Scotland's political future is back in focus as its nationalist government leads a renewed push for independence. PA
Scotland's political future is back in focus as its nationalist government leads a renewed push for independence. PA
Scotland's political future is back in focus as its nationalist government leads a renewed push for independence. PA
Scotland's political future is back in focus as its nationalist government leads a renewed push for independence. PA

Tory leadership race heads to Scotland as Truss and Sunak fight to save Union


Tim Stickings
  • English
  • Arabic

The Conservative leadership race headed to Scotland on Tuesday as the two candidates vying to lead the United Kingdom set out how they plan to keep it intact.

Rishi Sunak and Liz Truss are both promising to quell Scotland's independence push with a mixture of financial sweeteners and robust political arm-wrestling with its nationalist First Minister Nicola Sturgeon.

Each will make their case to Tory members at a hustings in Perth on Tuesday evening, in the seventh of 12 such events ― and the only one in Scotland ― before the new party leader and prime minister is announced in early September.

Ms Truss, who previously caused a stir by calling Ms Sturgeon an "attention seeker" it was best to ignore, went down a more conciliatory path before the hustings by promising to boost economic growth in Scotland.

This would involve setting up low-tax free ports in Scotland and making trade deals to reduce tariffs on Scottish whisky, her campaign said.

But she also promised to make life more difficult for the Scottish National Party by granting legal immunity to members of the devolved parliament, in the hope they will be more fearless in grilling the Scottish government.

"For too long, people in Scotland have been let down by the SNP focusing on constitutional division instead of their priorities. That won’t happen under my watch," she said.

Mr Sunak's plan to take the SNP government to task would involve hauling its senior officials down to London to defend their record to parliament, his campaign said.

Scottish First Minister Nicola Sturgeon wants to hold a second independence referendum in 2023. PA
Scottish First Minister Nicola Sturgeon wants to hold a second independence referendum in 2023. PA

Conservative ministers and top civil servants in London would be urged to reciprocate by appearing before the Scottish Parliament more often to make their presence felt.

"For too long the SNP has been able to obscure its failures by picking and choosing the data it publishes ― I would change that, ensuring the Scottish government’s record could be held to account," Mr Sunak said.

Scotland has often been an electoral wasteland for the Tories, who hold only six of its 59 seats in parliament, but the desire to stop independence has partially reinvigorated the party north of the border.

Although the SNP likes to joke that Tories visiting Scotland only strengthen the case for independence, Mr Sunak and Ms Truss have promised to go into battle to stop the break-up of the UK.

Mr Sunak cites an array of spending commitments for Scotland that were made when he was chancellor of the exchequer, and publicly chided Ms Truss after her swipe at Ms Sturgeon.

Conservative leadership campaign - in pictures

"Nicola Sturgeon and the SNP pose an existential threat to our cherished Union. Arguing that we should ignore them is dangerously complacent," he said.

Ms Sturgeon recently announced October 19, 2023 as her preferred date for a second independence referendum, which is opposed by the Conservative government in London.

A legal battle is looming over whether the Scottish Parliament has the power to call such a vote without approval from Westminster.

Ms Sturgeon says the Scottish Parliament is free to organise a non-binding vote, even if the power to dissolve the 315-year-old Union resides with the UK Parliament alone.

Lawyers for the UK government countered that the objective of the referendum was to bring about independence and that it therefore encroached on powers reserved to Westminster.

The first referendum, in 2014, was held with the consent of prime minister David Cameron, and ended in a 55-45 vote against independence.

The UK government says that should be that for at least a generation, but Ms Sturgeon says circumstances have changed because Britain has since left the European Union against the wishes of Scottish voters.

Tu%20Jhoothi%20Main%20Makkaar%20
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn

Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
%E2%80%98White%20Elephant%E2%80%99
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jesse%20V%20Johnson%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Michael%20Rooker%2C%20Bruce%20Willis%2C%20John%20Malkovich%2C%20Olga%20Kurylenko%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
'Spies in Disguise'

Director: Nick Bruno and Troy Quane

Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones 

Rating: 4 out of 5 stars

UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

Who's who in Yemen conflict

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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

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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.”

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

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Updated: August 16, 2022, 10:52 AM