Labour leader Keir Starmer celebrates winning the UK general election with a speech at Tate Modern in central London. Getty Images
Mr Starmer and his wife Victoria arrive at the Tate Modern. PA
Mr Starmer gives a victory speech at the Tate Modern. PA
Mr Starmer greets former Labour leader Neil Kinnock. AP
Prime Minister and Conservative Party leader Rishi Sunak retained his seat as MP for Richmond and Northallerton, in Northallerton, North Yorkshire. AFP
Former Labour leader Jeremy Corbyn, who had been expelled from the party and stood as an independent, won in Islington seat North, London. EPA
Nigel Farage, leader of Reform UK, was victorious in Clacton-on-Sea, in Essex. Bloomberg
Conservative MP Jacob Rees-Mogg leaves University of Bath after losing his seat in the North East Somerset and Hanham constituency. AP
Liberal Democrat leader Ed Davey celebrates at London Art Bar, central London, after his party seemed poised for a successful night. AP
Penny Mordaunt lost her seat in the Portsmouth North constituency to Labour. PA
Scottish Labour leader Anas Sarwar celebrates with Maureen Burke after she won in Glasgow North East. Reuters
Sir Archibald Stanton standing for the Official Monster Raving Loony Party poses for a picture at the Richmond and Northallerton count centre in Northallerton, North Yorkshire. AFP
Mr Starmer is congratulated by fellow candidates Bobby 'Elmo' Smith and Nick 'The Flying Brick' Delves after winning his seat for Holborn and St Pancras, at the Camden Council count centre in London. AFP
Chris Blackhurst is a former editor of The Independent, based in London
July 05, 2024
Anyone wanting to trace the decline of the Conservative Party would do well to start with 1979 and Margaret Thatcher’s first Cabinet.
The imperious new prime minister was surrounded by an array of talent, people of true stature with names such as William Whitelaw, Peter Carington, Peter Walker, Michael Heseltine, Geoffrey Howe and Quintin Hogg. Now, look at those who have been and gone from high office since Boris Johnson’s 2019 triumph.
Forty years in the making, the once great party was reduced to fielding characters who would never have made it to Mrs Thatcher’s side. From the leaders – Mr Johnson himself, devoid of attention to detail and honesty, Liz Truss, enough said, Rishi Sunak, a COO but no commanding CEO. From the supporting cast – Priti Patel, Gavin Williamson, Dominic Raab, Grant Shapps (a loser last night). This latter list is long and unimpressive.
For some time now, once the realisation dawned that Mr Johnson was an empty vessel, the Tories have lacked policies and substance. The impression they gave, increasingly, was of an organisation that would do anything to cling to power. It was as if the well-rehearsed accolade of the most successful electoral party in history anywhere clung to them like a faded, no longer fitting ball gown.
From the moment Mr Sunak stood in the pouring rain to announce the election, the outcome was foregone. Their campaign smacked of desperately treading water, just trying to keep afloat. Measures – remember National Service for all 18-year-olds – came and went, barely mentioned again. The sense of people who did not believe in what they were doing or saying, who were merely going through the motions, was compounded.
Rishi Sunak walks back into 10 Downing Street in London on May 22 after he announced the General Election for July 4. AP
That was not the intention, of course. But this was a party that ran out of ideas and energy years ago.
They came up with grand-sounding phrases – “Big Society” under David Cameron, “levelling up” from Mr Johnson – but had no concept of how to put them into practice. It always was a difference between Conservative and Labour. The former is a party, the latter is a movement.
After each setback, Labour would dust itself down, pick itself up and begin again, more determined than ever to secure victory. The Tories never had that depth of motivation. For them it was all about winning, and winning. That was it. There was no vision, no ideological, detailed route-map towards a blue-tinted nirvana.
