Liz Truss won the race to lead Britain on Monday as the Conservative Party elected her its new leader, embracing her tax-cutting agenda and giving her the task of lifting the country out of its deepening economic malaise.
Queen Elizabeth II will appoint Ms Truss, 47, as the 15th prime minister of her 70-year reign on Tuesday, after Boris Johnson formally tenders his resignation.
She has vowed to get to work straight away to tackle the cost of living crisis, and on Thursday is expected to announce a plan including tax cuts and a freeze on energy bills.
Ms Truss will be Britain’s third female prime minister after Margaret Thatcher and Theresa May.
She defeated rival candidate Rishi Sunak after a two-month leadership contest that played out against the backdrop of a worsening economic picture, war in Ukraine and an 80 per cent rise in energy bills.
The pound dropped to its lowest level since 1985 on Monday and benchmark FTSE 100 ended flat amid concerns from investors over whether Ms Truss's plans to lower taxes are affordable.
Sterling initially gained a little ground after the midday announcement, but quickly pared back those gains, trading down slightly at 1.1483 against the dollar in the afternoon.
The final round of the contest saw Ms Truss win 81,326 votes (57 per cent) from Conservative members, compared to 60,399 (43 per cent) for Mr Sunak.
Another nine candidates entered the race to succeed Mr Johnson but failed to gather enough support from MPs in the early rounds of voting.
“I campaigned as a Conservative and I will govern as a Conservative,” Ms Truss said to cheers from party members in an acceptance speech in which she promised to tackle pressing challenges for the economy, energy and health.
“We will deliver, we will deliver and we will deliver."
Mr Johnson urged Conservatives to unite behind the new leader, while Ms Truss paid tribute to the departing prime minister and his staunch support for Ukraine, saying: “You were admired from Kyiv to Carlisle.”
Tory MPs, former prime ministers and her soon-to-be fellow world leaders offered support to Britain's new leader as she takes on a formidable set of challenges.
German Chancellor Olaf Scholz said he was looking forward to “co-operation in these challenging times”, while Australian Prime Minister Anthony Albanese said he hoped for a “continued constructive relationship and friendship”.
European Commission president Ursula von der Leyen made a pointed reference to ongoing UK-EU tension over Northern Ireland, saying she hoped for a constructive relationship “in full respect of our agreements”.
French President Emmanuel Macron has congratulated Liz Truss on winning the battle to become the next UK prime minister.
Ms Truss told Tory members at a leadership hustings in Norwich in August that she was undecided as to whether the French leader was “friend or foe”.
“Congratulations to Liz Truss on her election,” Mr Macron tweeted.
“The British people are our friends, the British nation is our ally. Let us continue working together to defend our shared interests.”
Ukraine's President Volodymyr Zelenskyy said he hoped Britain's new leader would help Kyiv to spoil Russia's plans.
"I believe that together we will be able to do more to protect our peoples and to thwart all Russian destructive efforts," Mr Zelenskyy said in his daily address.
Mr Sunak, who won the most support from MPs in the early rounds but failed to win over party members, said it was “right that we now unite behind the new PM … as she steers the country through difficult times”.
Ms Truss, an anti-monarchy liberal in her youth who evolved into an admirer of the late Mrs Thatcher and standard-bearer for the Conservative right, inherits a 71-seat majority in Parliament but will have no political honeymoon as Britain heads into a difficult winter.
Behind in the polls with the next general election due in 2024, the Conservatives are under pressure from the opposition Labour Party to offer more generous support for consumers than Ms Truss has promised.
She is expected to announce her cabinet on Tuesday, with allies including Kwasi Kwarteng, James Cleverly and former leadership candidate Suella Braverman among those tipped for senior positions.
Ahead of an expected reshuffle, Priti Patel said she would be resigning as home secretary and returning to the backbenches after Ms Truss takes office.
“It is my choice to continue my public service to the country and the Witham constituency from the backbenches, once Liz formally assumes office and a new home secretary is appointed,” Ms Patel said.
Later on Monday, sources close to Culture Secretary Nadine Dorries, one of Mr Johnson’s fiercest backers, said she had also decided to return to the backbenches, and Cabinet Office Minister Nigel Adams, another Johnson loyalist, is also standing down.
Mr Kwarteng sought to reassure markets on Monday by saying Ms Truss's promised £30 billion ($34.5bn) in tax cuts were affordable and that the crisis would be tackled in a “fiscally responsible way”.
But David Davis, a former Brexit minister who backed Mr Sunak, said the new leader faces “the toughest in-tray of any incoming prime minister since the Second World War”.
Labour leader Sir Keir Starmer congratulated Ms Truss but said 12 years of Tory rule had brought “low wages, high prices and a Tory cost of living crisis … only Labour can deliver the fresh start our country needs”.
Ms Truss, a cabinet minister since 2014 under three prime ministers, pitched a free-market agenda to Tory members, which involved scrapping all remnants of European law.
Her other campaign promises include raising military spending to three per cent of GDP in the face of a more hostile Russia.
Although Ms Truss was the strong favourite, her margin of victory was the smallest in a Tory leadership race since the process was opened up to the party grassroots in 2001.
“I know that our beliefs resonate with the British people — our beliefs in freedom, in the ability to control your own life, in low taxes, in personal responsibility," she said.
“I know that's why people voted for us in such numbers in 2019. And as your party leader, I intend to deliver what we promised those voters right across our great country.”
Ms Truss will face questions from MPs for the first time on Wednesday after flying to the queen's country estate at Balmoral, Scotland, to be invited to form a government.
Mr Johnson, forced out after Tory MPs lost patience with the air of scandal and chaos around his government, is expected to make a farewell speech before leaving Downing Street early on Tuesday.
He leaves office after three years and 44 days but there is already speculation in political circles that a comeback could be on the cards if Ms Truss proves unequal to the challenge.
Zayed Sustainability Prize
About%20My%20Father
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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.”
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
9am, Pitch 4, v SBA Pirates
RESULTS
%3Cp%3E%0D%3Cstrong%3E5pm%3A%20%3C%2Fstrong%3EWathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(Turf)%202%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAl%20Hazeez%2C%20Saif%20Al%20Balushi%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%20%3C%2Fstrong%3EShams%20Gate%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20ES%20Sudani%2C%20Antonio%20Fresu%2C%20Hamad%20Al%20Marar%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Al%20Bahr%20Towers%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20AF%20Musannef%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Capital%20Gate%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Shugga'A%20Baynounah%2C%20Dane%20O%E2%80%99Neill%2C%20Nisren%20Mahgoub%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EEtihad%20Towers%20%E2%80%93%20Conditions%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAF%20Maqam%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Fairmont%20Marina%20%E2%80%93%20Maiden%20(TB)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ETempesta%20D'Oro%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%3C%2Fp%3E%0A
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
