Britain's former chancellor, Rishi Sunak, has spoken with Cabinet minister Penny Mordaunt with a view to form a new government if Prime Minister Liz Truss is ousted, Conservative Party sources have told The National.
Mr Sunak also held meetings with his former special advisers at his constituency in Richmond last week, potentially for leadership planning, it can be disclosed.
The National can also report that any leadership contest will probably be held with a “very high entry bar”, with candidates requiring the support of between 50 and 60 MPs to enter the race.
But there is also discussion, should Ms Truss be pushed out of office, for a caretaker prime minister to be appointed for three months to allow time for a more considered leadership contest.
The sources also disclosed that Conservative MPs’ WhatsApp groups are ablaze with plotting, including intense debate about Mr Sunak, who came second to Ms Truss in last month’s leadership race.
“Rishi met with his Spads [special advisers] in Richmond a week ago, so he’s obviously in the planning phase,” a Westminster source said. “Rishi also briefly talked to Penny Mordaunt. As a result, she is now regarded as a ‘flight risk’ on resigning from government.”
A former minister said that the 1922 Backbench Committee, that oversees elections, could change the rules to set the bar at 50 MP supporters to speed up a “coronation” for the new leader.
“This will slash it right down to a couple of contenders. What we really want is a tsunami of support for a single ticket that will ease the pain and we do have to have an election because that person needs a mandate.”
A backbench MP said: “We do not want a debilitating, drawn-out election with the membership, so it will essentially have to be a coronation.”
It is still uncertain if Mr Sunak would unite with Ms Mordaunt, although they would prove a powerful force as more than two thirds of MPs voted for them in the summer leadership contest.
But others say it is still uncertain if Mr Sunak would automatically be chosen after the ill-feeling he caused by hastening Boris Johnson’s end when he resigned as chancellor in July.
Other MPs believe that another “clean pair of hands” candidate could emerge, potentially untainted by association with Ms Truss and regarded as sensible. Names put forward include the new chancellor, Jeremy Hunt, Grant Shapps, the respected former transport secretary, Tom Tugendhat, the security minister and Kit Malthouse, the current education secretary.
With Mr Kwarteng sacked it is a question of whether “he takes Liz down with him” the backbencher said.
“There’s lots of WhatsApps going around saying that she’s got to go, it’s meltdown and hysteria. Some say it’s probably best to keep her on as PM but she’s so toxic, her polling numbers are shocking. There’s lots of febrile stuff but the problem is there’s no focus.”
The former minister said: “There will be plotting over this weekend but it’s a question of whether or not Rishi breaks cover. He might be marmite to some but his economic policies have certainly been vindicated.”
While it is unclear whether Mr Sunak will come forward as a leadership contender, Ms Truss's authority appears to be evaporating.
“How will she stand up at Prime Minister’s Questions on Wednesday after she has trashed her own economic policy?” the backbench MP said. “You could get a move on her at that point but they will have to move fast as there really is not much time to repair the roof before the next election. It’s all grim, grim, grim with no great solution.”
It was accepted that the expected U-turn on corporation tax might “save her until Christmas”, but if Ms Truss’s polling remained poor then she would be gone by the new year.
MPs are also angry that the Downing Street operation was still lacklustre, being run by young and inexperienced staffers.
“Number 10 is manned by children, bar Mark Fullbrook [chief of staff] who’s never worked in a government job and has a few outstanding issues,” the former minister said. “They are under-gunned in Downing Street and no one knows what’s going on.”
Whoever is prime minister in 2023 know sit will be an immense challenge to defeat Sir Keir Starmer’s resurgent Labour Party at the next general election, to be held before January 2025.
“Whoever that might be, it’s possible but unlikely they might win the election, there’s just too many hard facts against us,” the backbencher said.
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Belong%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Michael%20Askew%20and%20Matthew%20Gaziano%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%243.5%20million%20from%20crowd%20funding%20and%20angel%20investors%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%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.”
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20specs%3A%202024%20Mercedes%20E200
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MATCH INFO
Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
UAE currency: the story behind the money in your pockets
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company