After each setback, Labour would dust itself down, pick itself up and begin again, more determined than ever to secure victory
There was a time when the rump of the party, the “One Nation” Conservatives, provided sense and balance. Increasingly, though, they were marginalised. The Eurosceptics would not let up, and this small, vociferous group snapped and harried. They were aided and abetted by an outsider, Nigel Farage. The fear he spread was out of all proportion to his actual position. Nevertheless, it secured him the announcement of the Brexit referendum.
Britain's Reform UK Party Leader Nigel Farage won his first seat in parliament. Reuters
Still, his grip tightened. Look at the knots the government got into over Mr Farage’s claim to have been “debanked” by NatWest. It was a call from a minister that forced the departure of the chief executive, Alison Rose, from a bank that was majority-owned by the taxpayer.
Ms Rose did not need to go, Mr Farage wanted her gone, she went.
At the last annual conference, Mr Farage was courted, embarrassingly, by fawning Tory seniors. Roll forward to the election campaign, and Mr Farage’s declaration that he was standing for the Reform UK party was followed by awkward attempts by the same Tory leadership to put distance between them and a man whom they were wooing and pandering to only recently.
Suddenly, he was the enemy - more so, it appeared, than Labour leader Keir Starmer. This speaks volumes about a residual, gnawing fear.
Mr Farage had charisma where they had none, his Reform manifesto contained populist policies that would meet with Tory approval, he’d gone from being the maverick upstart to alternative rival.
So, it ended up with an enormous Labour majority, a landslide. Worse, if that was possible for the Tories, there is the arrival in the UK House of Commons of Reform.
The scale of defeat was not of wipeout proportions. Anything leaving the Tories with double-digit MPs would surely have signalled the end. Faced as well with resurgent Liberal Democrats, they would have been consigned to oblivion.
That has not occurred. Instead, they find themselves at a crossroads: to continue on the same, unhappy, uninspiring, unpopular path; or to change. The pressure will be for the latter. But do they return to the centre where they were once so dominant, or do they continue to shift to the right, to head off Reform, to take their ground? In which case, is there an argument for merger and the anointment of Mr Farage as leader?
It’s too early to call. Certainly, Mr Sunak should go and there needs to be a leadership campaign. But the need is more profound. They must decide who they are, what they believe in – and crucially they must stick to it (theirs has been a party of ill-discipline versus a much tighter Labour).
There is a strong, historical case for a move back towards centrism and the re-emergence of One Nation Toryism. But that’s not been the recent direction and the louder voices are on the right of the party. They will insist they were correct all along, that the rise of Reform proves it, that if the Tory party is to have a future it must embrace the values of the right.
The parliamentary candidates for leader from that quarter do not inspire. It’s hard to conceive of Suella Braverman or Kemi Badenoch appealing to the country at large.
There are two big beasts, one within the Commons but outside the party, and the other outside the Commons but within the party. They are Mr Farage and Mr Johnson. They are the same two who led the Brexit campaign. The fact the B-word is scarcely mentioned today will not hinder them.
A Conservative Party led by Mr Farage will not be the Conservative Party as we know it – Mrs Thatcher and her Cabinet would be lost for words. Equally, it’s hard to see how Mr Johnson can mount a credible return. He may point to his hero, Winston Churchill, who was ousted and did come back. Mr Johnson, though, is no Churchill – however much he believes he is.
What the Tories are facing is months –if not years – of soul-searching and arguing. They’ve brought it on themselves, and it will not end happily.
The scrapping begins today. But if it’s not accompanied by thought and clarity and rigour, they will surely be over – that decline will only carry on. The temptation will be to move quickly but a period of contemplation is required. Begin by revisiting that first Thatcher line-up and ask, how did we get from that to this?
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania. Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan. Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef. Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
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 biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
A – Dubai College, Deira International School, Al Ain Amblers, Warriors B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College 2017 – British School Al Khubairat 2016 – Dubai English Speaking School 2015 – Al Ain Amblers 2014 – Dubai College
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.