Britain's new chancellor Jeremy Hunt arrives in Downing Street. AFP.
Britain's new chancellor Jeremy Hunt arrives in Downing Street. AFP.
Britain's new chancellor Jeremy Hunt arrives in Downing Street. AFP.
Britain's new chancellor Jeremy Hunt arrives in Downing Street. AFP.

UK's new Chancellor Jeremy Hunt has wealth of experience in Cabinet roles


Neil Murphy
  • English
  • Arabic

Jeremy Hunt is no stranger to government roles, having spent his 17-year career in politics in a variety of Cabinet jobs.

The MP for South West Surrey was elected to his safe Conservative seat in 2005 after Virginia Bottomley, the now Baroness Bottomley of Nettlestone, stepped down.

His first Cabinet role, as culture secretary, was given to him following the 2010 general election which saw the Conservatives and Liberal Democrats form a coalition government.

During his two-year stint in the role, he was praised for the hugely successful London Olympics, but also faced calls to resign over his role in the BSkyB takeover bid.

Then Labour leader Ed Miliband said Mr Hunt should quit over his contacts with Rupert Murdoch’s media empire while he was considering the bid, which was later withdrawn.

Mr Hunt was later promoted to health secretary during a cabinet reshuffle in 2012, succeeding Andrew Lansley.

As health secretary, he secured a £20 billion-a-year funding increase for the NHS and expanded his department to include social care.

But his time in office was controversial and saw him face criticism from doctors and nurses due to the pressures on the NHS.

His scrapping of junior doctors’ overtime pay led to multiple strikes by medical staff across the UK.

Despite calls to resign, he stayed put, later being made foreign secretary after the shock resignation of Boris Johnson in 2018.

In the Brexit referendum, Mr Hunt campaigned to remain in the EU.

Jeremy Hunt is a political survivor who will require all of his considerable experience to calm an economy beset by chaos. Getty.
Jeremy Hunt is a political survivor who will require all of his considerable experience to calm an economy beset by chaos. Getty.

The son of an admiral in the Royal Navy, Mr Hunt is public school-educated and he attended Oxford University at the same time as former prime minister David Cameron. Unusually for a former British foreign secretary, he speaks a non-European language, Japanese.

His wife Lucia was born in China. The entrepreneur was a co-founder of the online education outfit Hot Courses, from which he has drawn tens of millions in dividends in recent years.

As health secretary he survived numerous crises over the public health system, the NHS and recently presided over celebrations of its 70th birthday. He has proven spurs as a bureaucratic fighter, winning the social care portfolio back to oversee, alongside health.

Mr Hunt has also spoken of the importance and urgency of resolving the Yemen conflict and has stressed the importance of working alongside allies in the Arab Coalition, the UAE and Saudi Arabia, in achieving a resolution.

Following the resignation of prime minister Theresa May in 2019, he announced he would campaign to become leader of the Conservative Party.

He was the runner-up in the race, losing to Mr Johnson.

The new PM then offered Mr Hunt the job of defence secretary after Dominic Raab was chosen as the new foreign secretary, but he declined it.

Mr Hunt said at the time on Twitter: “I would have been honoured to carry on my work at the FCO but understand the need for a new PM to choose his team.

“BJ kindly offered me another role but after nine years in Cabinet and over 300 cabinet meetings, now is the time to return to the backbenches from where the PM will have my full support.”

He then stepped back from the front benches for several years, focusing on his role as chairman of the Health and Social Care Committee, a role he was elected to at the beginning of 2020.

He used his position to make a number of critical interventions on the government’s handling of the Covid pandemic, and was supportive of the nation going into lockdown to curb the spread of the virus.

Following the resignation of Mr Johnson as PM earlier this year, Mr Hunt announced his intention to again run for the Tory leadership.

But he was eliminated from the race after the first round of voting by Tory MPs.

Earlier this year, Mr Hunt revealed that he had had cancer and had since recovered.

He ran in Cancer Research UK’s Race for Life to raise money for cancer charities.

Kwasi Kwarteng sacked as UK Chancellor — in pictures

  • Britain's former Chancellor of the Exchequer Kwasi Kwarteng leaves 11, Downing Street. He has been sacked after weeks of economic chaos during his brief term in office. AP
    Britain's former Chancellor of the Exchequer Kwasi Kwarteng leaves 11, Downing Street. He has been sacked after weeks of economic chaos during his brief term in office. AP
  • Mr Kwarteng arriving at Downing Street. AP
    Mr Kwarteng arriving at Downing Street. AP
  • Mr Kwarteng leaves Heathrow Airport in London, before travelling to Downing Street. Reuters
    Mr Kwarteng leaves Heathrow Airport in London, before travelling to Downing Street. Reuters
  • Mr Kwarteng leaves the stage after delivering his keynote speech to party members at the annual Conservative Party conference in Birmingham. PA
    Mr Kwarteng leaves the stage after delivering his keynote speech to party members at the annual Conservative Party conference in Birmingham. PA
  • Mr Kwarteng gives an interview on the second day of Conservative Party conference. Getty Images
    Mr Kwarteng gives an interview on the second day of Conservative Party conference. Getty Images
  • Mr Kwarteng and Prime Minister Liz Truss on the opening day of the conference in Birmingham. Getty Images
    Mr Kwarteng and Prime Minister Liz Truss on the opening day of the conference in Birmingham. Getty Images
  • Liz Truss meets Mr Kwarteng at the Conservative Party Conference. Photo: Andrew Parsons / CCHQ
    Liz Truss meets Mr Kwarteng at the Conservative Party Conference. Photo: Andrew Parsons / CCHQ
  • Ms Truss and Mr Kwarteng meet people from the Office for Budget Responsibility in No. 11 Downing Street, in September. Photo: No. 10 Downing Street
    Ms Truss and Mr Kwarteng meet people from the Office for Budget Responsibility in No. 11 Downing Street, in September. Photo: No. 10 Downing Street
  • Mr Kwarteng leaving 11 Downing Street in September. Getty Images
    Mr Kwarteng leaving 11 Downing Street in September. Getty Images
  • Mr Kwarteng speaks online to the Ukrainian Minister of Finance Serhiy Marchenko in September. Photo: HM Treasury
    Mr Kwarteng speaks online to the Ukrainian Minister of Finance Serhiy Marchenko in September. Photo: HM Treasury
  • Mr Kwarteng meets Andrew Bailey, Governor of the Bank of England, at the Treasury in September. Photo: HM Treasury
    Mr Kwarteng meets Andrew Bailey, Governor of the Bank of England, at the Treasury in September. Photo: HM Treasury
  • Then as Secretary of State for Business, Energy and Industrial Strategy, Mr Kwarteng introduces Ms Truss as she launches her campaign to become the next prime minister in July. Getty Images
    Then as Secretary of State for Business, Energy and Industrial Strategy, Mr Kwarteng introduces Ms Truss as she launches her campaign to become the next prime minister in July. Getty Images
  • Mr Kwarteng speaks to delegates during Cop26 in Glasgow, in November 2021. Getty Images
    Mr Kwarteng speaks to delegates during Cop26 in Glasgow, in November 2021. Getty Images
  • Mr Kwarteng speaks at the press conference announcing Stellantis' investment in the Vauxhall Ellesmere Port plant to build new electric vehicles, in July 2021. Getty Images
    Mr Kwarteng speaks at the press conference announcing Stellantis' investment in the Vauxhall Ellesmere Port plant to build new electric vehicles, in July 2021. Getty Images
  • Anti-Brexit protester Steve Bray demonstrates as Kwasi Kwarteng walks past him in London in November 2020. Getty Images
    Anti-Brexit protester Steve Bray demonstrates as Kwasi Kwarteng walks past him in London in November 2020. Getty Images
RESULTS

Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)

Mumbai won by 13 runs

Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)

Kings XI Punjab won by 6 wickets

The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

JOKE'S%20ON%20YOU
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The specs: 2019 Mini Cooper

Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km

India squad for fourth and fifth Tests

Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari

The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
GOODBYE%20JULIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMohamed%20Kordofani%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESiran%20Riak%2C%20Eiman%20Yousif%2C%20Nazar%20Goma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

While you're here
Pakistan v New Zealand Test series

Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza

New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner

Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)

Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am

Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%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.”

FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

Updated: October 14, 2022, 6:13 PM