Penny Mordaunt’s departure from the Conservative leadership race will significantly lessen the chances of the party holding on to power at the next election, Tory insiders have said.
The former trade minister had the most popular appeal among both Tory membership and the wider population of the last three candidates standing.
Instead Rishi Sunak or Liz Truss will make their case to members over the next six weeks — and then to the British public when one of them is announced as prime minister on September 5.
In a last-minute bid to stay in the race, Ms Mordaunt’s team sent a message to all MPs that showed a poll putting her ahead of the remaining pair in being able to win the next general election, but it failed to convince.
At precisely 4pm, Sir Graham Brady, chairman of the 1922 Committee that oversees Conservative affairs, walked into the cavernous Committee Room 14, where all results from the five previous ballots have been announced.
In a room packed with Conservative MPs, he read the outcome in alphabetical order, announcing Ms Truss’s 113 votes last. She beat Ms Mordaunt by eight votes. Immediately there were expletives from a number of Tories. One muttered: “This is perfect for Labour,” and a Ms Mordaunt supporter stated that “the only winner of Rishi versus Liz is Labour”.
Mr Sunak, who won 137 votes, does have a Yorkshire constituency but his vast personal wealth, along with his immensely rich India-born wife, is unlikely to convince Red Wall voters in northern England.
Being Boris Johnson’s chancellor will also provide the opposition with significant ammunition, as will the Conservative leadership debates that ended in unedifying mud-slinging between candidates.
Ms Truss is keen on steep tax cuts at a time of high inflation, with questions over her ability to steer the economy out of the mire caused by the pandemic and cost-of-living crisis.
She is also not a natural orator — as her rather wooden debate performances demonstrated — and is likely to be easily outshone by Labour leader Sir Keir Starmer during Prime Minister’s Questions.
“If the party was thinking straight, they would have put Penny Mordaunt on the last two,” said one political observer. “She was the only one that was a clean break from the Boris regime who would have nationwide electoral appeal. She was the high-risk, high-reward candidate.”
It is understood that Mr Johnson’s favoured choice for successor is the Foreign Secretary Ms Truss and early in the campaign she was overshadowed by Ms Mordaunt’s sudden surge in the polls.
But Ms Mordaunt’s campaign was then hamstrung by a series of high-level leaks to Conservative-supporting newspapers that attacked her on transgender rights, as well as her time as a Cabinet minister.
On the leadership trail - in pictures
Those leaks are now being investigated by the Cabinet Secretary Sir Simon Case, but that probe was announced after MPs were finishing voting.
Shortly before the vote announcement, a Ms Mordaunt MP supporter sent a text that suggested Ms Truss’ campaign team were behind the personal attacks. “I fear Liz has pushed us out,” he wrote. “The nasty personal attacks cut through.”
Nicola Richards, the MP for West Bromwich East who was backing Ms Mordaunt, said shortly after she had voted: “Penny is the only one who can win us the Red Walls seats. Having seen Penny’s sensible approach in the leadership campaign, that was how she would have governed the country. She has great appeal across the UK."
Michael Fabricant, another Ms Mordaunt supporter, agreed that she had “the best chance of winning the next general election”. He also told The National: “She is very business-like, very conscientious and has real appeal among the electorate."
With Mr Sunak some distance behind Ms Truss in opinion polls of the 160,000 Tory members, he is now expected to make a series of high-level policy announcements. Realistically he has only two weeks in which to make an impression as the first postal ballot papers drop through letterboxes from August 1.
His biggest moment to cut through and make a forceful impression will come when the BBC hosts the first — and possibly only — televised debate between the pair on Monday evening.
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.”
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Company%20profile
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
More from Neighbourhood Watch:
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young