
Boris Johnson, Britain's Chancellor of the Duchy of Lancaster Stephen Barclay and Rishi Sunak, in the House of Commons, on May 25, 2022. AFP

Mr Johnson will face the committee in public soon though inexplicably he has responded already by claiming that he has been cleared or vindicated. He hasn’t.

Coincidentally, last week I needed to check a Shakespeare quote from Macbeth, for use in a new book project. And while the portly and shambolic Mr Johnson is nothing like Macbeth, the historic Scottish military commander and coup leader, they do both share the same fatal flaw. They are both consumed by ambition without any obvious wider purpose than personal aggrandisement.

Sunak has created a positive mood while Johnson looks like yesterday’s man rather than tomorrow’s comeback kid

Macbeth listens to siren voices from witches and his “vaulting ambition” is to be something – King of Scotland – rather than to do something. Mr Johnson, too, simply wanted the top job without any clear idea of what he wanted to do with it.

Famously, he was even in two minds about supporting or opposing Brexit. As a result of their dangerous ambitions, both Macbeth and Mr Johnson became political assassins, in Macbeth’s case with a knife; in Mr Johnson’s case with backstairs intrigues and plots against his predecessors.

At Westminster there are suggestions that even now Mr Johnson thinks he can succeed Rishi Sunak and return to Downing Street. But to do what? The former head of Britain’s diplomatic service, Simon McDonald, says Mr Johnson was undoubtedly the worst of seven prime ministers, both Conservative and Labour, that he served under. Mr McDonald describes Mr Johnson as both “charismatic” and also “chaotic” while Mrs Thatcher was “the best and Johnson was the worst” prime minister of the past 40 or so years.

The good news is that no one would accuse Rishi Sunak of being either “chaotic” or “charismatic”. Britain is better with Mr Sunak’s low key hard work. He is a details person. He has grasped the complex post-Brexit problems created by Mr Johnson in Northern Ireland. Mr Sunak boldly says his own new Brexit deal gives Northern Ireland the best of trading conditions within the UK and also the best with the EU. He speaks of a historic opportunity to boost the Northern Ireland economy, although in ways that immensely cheer up British pro-European activists.

At a meeting I attended last week, all the pro-EU talk centred on how Mr Sunak, by admitting that a trade deal with the EU is excellent for Northern Ireland, has opened the door to something similar in future for the whole of the UK.

The Brexit mess may at last be unravelling when faced with basic economic realities. We shall see. But Mr Sunak has definitely created a new more positive mood between Westminster and Brussels while Mr Johnson looks like yesterday’s man rather than tomorrow’s comeback kid. His serial disloyalty to his own party leaders plays badly with many Conservatives who see – correctly – party loyalty as a vital political weapon. And there’s worse to come.

Later this month the parliamentary Privileges Committee will ask Mr Johnson formally about allegedly lying to parliament. We could end up with a forced by-election in Mr Johnson’s constituency on the outskirts of London, a constituency where locals rarely even see their illustrious but generally invisible Member of Parliament. He’s too busy with other things, including vacations. He could lose his seat.

The full Shakespeare quote from Macbeth is one of self-realisation. Macbeth says, “I have no spur to prick the sides of my intent, but only vaulting ambition, which o'erleaps itself and falls on th' other.”

Vaulting ambition may get you to the top in politics. But without a coherent plan for doing something rather than merely being someone, it overleaps itself. A fall is inevitable. It’s a tragedy of one kind or another.

COMPANY%20PROFILE
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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
Updated: March 21, 2023, 4:35 PM