Rishi Sunak pledges UK return to Thatcherite economic policies in Tory leadership bid


Soraya Ebrahimi
  • English
  • Arabic

Rishi Sunak has said that he would run the economy like Margaret Thatcher if he was elected as the next prime minister of the country.

The former chancellor told The Telegraph newspaper of his economic vision as he clashed with other contenders for refusing to promise immediate tax cuts.

It was announced on Tuesday evening that Mr Sunak will join seven other contenders on the ballot paper as Tory MPs begin voting on Wednesday to elect a successor to Boris Johnson.

“You have to earn what you spend,” he said in his first campaign interview.

Mr Sunak insisted that he would take a more responsible approach to tax cuts.

“We will cut taxes and we will do it responsibly," he said. "That’s my economic approach. I would describe it as common-sense Thatcherism. I believe that’s what she would have done.”

Mr Sunak also links Mrs Thatcher’s economic thinking with his own upbringing.

“If you read her speeches – and I’ve quoted her and [former Tory chancellor] Nigel Lawson in other lectures I’ve given – her approach to these things was to make sure that as a nation you have to earn what you spend.

“She talked about the person at home with their family budget. She talked about that really powerfully. That resonated with me, because that’s how I was brought up.

“My mum was a small businesswoman, she was a chemist. I worked in my mum’s small chemist in Southampton.

"I did my mum’s books, that was part of my job. I also did payroll and accounts every week and every month.”

Mr Sunak also indicated that he would not lift the ban on new grammar schools or the hunting ban, and declined to back an increase in defence spending.

Earlier, Mr Sunak said he was not prepared to “demonise” Boris Johnson and insisted the prime minister’s controversial former aide Dominic Cummings has “absolutely nothing” to do with his leadership campaign.

He began his launch event in London by defending his former boss, saying that while Mr Johnson was “flawed” and that he had often disagreed with him, he had a “good heart”.

“I will have no part in a rewriting of history that seeks to demonise Boris, exaggerate his faults or deny his efforts,” he told an animated crowd of supporters.

Mr Sunak said he would run a “positive campaign” and refuse to “engage in the negativity you have seen and read in the media”.

The former chancellor has come under fire from allies of Mr Johnson, who believe his resignation last week helped to spark the mass departure of ministers that forced Mr Johnson to admit his time is up.

Mr Sunak said his decision to quit was “incredibly difficult and sad”, but “there were just some things that were becoming too difficult for me to keep working with him on”.

He also denied rumours Mr Cummings is secretly advising him and insisted they have not spoken since the former aide left Downing Street.

“Dominic Cummings has had absolutely nothing to do with this campaign and will have absolutely nothing to do with any government that I’m privileged to lead."

Mr Sunak, who has the most public declarations of support from Tory MPs of any candidate so far, said he was encouraged by the “breadth of support” from all wings of the Tory party.

He said it would enable him to bring the party back together and “reunite the country”.

Apart from supporters holding blue placards emblazoned with his campaign slogan “Ready for Rishi” and “reunite the country”, the audience also featured Transport Secretary Grant Shapps, who had just ended his own leadership campaign to back Mr Sunak.

Oliver Dowden, who stepped down as party chairman after the Tories’ recent double by-election defeat, and former chief whip Mark Harper were also there.

Deputy Prime Minister Dominic Raab introduced the leadership hopeful at the event by taking a swipe at his rivals.

“While others talk the talk, Rishi this month delivered the biggest tax cut for working people in a decade,” Mr Raab said.

“There is no time to learn on the job."

Mr Sunak also took aim at his rivals whose tax plans, he suggested, were “not credible”, and who wanted to reverse government decisions they previously supported.

He spoke of his “traditional Conservative values” of “hard work, patriotism, fairness, a love of family, pragmatism, but also an unshakable belief that we can build a better future”.

On defence spending, he would not commit to the “arbitrary target” of spending 2.5 per cent of national income on the budget as he said his approach would be “threat-based”.

Mr Sunak took questions from only one Tory councillor and four journalists, trying to end the session after being quizzed over the recent controversy about his wife’s non-domiciled status for tax purposes and the US green card he held while serving in government.

Asked whether he would be dogged by these problems as prime minister, he said: “They’re all out there and we’ve discussed them and we addressed them."

The question was met with loud jeers and laughter from supporters.

Where to apply

Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020

Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.

The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020. 

No Shame

Lily Allen

(Parlophone)

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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COMPANY%20PROFILE
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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Marital status: Single

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club

  • 1st ODI, Wednesday, April 10
  • 2nd ODI, Friday, April 12
  • 3rd ODI, Sunday, April 14
  • 4th ODI, Sunday, April 16

Squads:

  • UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
  • Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
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Racecard

6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m

6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m

7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m

7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m

8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m

8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m

9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m

The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 760Nm

Price: Dh898,000

On sale: now

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Fight card

Preliminaries:

Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)

Main card:

Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)

Title card:

Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)

Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)

Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)

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'Will%20of%20the%20People'
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Empty Words

By Mario Levrero  

(Coffee House Press)
 

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

UAE currency: the story behind the money in your pockets
ICC men's cricketer of the year

2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi

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.

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EXare%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%2018%2C%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPadmini%20Gupta%2C%20Milind%20Singh%2C%20Mandeep%20Singh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunds%20Raised%3A%20%3C%2Fstrong%3E%2410%20million%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E28%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eundisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EMS%26amp%3BAD%20Ventures%2C%20Middle%20East%20Venture%20Partners%2C%20Astra%20Amco%2C%20the%20Dubai%20International%20Financial%20Centre%2C%20Fintech%20Fund%2C%20500%20Startups%2C%20Khwarizmi%20Ventures%2C%20and%20Phoenician%20Funds%3C%2Fp%3E%0A
ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The%20specs
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Scream%20VI
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Updated: July 13, 2022, 10:29 AM`