Prime ministerial hopeful Rishi Sunak will put forward a major set of proposed policies for governing Britain with a series of announcements in the coming days to showcase his vision for the UK under new leadership.
A new policy on immigration and home affairs will be published this weekend followed by measures on the economy, security and levelling-up, a high-profile member of his team has said.
The next week will be vital for the former chancellor to make up ground on Liz Truss who the latest polls showed had surged 24 points ahead of him in a survey of Conservative members who will vote for the next leader.
We need serious, purposeful leadership on the economy and tackling the beast of inflation
Robert Buckland,
UK cabinet minister speaking to The National
But Robert Buckland, the Welsh Secretary and key supporter of Mr Sunak, told The National that “it's not at all clear yet who's going to win”.
“Liz has had a good start with those polls, but the make-up of the membership is largely unknown even to us,” he added. “It’s quite a mixed bag, they’re not all from the shires, they are much more diverse and complex in their approach.”
Mr Sunak’s team hope that Ms Truss’s bold move on Thursday stating that she would slash taxation to stimulate growth despite a potential £30 billion hit on government coffers will backfire.
Economists fear it could lead to a surge in interest rates and further stoke inflation with heavy government borrowing.
“We need serious, purposeful leadership on the economy and tackling the beast of inflation,” Mr Buckland said.
“I believe that Rishi Sunak is man to help do that, beating the baleful effects of inflation on livelihoods. We have to deal with that before an agenda that includes tax cuts. We're not going to be over-promising and under-delivering.”
Mr Sunak is expected to detail an economic strategy early next week that will amount to significant attack on Ms Truss’ policies at a time when Britain is facing a potentially severe recession.
A senior Sunak campaign official said running high interest rates while cutting taxes “could be a disaster for businesses”.
Ms Truss has made great play of being an inheritor of Margaret Thatcher’s economic policies but this was also attacked.
“We will remind people that Margaret Thatcher didn't just splash the cash and splurge, she balanced the books and then, as the years went by, she was able to cut taxes in a sensible way,” the official said.
Many of the 160,000 Conservative members also had “long memories” of the high interest and inflation during the 1980s.
“We’re going to keep on coming out with announcements on policy that get the balance right. We not having fairy tales, we’re making sure that we focus on delivering.”
Mr Sunak will also emphasise that he is “not continuity Boris” the source said. “He is a break with the past and it will be a very different set of standards in Number 10. Our members were looking to see how we can win the next election.”
Much of Mr Sunak’s strategy for the coming weeks is being planned by Eleanor Shawcross, who was a highly respected aide to former chancellor George Osborne. She was also one of the key strategists who helped the Tories win an unexpected election victory in 2015 and would likely head up Mr Sunak’s policy unit if he entered Downing Street.
He also has the capable former Number 10 Downing Street and Treasury special advisers in Liam Booth-Smith and Nerissa Chesterfield.
Mr Buckland, the former justice secretary who was one of the “grown ups” brought back into the Cabinet when Mr Johnson resigned earlier this month, said Mr Sunak had managed to assemble a “broad coalition” of moderate One Nation Tories alongside ardent Brexiteers.
“People want to work with him because he's a team player. He's also been a breath of fresh air in the sense that he's open to ideas, which is great.
“You need realism and good sense to get Britain through the difficult times ahead and if anybody can do that it’s Rishi Sunak.”
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
%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
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.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
