After 12 long years of clambering the fraught British political ladder, Liz Truss had finally conquered the summit. There was also one person who could help keep her there, the arch-political operator of his generation who had made and broken prime ministers.
Author Harry Cole told The National how her curious relationship with Michael Gove came back to bite her.
They were friends but she did not fit easily into his ideological circle of neoconservatives, not that Ms Truss was ever particularly firmly planted in any ideology.
Their friendship had extended to Ms Truss as foreign secretary lending Mr Gove her grand grace-and-favour flat in London when he abruptly separated from his wife in 2021.
But on becoming prime minister in early September there was no place for him in her Cabinet and she knew having such a canny politician on the backbenches could prove problematic.
A week before the annual Conservative Party conference she met Mr Gove and made him an offer.
“She has a strange relationship with Gove and knows him very well,” said Mr Cole, the co-author of an intriguing biography on Ms Truss. “That he is very good at politics but also troublemaker so she tried to make peace with him by dangling a very large job out of the country as ambassador to Israel or China. It was basically ‘name your job Michael’.”
But the offer came just as the mini-budget calamity was unravelling. On the Sunday that conference began, Mr Gove found himself on the same BBC political show as the prime minister.
“He came out and machine-gunned the entire budget,” said Cole. “There was an offer and that was his answer.”
Cole’s book, co-authored with James Heale, received national attention when the Labour leader Sir Keir Starmer used it as a quip during Prime Minister’s Questions.
“A book is being written about the prime minister’s time in office,” he said. “Apparently it’s going to be out by Christmas — is that the release date, or the title?”
The ensuing mirth at the Tory leader was prescient but Sir Keir was wrong on both counts. Ms Truss resigned 24 hours later and the book is titled: Out of the Blue: The inside story of the unexpected rise and rapid fall of Liz Truss.
Its sharp insights into Britain’s shortest-serving prime minister could well see it bulging from many Christmas stockings.
The idea for the book came to Cole, political editor for The Sun newspaper, when he realised in early July that a little known politician was going to lead the country.
“It was clear Liz was going to win the leadership but she was the most unknown inhabitant of that office so there was definitely a market for ‘who the hell is this person?’”
After a decade as Westminster lobby journalist, Cole had grown to know and like Ms Truss and her advisers, allowing him to detail her taxing trait of self-publicity.
“I don't think she's a bad person, I think she made some bad choices,” he told The National in a quiet corner of parliament. “There's two schools of thought on Liz with very little middle ground. She either brings out massive loyalty or …” He paused. “ … it’s not despair, as that is too hard a word, but head in hands and ‘what the…’”
He outlines Ms Truss's relentless “bulldozing mentality”, which is brutally unwrapped across the unauthorised biography’s highly readable pages.
In pursuit of power, the state-school-educated politician took every opportunity to publicise the good work she was doing for Britain and no better opportunity presented itself than her role as trade secretary, jetting around the globe to land post-Brexit trade deals.
In an extraordinary direct conversation with her US counterpart, she demonstrated her “total misunderstanding of social context and social norms” by going off “on a weird tangent about shortbread”, the book reveals.
“She was like a wrecking ball and didn’t really care about what was actually expected … she just got straight to the point.”
The Washington trip was not an immediate trade success but “Truss, unchained on the global stage, was only just warming up” the book warned.
Like a highly-paid Instagram influencer, the politician rigorously pursued the ideal tapestry for a picture.
In Sydney this meant ditching her entire political schedule to drive around the suburbs looking for “the hipster coffee capital of the world that was relying on British imports.” She was finally snapped with a very British sausage role in one hand and espresso in another.
But the results failed to meet her high editorial standards and the entourage headed to a car park near Sydney Harbour Bridge, where Ms Truss was pictured on a British-made Brompton bike with a Union Jack umbrella.
Editorial standards met, the picture went around the world accompanied by her Tweet of “Get on your bike and look for exports”.
When appointed foreign secretary by Boris Johnson in September 2021, it was another step on the quest for the top spot and by now she had developed a rock star’s taste for specific travel requirements.
British embassies were sent memos on what to expect:
— Double espressos served in a flat-white-sized takeaway cup.
— No pre-made or plastic-packed sandwiches
— No big-brand coffee.
— Bagels or sushi for lunch — absolutely no mayonnaise on anything, ever.
— A bottle of sauvignon blanc provided in the fridge of any overnight accommodation.
Her desire for the limelight was incessant. When she heard that Mr Johnson was meeting US President Donald Trump for preliminary trade talks in New York she ordered her staff to pull every string to get her in the room. They failed but their boss succeeded by collaring the then prime minister after a press conference, knowing he would accede to a direct request.
Ms Truss was “like the cat that got the cream” an aide recounted. “She was grinning ear to ear when she told us, ‘We’re in. I’ve sorted it!”
Exiting the meeting with the two world leaders, her first words were: “Get the pictures.”
Foreign travels meant that Ms Truss was stranded in Indonesia when Mr Johnson resigned in July only getting back to London two days later.
But she rapidly gained ground in the leadership contest, reaching the crucial second place behind Rishi Sunak and it was then that Cole, 36, knew the Tory membership would ultimately make her prime minister.
After Queen Elizabeth II’s death, Ms Truss waited until 23 September to launch the financial hand grenade of unfunded tax cuts that put her administration into an irrecoverable tailspin.
“I think she was in a hurry, she wanted to quickly turn it around,” said Cole “She thought ‘I'm at the peak of my powers, we are going to jump-start this thing’.”
As someone who was “transactional rather than ideological” Ms Truss had no tribe of Tories to rely on when things went wrong. “That's when the true sort of extent of her skills and all her failings became very clear and very quickly. She had tried to be too many things, too many people.”
What now for Ms Truss? “I imagine it's probably going to hit her quite hard at some point,” he sympathised. “But she's the youngest ever living former PM and obviously very talented as you don't get to that top job without having a pretty skilled control of politics. I’d be fascinated to see where she ends up.”
The book’s publication was delayed for two more chapters to be written on her six week premiership, one with the ambiguous title of “Into the Red” — either referring to the massive budget deficit or Labour’s likely general election victory as a result.
But Ms Truss indefatigable nature might suggest this will not be the last chapter.
Out of the Blue: The Inside Story of the Unexpected Rise and Rapid Fall of Liz Truss by Harry Cole and James Heale is published by William Collins in hardback on 24 November. Currently available on Kindle.
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETribute%20Games%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Dotemu%3Cbr%3E%3Cstrong%3EConsoles%3A%20%3C%2Fstrong%3ENintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
ITU Abu Dhabi World Triathlon
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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.”
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy