Prime Minister Boris Johnson has suffered a fresh blow to his wounded leadership after his Brexit minister quit over disagreements about the UK’s Covid-19 and economic strategies.
David Frost — one of the prime minister’s key allies who was one of the architects of the country’s exit from the European Union — quit saying he was concerned about the government’s “current direction of travel”.
Senior Conservative MPs warned that Mr Johnson needs to get a grip on his party after the loss of a minister who had been at the centre of government decision-making.
Mr Frost's resignation follows the biggest rebellion yet against Mr Johnson, as more than 100 MPs voted against his plans for tighter restrictions to combat the rapid spread of the Omicron variant of Covid-19.
And amid continuing anger over continuing revelations about government Christmas parties in 2020 while the country was in lockdown, his party lost a 23,000 majority in a humiliating by-election defeat.
In his resignation letter, Mr Frost urged the prime minister not to be tempted by the “kind of coercive [Covid-19] measures we have seen elsewhere”.
The departure of Mr Frost will be seen as a major blow for the prime minister — not just because he led the UK’s Brexit project that will frame Mr Johnson’s legacy but because he remained a key part of his administration.
Tobias Ellwood, a senior MP from Mr Johnson’s party, told Times Radio that it was worrying that somebody at the heart of the party had decided that “this isn’t the party I want to be part of”.
Health Secretary Sajid Javid said that he understood the reasons why Mr Frost had quit. “Principled people do resign from the government — I know all about that — and that's something … that's a decision for him to take,” he told Sky News.
MPs have said that Mr Johnson needs to reassert his leadership of the party if he wants to lead it to the next election in 2024.
The by-election in North Shropshire which resulted in a damaging loss for the government was only held because one of Mr Johnson's MPs quit over a lobbying scandal, and a bungled attempt to change the rules on how politicians’ conduct was scrutinised.
Then, Cabinet Secretary Simon Case — the country's top civil servant — recused himself from an investigation into whether Christmas parties held last year in government offices broke Covid lockdown rules after reports that he also attended a party.
In his parting shot, Mr Frost expressed his wish that the UK would become a “lightly regulated, low-tax” country.
Prominent Conservative MP Andrew Bridgen said Mr Johnson was “running out of time and out of friends to deliver on the promises and discipline of a true Conservative government".
“Lord Frost has made it clear, 100 Conservative backbenchers have made it clear, but most importantly so did the people of North Shropshire,” he wrote on Twitter.
The opposition Labour Party’s deputy leader, Angela Rayner, said the news showed “a government in total chaos right when the country faces an uncertain few weeks".
She tweeted: "@BorisJohnson isn't up to the job. We deserve better than this buffoonery.”
Mr Frost has recently been locked in talks with European Commission Vice-President Maros Sefcovic as the UK and the EU attempt to close gaps in post-Brexit arrangements.
He wrote in the Financial Times on Friday warning the EU it needed to compromise but without straying into any of the areas where he clashed with government.
Lord Frost's letter in full
Dear Boris,
I have led our EU exit process for the two and half years since you became prime minister.
In those years we have restored the UK's freedom and independence as a country and begun the process of building a new relationship with the EU.
That will be a long-term task. That is why we agreed earlier this month that I would move on in January and hand over the baton to others to manage our future relationship with the EU.
It is disappointing that this plan has become public this evening and in the circumstances I think it is right for me to write to step down with immediate effect.
It has been a huge honour and privilege to work with you over the last five years, first in the Foreign Office and then in No. 10.
You have been an outstanding leader at a moment of grave constitutional crisis for this country.
Many said that it would be impossible to deliver what we did: an end to political turbulence by implementing the referendum result, a stunning election victory, an exit from the EU which gave us full freedom about our future choices as a country, and finally putting in place the world's broadest and indeed only zero-tariff free trade deal.
You and I have always shared the same approach on Brexit and I do not think we would have achieved so much without that close common understanding of our aims.
Brexit is now secure. The challenge for the Government now is to deliver on the opportunities it gives us.
You know my concerns about the current direction of travel. I hope we will move as fast as possible to where we need to get to: a lightly regulated, low-tax, entrepreneurial economy, at the cutting edge of modern science and economic change.
Three hundred years of history show that countries which take that route grow and prosper, and I am confident we will too.
We also need to learn to live with Covid and I know that is your instinct too.
You took a brave decision in July, against considerable opposition, to open up the country again.
Sadly it did not prove to be irreversible, as I wished, and believe you did too. I hope we can get back on track soon and not be tempted by the kind of coercive measures we have seen elsewhere.
Together we have put this country on to a new path. I am confident that under your leadership this newly free Britain can succeed and prosper hugely.
I wish you and the Government every success in that.
David
The%20specs
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Who's who in Yemen conflict
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
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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SPECS
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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
More Expo 2020 Dubai pavilions:
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”