British political history tends to draw its parallels along party lines.
So when the Conservative party looks for lessons, it tends to cite past experiences of Australia’s Liberal-National coalition or the Progressive Conservative Party of Canada.
It’s the same with the Labour party and the equivalent centre-left parties in the Westminster parliamentary systems elsewhere in the world. In fact, when Labour poll campaign manager Morgan McSweeney wants to drill down on the dangers of complacency in the forthcoming general election, he has a ready example from Australia’s Labour and its past failures to convert poll leads into power.
After the events of last week saw a further significant erosion in Prime Minister Rishi Sunak’s grip on power, there is a historic example from one of Australia’s Labour Party heroes that could prove instructive for the Conservatives and shape British politics this year.
The late Bob Hawke, who was the biggest political personality that Australia has seen in living memory, became prime minister in 1983 as a result of a whipsaw turn of events that upended a general election in a matter of weeks. Could it be that somewhere lurking just outside of London, former prime minister Boris Johnson is studying the template particularly closely? Here’s how it would work.
The man who was supposed to run as Australian Labour’s prime ministerial candidate in 1983 was opposition leader Bill Hayden. But a by-election went badly for his party at the end of 1982, and Mr Hawke pounced against his rival. On the day that Mr Hayden resigned, then-prime minister Malcolm Fraser of the Liberal Party triggered a general election. He hoped to capitalise on a parallel Labour intra-party leadership election.
Instead, Mr Hawke was installed by acclamation from Labour MPs, and the general election became a two-man race that Mr Hawke won handily.
Bob Hawke was a renowned larrikin in Aussie politics. His British equivalent is not obvious, but Boris Johnson comes close
Mr Sunak this week said he would not hold a general election on May 2 when there are local elections that are pretty much nationwide. Those votes are expected to land like a tsunami against the Conservatives. That is why this is a key date in the course of the year.
Mr Sunak’s party has already suffered historic-scale reverses in individual by-elections, such as the 28.5 per cent loss in the recent vote in Wellingborough. That result rivalled a 1994 defeat under then-Conservative prime minister John Major that set the stage for his devastating wipe-out in 1997.
However, Mr Sunak has just a few months, perhaps even only a few weeks, on his side – not the three years that Mr Major had at his disposal.
As audacious as Mr Hawke’s power play was in 1983, it would be seismic for the Conservative party to switch out its leader now. And it may not work either. Mr Hawke, after all, only had to win as opposition leader. Moreover, anyone replacing Mr Sunak would have to lead a clapped-out and feudally divided governing husk of a political movement into a dramatic revival.
Yet listen to the words of Justine Greening, a centrist former Conservative cabinet minister who was spat out by the party’s civil war years ago.
Asked about reports of a push to replace Mr Sunak on Friday night, she was clear-eyed. “It does feel that [with] the polls, as they are, this is getting unsustainable,” she said on the BBC. “You can’t just bump along in the teens, or the low 20s. If MPs are starting to get around a particular alternative, then maybe things can move quite fast.”
So if there is a quick shift, how could this really happen?
The particular scenario put to Ms Greening was that a member of Mr Sunak’s cabinet could take over. This would involve a visit to Downing Street by what is known to the UK political scene as the men in grey suits. These senior sages would stand over the Prime Minister to force the inevitable recognition that the game was up.
There are plenty of parliamentarians who could carry out this task.
The stout figure of James Heappey, the armed forces minister, became the 62nd Conservative MP to announce that he would not contest the next election. To go back to the reference to Mr Major’s fate, that figure is just sort of the 70-plus who stood down in 1997. Many are jumping before they think they will be pushed out by the voters. They are free, therefore, to take destiny into their own hands.
So it is possible to foresee a quick unravelling that results in the defenestration of Mr Sunak before he would rally any kind of rear-guard action. Penny Mordaunt, the leader of parliamentary business, is in the frame as the alternative consensus candidate this week.
The key to a changeover at this stage is that it has to be done without the long-lasting internal party procedure; Mr Hawke rose because his Labour Party did not bring its own voting process into action. With the poll numbers so bad and the judgment of the electorate closing in, it is possible that the Conservatives struggle to get to the trigger point until the last moment.
Mr Hawke was a renowned larrikin in Aussie politics. His British equivalent is not obvious, but Mr Johnson comes close.
Unlike Mr Hawke in 1983, Mr Johnson already has a track record of winning impossible elections. If the party acclaimed the once disgraced former leader in an act of desperation, his resignation from Westminster could be reversed. As he mused on leaving office, the herd can shift.
An election could open up a seat like his first constituency Henley, which is becoming vacant. The awkward switchback in No 10 would not be an issue in the process of an election. The challenge to the system that Mr Johnson posed in the 2019 vote worked with voters. It was the aftermath of the Covid-19 pandemic that caught him out and forced him to step down.
With the situation being so volatile in the Conservative party, maybe even Boris can bob back to the top.
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Killing of Qassem Suleimani
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
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
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
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
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
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.”
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party