UK Prime Minister Rishi Sunak will be judged partly on ethical controversies during the Conservative Party's time in power. EPA
UK Prime Minister Rishi Sunak will be judged partly on ethical controversies during the Conservative Party's time in power. EPA
UK Prime Minister Rishi Sunak will be judged partly on ethical controversies during the Conservative Party's time in power. EPA
UK Prime Minister Rishi Sunak will be judged partly on ethical controversies during the Conservative Party's time in power. EPA


Election betting affair confirms time is running out for Rishi Sunak


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June 25, 2024

As the days unfold, increasingly it’s impossible not to feel sympathy for Rishi Sunak.

Of course, he knew what he was leading. Of course, he sought the top job. But oh dear, did he ever suppose it would be as bad as this?

By now, if things had gone to plan, Sunak could be affording himself a pat on the back.

Always trailing Labour and Keir Starmer, with a week to go he’d managed to keep the Tory general election campaign on track. A cohesive party had focused attention on Labour’s supposed secret tax agenda, judged by the Tory strategists to be Labour’s Achilles heel.

At focus groups, time and again, the public’s lack of total trust in Starmer and his team was to the fore. They talked a good talk, undoubtedly did Labour, but underneath these mere words, could they really be trusted?

That was the intention, to keep the drive for votes on what a future Labour government might look like, and not to dwell on the past 14 years. That was the idea, anyway.

With a week to go, despite Sunak’s best endeavours, the polls all point in one direction. They may be wrong – they’ve been so before. But no matter how hard he tries, the Tories are not making inroads. Worse, it’s as if everything is conspiring against him.

From the off, it went wrong, with Sunak announcing the election date in the pouring rain. He could have retreated inside but didn’t. He could have held an umbrella but didn’t.

As it was, the pictures were bad, but the Tory spin doctors did their level best, claiming this was evidence of a determined leader, who knew his own mind, who would not shelter from even the most appalling weather. This was tough, undeterred Rishi, tackling issues head-on.

Missing on D-Day

Then came the D-Day celebrations and his early departure, and calamity. Even the most ardent spinners found that one hard to excuse.

No sooner were they getting through that storm than another swirling cyclone appeared: the entry into the contest of Nigel Farage. Suddenly, previously loyal voters were indicating they would switch to Farage and his Reform party.

Fortunately, Farage made errors, that they were able to turn. Declaring Vladimir Putin was provoked by the West into invading Ukraine invited those moving to Reform to consider what they were doing, to examine the character of the man they were voting for.

Britain's Foreign Secretary David Cameron, left, stands in for the Prime Minister during D-Day anniversary events in France. AFP
Britain's Foreign Secretary David Cameron, left, stands in for the Prime Minister during D-Day anniversary events in France. AFP

Not only that, the Sunak supporters were able to say, a vote away from the Tories for Reform played directly into Labour’s hands, bringing the prospect of a super-majority nearer. This brought them back to firmer, more confident ground, to raising that trust question.

The word from the constituencies was that their tactic had started to make inroads, this twin-pronged attack, on Farage and sowing fear as to what a Labour landslide could really bring.

Controversies remembered

Tories were returning to the fold, pulling back from Farage and anxious to avoid a one-party state.

Then, disaster. The betting scandal erupted and Sunak and his inner circle were left despairing. Nothing could shake-off the image of a group of entitled Tories with privileged access to No 10 attempting to enrich themselves, by behaving in a venal manner that simply would not occur to others.

The campaign has reminded voters of coronavirus parties at Downing Street and other Conservative scandals. PA
The campaign has reminded voters of coronavirus parties at Downing Street and other Conservative scandals. PA

What was especially galling was that Sunak’s planners had managed to keep the old sore of the Tories equating to the nasty party hidden.

Apart from occasional mentions, little had been said in the public hustings about the coronavirus lockdown parties. Similarly, the accusation of favouring friends with PPE contracts had also not been so prominent.

The treatment of the Post Office workers was bad, but this also took in Ed Davey, the Lib-Dem leader and his time as a coalition minister – it was not hitting the Tories so hard.

One issue they could have done without, Labour’s intention to impose VAT on school fees, was outside their control. By and large, Sunak and his political colleagues steered away from a tax that would affect only a small percentage of the population and one that could already afford to educate children privately.

It was the media, more than Tory politicians, who kept this dispute alive – possibly because newspaper bosses with children and grandchildren to educate, would be caught by the levy.

Nevertheless, it did not play well on doorsteps, protesting about a charge for the wealthiest section of society. Claims that state schools would be harmed and not all privately-educated children necessarily hailed from money, largely fell on deaf ears. There was, though, little Sunak and his team could do about it.

The betting affair was altogether different, immediately bring back memories of the Downing Street get-togethers in defiance of the pandemic rules, Dominic Cummings’ drive to Barnard Castle, and the likes of Matt Hancock’s pub landlord winning lucrative PPE contracts.

Moral compass

What unites them all is the answer to how could they? Because they could.

If the leadership is partying, if the then Prime Minister’s closest adviser is driving when he shouldn’t, if pals can take advantage of a VIP fast-lane to win PPE orders and the only thing that qualifies them is that they are pals, then what hope is there?

Sunak appeared to be cut from another cloth. He was no Boris Johnson, no Liz Truss.

Most of those who had inside information about the election date knew it was wrong to rush to the bookmaker. Some, though, either knew it was reprehensible and did not bother, or they did not even know. In any event, they went ahead and placed bets that were guaranteed to deliver.

It’s the lack of a moral compass that is especially telling, and worrying. These were people, don’t forget, close to the very pinnacle of power. If they did this, what else might they be capable of?

I found myself feeling sorry for Sunak. But then, he chooses the company he keeps.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

Updated: June 25, 2024, 4:35 PM