Britain’s prime minister Theresa May leaves No 10 Downing Street to meet the Queen at Buckingham Palace on June 9, 2017. Facundo Arrizabalaga / EPA
Britain’s prime minister Theresa May leaves No 10 Downing Street to meet the Queen at Buckingham Palace on June 9, 2017. Facundo Arrizabalaga / EPA
Britain’s prime minister Theresa May leaves No 10 Downing Street to meet the Queen at Buckingham Palace on June 9, 2017. Facundo Arrizabalaga / EPA
Britain’s prime minister Theresa May leaves No 10 Downing Street to meet the Queen at Buckingham Palace on June 9, 2017. Facundo Arrizabalaga / EPA

How it all went wrong for Theresa May


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DUBLIN // The question plaguing Conservative supporters and even British prime minister Theresa May is likely to be: Where did it all go wrong?

When Mrs May announced a snap election in late April, her party enjoyed a 21-point lead in the opinion polls over Labour, its chief rival. Labour’s leader, Jeremy Corbyn, was struggling to strengthen his party into a credible opposition.

But that lead deteriorated swiftly – to as low as two points, according to some polls. Part of the reason was to do with the manifestos of the two parties.

Mrs May’s messaging in campaign speeches centred around stability and Brexit, but her party’s manifesto made some problematic promises: to legalise fox hunting again, and to institute steep healthcare costs for middle-class senior citizens with chronic ailments. Equally, the party vowed to cap energy prices, and to increase funding for schools and the National Health Service – prospects that have been anathema to a core segment of small-government Conservatives since the days of Margaret Thatcher.

“The manifesto was perceived by the public as awful,” said Rob Wilson, Mrs May’s former culture minister who lost his seat on Thursday.

. “We put an Exocet [missile] straight through the heart of our main supporters – older people.”

In contrast, Labour’s manifesto reached back to the party’s leftist roots, proposing free childcare of up to 30 hours a week for two-year-olds; lifting the cap on welfare benefits, which have taken roughly £12 billion in benefits away from low-income families this year; dismissing the “bogus immigration targets” promised by Mrs May; and building more public housing.

These promises, as well as Mr Corbyn’s anti-establishment appeal, seem to have attracted young voters in particular.

One exit poll, conducted by NME, showed that 56 per cent of all 18 to 35-year-olds voted on Thursday, compared to 44 per cent in 2015. The same survey found that two-thirds of these younger voters chose Labour.

The party also had to contend with Mrs May’s image. The prime minister was frequently perceived – and portrayed – as arrogant, particularly when she chose to skip a television debate in which every other party leader or deputy leader participated. She also cried off doing live radio interviews.

Even her decision to call the election has been interpreted as an act of hubris, given that the Conservatives already had a majority in the House of Commons. Several commentators described the election as “pointless”.

Tim Farron, the leader of the Liberal Democrats, called Mrs May “vain and arrogant” on Friday. He said she “called this election expecting it to be a coronation. She took each and every one of us for granted in the most cynical way possible.”

Possibly the sole silver lining for Mrs May lies in the poor performance of the Scottish National Party (SNP), whose leader, Nicola Sturgeon, had promised before the election to press for a fresh referendum on independence for Scotland, an idea Mrs May resisted. In the event, the SNP lost 19 of its seats in parliament, dropping down to 35 MPs.

“Undoubtedly the issue of an independence referendum was a factor in this election result, but I think there were other factors as well,” said Ms Sturgeon, Scotland’s first minister. “I’m going to reflect carefully on the result and going to take some time to do that. I have now gone 36 hours without sleep and I don’t think those are the conditions to rush to judgments or decision.”

ssubramanian@thenational.ae

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.”

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Retail gloom

Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.

The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m 

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
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6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
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Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor 

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
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7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m 

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8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m 

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Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

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The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge