Liz Truss left 10 Downing Street with a defiant message that “brighter days lie ahead” as her premiership ended on Tuesday after just seven weeks.
Ms Truss gave a farewell speech in Downing Street before leaving for Buckingham Palace to formally offer her resignation to King Charles III.
She left with a warning that her drive for economic growth could not be postponed forever, even after a vast package of tax cuts blew up her premiership.
“We simply cannot afford to be a low-growth country where the government takes up an increasing share of our national wealth,” she said.
“Our country continues to battle through a storm, but I believe in Britain, I believe in the British people, and I know that brighter days lie ahead.”
Ms Truss leaves after 49 days as the shortest-serving prime minister in British history, breaking the record of George Canning who died after 119 days in 1827.
But she counted a freeze in energy bills and a cut in national insurance — one of the few surviving tax cuts from her aborted package — as achievements of her short tenure.
She said she was honoured to have overseen the mourning period for Queen Elizabeth II, who died on September 8, two days after appointing Ms Truss as her final prime minister.
After eight years in the Cabinet, she said she would return to the backbenches when her successor Rishi Sunak takes office.
Ms Truss was flanked by her husband Hugh O'Leary and her teenage daughters, Frances and Liberty, in her final appearance as prime minister.
Like Boris Johnson before her, she turned to ancient Rome for inspiration in her final speech, quoting the philosopher Seneca: “It is not because things are difficult that we do not dare. It is because we do not dare that they are difficult.”
“From my time as prime minister, I am more convinced than ever we need to be bold and confront the challenges that we face,” she said.
“I wish Rishi Sunak every success, for the good of our country.”
Before offering the king her resignation, Ms Truss chaired her Cabinet for a final time - with some ministers likely to be moved when Mr Sunak takes over.
She told ministers that "in the short time the government had been in place they had secured some significant achievements," Downing Street said.
Liz Truss resigns as prime minister — in pictures
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Liz Truss announces her resignation as UK Prime Minister outside 10 Downing Street in London. 'The National' looks at her brief time in power. PA -

Chairman of the 1922 Committee Sir Graham Brady speaks to the media in London following Liz Truss's announcement of her resignation. Reuters -

Liz Truss and her husband Hugh O'Leary walk back inside 10 Downing Street following her resignation statement. AFP -

Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. AFP -

Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street -

A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA -

Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP -

Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters -

A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP -

Ms Truss has come under increasing pressure during her short time as prime minister. AFP -

An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP -

Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty -

Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP -

Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP -

Liz Truss gives a speech at the Conservative Party Conference. EPA -

Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ -

Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP -

Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA -

Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP -

The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters -

Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters -

Ms Truss speaks to the media during her visit to the Empire State building in New York. AP -

Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA -

Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters -

Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP -

Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA -

King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images -

Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images -

The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg -

Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP -

Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP -

People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters -

Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters -

Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA -

Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA -

Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street -

New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA -

Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA -

Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
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Torque: 560Nm
Price: Dh184,500
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)
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Under 12 – Minerva Academy
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Results
ATP Dubai Championships on Monday (x indicates seed):
First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4
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Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Sector: Sales, Technology, Conservation
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Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
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.
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
Veil (Object Lessons)
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Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5












