Rishi Sunak said he would back Liz Truss to be prime minister over Boris Johnson but she shunned the former chancellor in favour of her departing boss during the second-last Conservative leadership campaign event.
Both contenders for the top job faced questions on topics, including soaring energy bills, crime and climate change as they attacked each other's economic policies at the event in Norwich.
Mr Sunak said he would not pursue policies that “risk making inflation far worse and last far longer”, especially if they “amount to borrowing £50 billion [$59bn] and putting that on the country’s credit card”.
Ms Truss, the Foreign Secretary, said raising corporation tax — something Mr Sunak announced as chancellor — would “stop economic growth and put this country into a recession”.
She also caused a stir by saying the “jury’s out” on whether French President Emmanuel Macron is “friend or foe” to the UK.
Ms Truss said that if she was prime minister, she would judge him on “deeds, not words”.
In answer to the same question, Mr Sunak said Mr Macron was "a friend”.
Both were asked who would make a better prime minister: their rival or Mr Johnson.
Mr Sunak said he would prefer Ms Truss, as he called for the country to “move forward”.
But said she would rather Mr Johnson had the top job, which drew loud applause and cheers from the audience.
UK Conservatives on the leadership campaign trail — in pictures
Mr Sunak also said he would prefer to “take the stairs” than be stuck in a lift with Labour leader Sir Keir Starmer or Scotland's First Minister Nicola Sturgeon.
But Ms Truss said she would pick Ms Sturgeon in that scenario, as the idea of being trapped with the Labour leader was “extremely boring”.
Elsewhere, Mr Sunak took aim at “woke-ish ideology”, pledging to tackle “lefty woke culture” and never let “political correctness” get in the way of people’s safety.
Asked if the BBC had a Tory or Labour bias, or if it was neutral, he said: “There’s no woke bias option in there.”
Ms Truss said anyone who believed the BBC was impartial was “kidding” themselves, and that she preferred “honest bias” to the pretence of neutrality.
Earlier, Mr Sunak said he would vote for the tax-cutting plans put forward by Ms Truss, despite previously calling them a “moral failure”.
Everything you need to know about Rishi Sunak - video
He has used the contest to fiercely criticise his rival’s economic strategy, but appeared to relent by admitting that if defeated he would back an emergency budget put forward by Ms Truss.
Mr Sunak told BBC Radio 4 that he would not leave politics if, as expected, he was defeated in the Tory leadership contest in less than two weeks.
During a visit to a factory near Norwich before Thursday’s hustings, Ms Truss hinted at more action down the line to ease the burden of mounting prices.
She said cutting taxes and boosting energy supply were the keys to addressing the surging cost of living.
Ms Truss said that if she was elected, her chancellor would look at “what else needs to be done” in a future budget.
As the Tory leadership contest enters its final stages, calls are growing for urgent government action to support households through what is predicted to be a difficult winter.
Supply issues linked to Russia’s invasion of Ukraine are one reason behind rapidly rising power bills, with recent warnings suggesting the average amount UK households pay for their gas and electricity could reach £6,000 next year.
Chancellor Nadhim Zahawi on Wednesday said “nothing is off the table” when it came to action on soaring energy bills, and that a freeze in the price cap would not deliver “targeted help” for those who need it most.
Everything you need to know about Liz Truss - video
Labour has called on both Tory leadership candidates to increase the windfall tax on oil and gas companies if they become prime minister, as the cap is set to rise again.
Energy regulator Ofgem is set to announce the autumn price cap for energy bills on Friday.
At the Norwich hustings, Mr Sunak said he would also look at more support for businesses hit with soaring energy costs.
Asked what help he would give them, as they do not benefit from a price cap, he said: “That’s clearly something that the new prime minister will have to look at.
"I’ll have to look at it and I’m happy to do so and would do so.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
RACECARD%20
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
More from our neighbourhood series:
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The%20specs
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
more from Janine di Giovanni
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
SQUAD
Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059