An Englishman, an Indian and an American walk into a bar. “The usual, Mr Sunak?” asks the barman.
Rishi Sunak, until very recently a rising star in British politics, within touching distance of becoming Conservative leader and prime minister, is now a source of amusement.
His popularity has crashed, and there is speculation that such is the level of opprobrium he’s receiving that the Chancellor of the Exchequer may walk away from public life completely.
Certainly, in what may be a precursor, his wife Akshata Murty and their children have moved out of Downing Street. He’s staying to try to fight back, seeking a leak inquiry into how his tax affairs reached the media, but the damage is done.
It’s difficult to see how he can recover from this and if someone as ambitious as Sunak can’t reach the very top there seems little to sustain him. Being fined over ‘Partygate’ adds to the humiliation.
Sunak’s entire life from school (head boy) to university (president of the Oxford University Investment Society) to marriage (to the daughter of one of India’s richest men) to investment banking (Goldman Sachs) to hedge funds (Chris Hohn’s TCI) to MP (William Hague’s old seat in the Yorkshire Dales) to Cabinet (effectively No 2 in government) has been marked by ascendancy.
Along the way, he even earned the approving nod of the tabloid press with the nickname Dishy Rishi.
Not any more. It’s not his policies that have ruined him. They weren’t helping, but there was a sense that he was driven by world events outside his control, that he had no choice.
No, his reputation has been shattered, ironically, by things that were entirely within his grasp.
Strangely as well, he is a calculating and cautious character, someone who cares deeply about his image and how he is perceived. Sunak has his suits made by a London tailor, who I know. They cost about £2,000 ($2,600) each. The tailor cannot mention him in any promotional material (these days, given Sunak’s crash, he would probably choose not to anyway).
This is the same Sunak who, as chancellor, head of the Inland Revenue tax collection service, thought it was perfectly acceptable for his hugely wealthy wife to be a non-dom and to pay no UK tax on her worldwide earnings. He also assumed it was all right for him to possess a green card, conferring permanent residency in the US.
It’s the same Sunak who believed it was fine to donate £100,000 to his exclusive private school alma mater, Winchester College. And the Sunak who is building a gym and swimming pool complex at his constituency manor house, one of four homes he owns, including a £5.5 million penthouse in Santa Monica, California.
But he remains bothered about the source of his suits. Why?
That's because in the Sunaks’ cross-border, high-finance set, the privileged status of a non-domicile and holding a coveted US immigration visa are regarded as entirely usual.
They are also private arrangements, known only to him, his family, perhaps their closest friends and the relevant authorities, and he must have expected them to remain that way.
Likewise, Sunak and his milieu would view it as “giving back”, to hand a six-figure sum to the school by which he’d done so well. Lots of them do it, nothing special there.
As for the extension to his constituency residence, it requires planning permission, which means the plans are public for anyone to scrutinise, so they could not be hidden.
Where possible, however, the Sunaks go to great lengths to play down their riches and to seek common approval. Their young daughters go to a local primary school, their London home is a “mews” house (sounds tiny but it’s five bedrooms, four bathrooms and two receptions), in Yorkshire they hold barbecues and garden parties and throw themselves into charity fund-raising.
He puts petrol in a car and is photographed doing so, but it’s not one of his four luxury vehicles but a Kia borrowed from a member of the public. And there is not a sniff of where he gets his well-cut suits from.
[Sunak] failed to see why he could not do both: lead the global, super-rich lifestyle, albeit discreetly, and at the same time set Britain’s taxes
It's the hedgie in him that has proved his downfall. He failed to see why he could not do both — lead the global, super-rich lifestyle, albeit discreetly, and at the same time set Britain’s taxes. They’re non-compatible and in the present climate, amid the rising cost of living and soaring household energy bills, non-negotiable.
He did not see it like that and he is crushed. There were clues as to what was really in his head. Since becoming chancellor he has not once attacked tax havens or pledged to hunt down tax avoiders, unlike his predecessors. His previous hedge fund employers, TCI and subsequently Theleme Partners, both routed their earnings through the tax-free Cayman Islands — so presumably he approved of going to such lengths to avoid tax.
Likewise, his natural benchmarks are those of the world investment community, looking to fast-growing corporate powerhouses in the US, India and Brazil rather than companies in dear old Blighty.
He’s passionate about the potential for cryptocurrencies and how the UK can and should play a leading role. Again, music to global FinTech ears.
While the country was worrying about the coming economic storm and Sunak was planning to increase National Insurance payments, he found the time to introduce a new low-tax scheme aimed specifically at attracting overseas asset managers. One earns him wide criticism — he’s definitely Dishy no longer — while the other finds favour with his pals in international finance.
He has been quietly attempting to ride two horses. Not even the gilded Sunak could manage that; there was only ever going to be one result.
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Read more about the coronavirus
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
NBA Finals so far
(Toronto lead 3-1 in best-of-seven series_
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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 Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
Match is live on BeIN Sports
Mohammed bin Zayed Majlis
SUNDAY'S ABU DHABI T10 MATCHES
Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
Zayed Sustainability Prize
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
WRESTLING HIGHLIGHTS
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
