Rishi Sunak must stop being a chancellor and prove he has what it takes to become a successful chief executive. Photo: Downing Street
Rishi Sunak must stop being a chancellor and prove he has what it takes to become a successful chief executive. Photo: Downing Street
Rishi Sunak must stop being a chancellor and prove he has what it takes to become a successful chief executive. Photo: Downing Street
Rishi Sunak must stop being a chancellor and prove he has what it takes to become a successful chief executive. Photo: Downing Street


Can Rishi Sunak the leader emerge from the gloom of tax rises and spending cuts?


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November 01, 2022

It is early days but a nag is developing where Rishi Sunak’s suitability as prime minister is concerned. Has Britain got itself a chief of finance for a CEO?

In the corporate world it is well-known that the moneymen do not usually make the best chief executives. They require different skill sets. One is a number-cruncher, concerned with figures and spreadsheets, the other is a leader, manager of the big picture, someone who knows how to extract the best from their teams across all areas.

Indeed, often the role of a good finance director is to challenge the chief executive officer, to question the path they wish to embark upon. The former is a number two position.

In Britain’s government hierarchy, that traditionally is the job of the chancellor of exchequer. And in Britain currently, we have two chancellors.

Sunak, a former chancellor, appears to be taking a hands-on interest in the work of the present chancellor, Jeremy Hunt. Which begs the question, what is Hunt for?

Of course, the UK is in poor economic health but it’s the task of the chancellor and their Treasury department to come up with a convincing plan for treatment. That programme would then be presented to the prime minister and the rest of the Cabinet for approval.

Instead, we’re informed that Mr Sunak is engaged constantly on proposals to fill the public spending gap, that he devoted much of this past weekend to that conundrum. It was given as an excuse for him not wishing to attend the Cop27 climate change talks in Egypt. Latterly, the indication is that he has changed his mind and he may now go, but that only appears to be because his nemesis Boris Johnson is said to be going.

The signal his original non-attendance sent, that Britain is pushing climate change down its priorities — unlike the US and France, with their presidents Joe Biden and Emmanuel Macron both going to Cop — was bad enough. This, as well, after Mr Sunak removed the Cabinet status of the Cop minister, Alok Sharma.

Mr Sunak, a banker and hedge fund manager before entering Parliament, may be happiest poring over accounts. It could be his comfort blanket, his default. That is unlikely to make him a successful prime minister.

Inspiration or perspiration

  • British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
    British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
  • Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
    Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
  • Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
    Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
  • Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
    Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
  • Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
    Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
  • Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
    Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
  • Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
    Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
  • On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
    On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
  • Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
    Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
  • Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
    Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
  • Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
    Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
  • Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
    Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
  • King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
    King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
  • Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
    Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
  • Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
    Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
  • Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
    Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
  • Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
    Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
  • Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
    Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
  • Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
    Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
  • At a hustings event in Exeter in August 2022. Getty Images
    At a hustings event in Exeter in August 2022. Getty Images
  • Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
    Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
  • Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
    Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
  • With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
    With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
  • Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
    Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
  • Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
    Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
  • Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
    Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
  • Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
    Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
  • At a press conference on the 2021 Budget in London in March 2021. Getty Images
    At a press conference on the 2021 Budget in London in March 2021. Getty Images
  • With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
    With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
  • Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
    Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
  • Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
    Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
  • Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
    Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
  • Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
    Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
  • Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
    Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
  • Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
    Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
  • With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
    With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
  • Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
    Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
  • Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
    Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
  • A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
    A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
  • Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
    Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
  • Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
    Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
  • With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
    With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
  • Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images
    Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images

The consultancy firm McKinsey once conducted a survey on whether chief financial officers make suitable CEOs. Noted McKinsey: “In our informal poll, for every respondent who believed strongly that CFOs make good CEOs, another vehemently opposed the idea.”

Respondents observed that “CFOs are often without leadership skills, are weak at motivating and inspiring teams, and have a propensity to retain rather than delegate control.”

We’ve been here before in the UK, most notably and recently when Gordon Brown took over from Tony Blair in 2007. Mr Brown, the long-time chancellor, was humiliatingly voted out as prime minister in the May 2010 general election.

Gordon Brown, left, took over from Tony Blair but was voted out. Getty Images
Gordon Brown, left, took over from Tony Blair but was voted out. Getty Images

Mr Brown, too, spent the first part of his period as PM overseeing a financial rescue package, in his case in response to the 2008 banking crash.

Mr Sunak betrays signs of wishing to focus on the narrow task in hand rather than the broader long term. In a comment piece for the Mail on Sunday he went on at length about how he would be tackling the economy. Yet again we were told that “tough decisions” would be made.

Then, at somewhat breathtaking speed we were informed that once immediate issues were dealt with, he would be levelling up, delivering “world-class education”, putting 20,000 more police on the streets, controlling the borders and developing energy security. These and others he cited, were contained in the 2019 Conservative manifesto. But he offered no detail as to how, precisely, they were to be accomplished.

Rishi Sunak and Jeremy Hunt, left.
Rishi Sunak and Jeremy Hunt, left.

Rather, “we will build an economy that modernises and embraces the opportunities of Brexit, where businesses invest, innovate and create jobs.” This ignores the fact that so far, as even some ardent Brexiteers are beginning to concede, there has been precious sign of the so-called “Brexit dividend”.

The point about this current economic dip is that it’s temporary. Mr Sunak says so himself. We will get over it. “The confidence and determination that are the hallmarks of our great nation will carry us through the tough times and towards a new age of hope and optimism.” So, why does he spend so long dwelling on it? He should be projecting ahead and providing us with his detailed vision for the NHS, state schools, welfare, law and order, and managing climate change.

Also, doesn’t the prediction of a “new age of hope and optimism” smack rather of a wing and a prayer? Put him on to the economic crisis and he speaks of the need to balance the books, of making “difficult choices” to “get our borrowing and our debt back on a sustainable path.” Once that’s achieved, however, it’s back to the same old boosterism and platitudes.

There’s a reason why so few CFOs become CEO and fewer still become a successful CEO. Mr Sunak must stop being chancellor and prove he has what it takes to join that elite few.

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Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah

Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz 

INFO

Visit www.wtatennis.com for more information

 

RACE CARD

6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m

7.05pm: Maiden (TB) Dh82,500 (D) 1,900m

7.40pm: Handicap (TB) Dh102,500 (D) 2,000m

8.15pm: Conditions (TB) Dh120,000 (D) 1,600m

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Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

War and the virus
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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Director: Kangana Ranaut, Krish Jagarlamudi

Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

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Starring: Saara Chaudry,  Soma Chhaya,  Laara Sadiq 

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Transmission: Eight-speed automatic; seven-speed automatic

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Fuel economy, combined: 9.9L / 100km; 11.6L / 100km

Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

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Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

RESULTS

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Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)

2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
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4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.

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.”

Updated: November 01, 2022, 5:44 PM