Liz Truss in Belfast Harbour on Wednesday during a campaign stop in Northern Ireland. PA
Liz Truss in Belfast Harbour on Wednesday during a campaign stop in Northern Ireland. PA
Liz Truss in Belfast Harbour on Wednesday during a campaign stop in Northern Ireland. PA
Liz Truss in Belfast Harbour on Wednesday during a campaign stop in Northern Ireland. PA

Liz Truss says she backs 'hard workers' after doubting British 'graft' in leaked audio


Soraya Ebrahimi
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Conservative leadership hopeful Liz Truss said on Wednesday that she was "on the side of people who work hard" after a leaked recording caught her doubting the diligence of British workers.

During a campaign stop in Northern Ireland, where she and rival candidate Rishi Sunak sparred in the eighth of 12 Tory hustings, Ms Truss was challenged about her earlier statement that there was a "fundamental issue with British working culture... what needs to happen is, you know, a bit more graft".

The comments, revealed by the Guardian and dating from Ms Truss's time at the Treasury between 2017 and 2019, were described as a "total disgrace" by the opposition and jolted her campaign as the race to be Britain's next prime minister nears its final stages.

Ms Truss, now the foreign secretary, responded by saying in Northern Ireland that Britain needed more investment and skills and to "help more people get into work... we have a number of people across the country who are currently economically inactive".

"I’m fundamentally on the side of people who work hard, who do the right thing," she said.

During the hustings, Ms Truss said she was determined to steer the Northern Ireland Protocol bill through Parliament, despite stiff opposition to a move that would unilaterally discard part of the Brexit deal with the European Union.

Mr Sunak said there was not much between the candidates on that point, but said he would negotiate with the EU, France and the Republic of Ireland to seek a swifter resolution if possible because the bill "will take time to pass".

The EU accuses Britain of breaching international law by going back on its commitments under the protocol, designed to keep goods moving across the Irish border and avoid inflaming sectarian tensions by bringing in new checks.

Rishi Sunak put his case to Conservative members in Northern Ireland at the eighth of 12 party hustings. Getty
Rishi Sunak put his case to Conservative members in Northern Ireland at the eighth of 12 party hustings. Getty

The leaked recording comes as Ms Truss emphatically leads rival Rishi Sunak in polls for the race to become prime minister when Boris Johnson stands down early next month.

Ms Truss said in the recording that workers' "mindset and attitude" were partly to blame for the UK's relatively poor productivity.

The two-minute audio clip dates from her time as a senior minister in the finance ministry between 2017 and 2019.

"It's working culture basically," Ms Truss said in the recording obtained by The Guardian newspaper, adding British workers needed "more graft".

"If you go to China it's quite different, I can assure you," she said. "There's a fundamental issue of British working culture … I don't think people are that keen to change."

She also raised regional hackles by saying that productivity was "very, very different in London from the rest of the country".

"It's a total disgrace, what Liz Truss has said. I think it reveals what she really thinks," said Yvette Cooper, a senior MP in the opposition Labour Party.

"She has absolutely no idea that people are working incredibly hard... who are facing these nightmare inflation figures, these soaring energy bills and doing their best to keep everything together."

A Truss ally, former chancellor Sajid Javid, said British workers were "among the hardest-working in the world" but said Ms Truss was right to flag up low productivity.

Asked about the regional disparity, he told Sky News: "I think what she's talking about is business and investment... if we don't increase our growth rate, we won't be able to pay for those investments."

The party's up to 200,000-strong membership has already starting voting for their next leader, who then becomes prime minister.

The result of the summer-long contest will be announced on September 5, with the new leader set to take charge the following day.

The two leadership contenders, who have waged a bitter battle over recent weeks featuring hostile briefings and counter-briefings by their camps, headed across the Irish Sea after a campaign stop in Scotland on Tuesday evening.

UK Conservatives on the leadership campaign trail — in pictures

Ms Truss's remarks echo controversial arguments made in a 2012 book she co-wrote, Britannia Unchained, in which British workers were described as among the "worst idlers in the world".

Asked about it at a leadership debate last month, she distanced herself from the contentious assessment, claiming co-writer and Sunak supporter Dominic Raab, who is Justice Minister, had penned it.

Mr Raab has subsequently said the writers of the book, which included several other senior Conservative ministers, had agreed on "collective responsibility" over its contents.

In the audio, Ms Truss — who supported staying in the EU during the divisive 2016 referendum before later becoming a Brexit supporter — also appeared to suggest the bloc and migration were unfairly criticised.

"We say it's all Europe that's causing all these problems. It's all, 'It's migrants that's causing problems'.

"But actually what needs to happen is, you know, a bit more graft," she said with a laugh, before adding: "It's not a popular message".

Everything you need to know about Liz Truss - video

A Truss campaign source branded the leaked comments "half-a-decade-old" and lacking context, while saying that Britain does "need to boost productivity".

"As prime minister, Liz will deliver an economy that is high wage, high growth and low tax," the source said.

Command%20Z
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
%3Cp%3E%3Cstrong%3EAdvanced%20materials%3A%3C%2Fstrong%3E%20specifically%20engineered%20to%20exhibit%20novel%20or%20enhanced%20properties%2C%20that%20confer%20superior%20performance%20relative%20to%20conventional%20materials%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20components%3A%3C%2Fstrong%3E%20includes%20semiconductor%20components%2C%20such%20as%20microprocessors%20and%20other%20computer%20chips%2C%20and%20computer%20vision%20components%20such%20as%20lenses%20and%20image%20sensors%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20products%3A%3C%2Fstrong%3E%20includes%20personal%20electronics%2C%20smart%20home%20devices%20and%20space%20technologies%2C%20along%20with%20industry-enabling%20products%20such%20as%20robots%2C%203D%20printing%20equipment%20and%20exoskeletons%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Strategy%26amp%3B%3C%2Fem%3E%3C%2Fp%3E%0A
SECRET%20INVASION
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ali%20Selim%20%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Samuel%20L%20Jackson%2C%20Olivia%20Coleman%2C%20Kingsley%20Ben-Adir%2C%20Emilia%20Clarke%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

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.”

Wallabies

Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.

Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.

RESULTS
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Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

SUZUME
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Updated: August 17, 2022, 2:39 PM