Boris Johnson will cease to be the British prime minister on September 5, it was confirmed on Monday evening, and the rules for the forthcoming Conservative Party leadership election were agreed upon following a meeting of the 1922 Committee.
A large number of contenders for the position could be knocked out very early on.
The first round of voting will take place on Wednesday after nominations close on Tuesday at 6pm BST, with candidates requiring at least 20 supporters to proceed in the first ballot, the committee has confirmed.
This could mean that Suella Braverman, Rehman Chishti, Grant Shapps and even Sajid Javid could be knocked out even before the first round.
When The National saw Mr Javid, a former chancellor, in Westminster on Monday evening, he looked downhearted, potentially dealing with the knowledge he had not secured sufficient votes to continue in the contest.
The rules also established that nominees for the second round on Thursday will require 30 nominations, suggesting that the field of candidates will be quickly narrowed down.
Sir Graham Brady, the chairman of the committee, told the media that there could be only two candidates remaining by next Monday.
There is some discontent in the party that the process is moving too fast, without enough time for candidates to undergo the scrutiny of colleagues and the media.
But the rules will be signed off on later on Monday by the Conservative Board, which will make any challenge to the timetable impossible.
Sir Graham denied that the threshold for Wednesday and Thursday’s vote was too high for lesser-known candidates to make a mark.
“We do need to make sure there’s a decent period of time before the result is announced on September 5,” he said.
“We need to make sure there’s a reasonable chance for the party and the country to meet and question the candidates.”
The new rules were set a few hours after the Conservatives elected a new executive to the 1922 Committee, but with Sir Graham remaining as its chairman.
The remaining candidates will be subject to a series of live television debates, starting this Sunday on ITV then with Sky and potentially the BBC hosting the events, too.
Once Parliament goes into recess on Thursday, July 21, the Conservative Central Office will organise a hustings across the UK in which various Conservative Associations will be able to directly question the two remaining candidates.
In 2019, these took place in Belfast, Cardiff, Darlington, Nottingham, Perth and York.
Members will be balloted by a postal vote, with a deadline potentially set for late August or early September.
Conservative headquarters in London will host the final announcement of the winner, who will become next Tory party leader and Britain’s new prime minister.
The termination date for Mr Johnson’s premiership will mean that he serves 34 days longer than his predecessor, Theresa May, who he unseated in 2019.
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY%20PROFILE
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer