on 03-Feb-2017 (Fri)

In the United States and many other tax jurisdictions, the interest on debt financing is a deduction to arrive at taxable income.

Estimating the cost of common equity capital is more challenging than estimating the cost of debt capital.

Debt capital involves a stated legal obligation on the part of the company to pay interest and repay the principal on the borrowing. Equity entails no such obligation.

Estimating the cost of conventional preferred equity is rather straightforward because the dividend is generally stated and fixed, but estimating the cost of common equity is challenging.

There are several methods available for estimating the cost of common equity, and we discuss two in this reading. The first method uses the capital asset pricing model, and the second method uses the dividend discount model, which is based on discounted cash flows. No matter the method, there is no need to make any adjustment in the cost of equity for taxes because the payments to owners, whether in the form of dividends or the return on capital, are not tax-deductible for the company.

No matter the method, there is no need to make any adjustment in the cost of equity for taxes because the payments to owners, whether in the form of dividends or the return on capital, are not tax-deductible for the company.

A gene therefore is defined as the segment of DNA sequence corresponding to a single protein or set of alternative protein variants or to a single catalytic, regulatory, or structural RNA molecule

Your hero needs to be an interesting somebody who wants something badly and is having trouble getting it

Theresa Mary May (née Brasier;^[1] born 1 October 1956) is the Prime Minister of the United Kingdom and Leader of the Conservative Party, having served as both since July 2016. She has been the Member of Parliament (MP) for Maidenhead since 1997. May identifies as a one-nation conservative and has been characterised as a liberal conservative. She is the second female Prime Minister and Conservative Party leader after Margaret Thatcher.

The daughter of a vicar, May grew up in Oxfordshire. From 1977 until 1983, she worked for the Bank of England, and from 1985 until 1997 at the Association for Payment Clearing Services, also serving as a councillor for Durnsford in Merton. After unsuccessful attempts to be elected to the House of Commons in 1992 and 1994, she was elected as the MP for Maidenhead in the 1997 general election. From 1999 to 2010, May held a number of roles in the Shadow Cabinets of William Hague, Iain Duncan Smith, Michael Howard and David Cameron, including Shadow Transport Secretary and Shadow Work and Pensions Secretary. She was also Chairman of the Conservative Party from 2002 to 2003.

After the formation of a coalition government following the 2010 general election, May was appointed Home Secretary and Minister for Women and Equalities, giving up the latter role in 2012. Reappointed after the Conservative victory in the 2015 general election, she went on to become the longest-serving Home Secretary since James Chuter Ede over 60 years previously. During her tenure she pursued reform of the Police Federation, implemented a harder line on drugs policy including the banning of khat, oversaw the introduction of elected Police and Crime Commissioners, the deportation of Abu Qatada, the creation of the National Crime Agency and brought in additional restrictions on immigration.^[2]

Following the resignation of Prime Minister David Cameron on 24 June 2016, May announced her candidacy for the leadership of the Conservative Party and quickly emerged as the front-runner. She won the first and second ballot of Conservative MPs by a significant margin and was due to face a vote of Conservative Party members in a contest with Andrea Leadsom. Leadsom's withdrawal from the election on 11 July led to May's appointment as leader the same day. She was appointed Prime Minister two days later. As Prime Minister, May has focused on reducing immigration and withdrawing the UK from the European Union.

Born on 1 October 1956 in Eastbourne, Sussex, May is the only child of Zaidee Mary (née Barnes; 1928–1982) and Hubert Brasier (1917–1981).^[3] Her father was a Church of England clergyman who was chaplain of an Eastbourne hospital.^[4] He later became vicar of Enstone with Heythrop and finally of St Mary's at Wheatley, to the east of Oxford.^[5][6][7][8] May's mother was a strong supporter of the Conservative Party.^[9]

May was educated primarily in the state sector but with a short spell at an independent Catholic school. She initially attended Heythrop Primary School, a state school in Heythrop, followed by St. Juliana's Convent School for Girls, a Roman Catholic independent school in Begbroke, which closed in 1984.^[12][13][14]

At the age of 13, May won a place at the former Holton Park Girls' Grammar School, a state school in Wheatley. During her time as a pupil, the Oxfordshire education system was reorganised and the school became the new Wheatley Park Comprehensive School.^[12][15] May then attended the University of Oxford where she read geography at St Hugh's College, graduating with a second class BA degree in 1977.^[16]

Between 1977 and 1983 May worked at the Bank of England, and from 1985 to 1997 as a financial consultant and senior advisor in International Affairs at the Association for Payment Clearing Services.^[17] Both May's parents died during this period, her father in a car accident in 1981 and her mother of multiple sclerosis the year after.^[18][19][20]

May served as a councillor for Durnsford ward^[21] on the London Borough of Merton from 1986 to 1994, where she was Chairman of Education (1988–90) and Deputy Group Leader and Housing Spokesman (1992–94). In the 1992 general election May stood unsuccessfully for the safe Labour seat of North West Durham, coming second to incumbent MP Hilary Armstrong by 12,747 votes (27.6%) to 26,734 (57.8%), with future Liberal Democrat leader Tim Farron coming third. May then stood at the 1994 Barking by-election, which was prompted by the death of Labour MP Jo Richardson. The seat had been continuously held by Labour since it was created in 1945 and Labour candidate Margaret Hodge was expected to win easily, which she did, with 13,704 votes (72.1%). May came a distant third with 1,976 votes (10.4%). Ahead of the 1997 general election, May was selected as the Conservative candidate for Maidenhead, a new seat which was created from parts of the seats of Windsor and Maidenhead and Wokingham. She was elected with 25,344 votes (49.8%), almost double the total of second-placed Andrew Terence Ketteringham of the Liberal Democrats, who took 13,363 votes (26.3%).^[17]

Having entered Parliament, May became a member of William Hague's front-bench Opposition team, as Shadow Spokesman for Schools, Disabled People and Women (1998 – June 1999). She became the first of the 1997 MPs to enter the Shadow Cabinet when in 1999 she was appointed Shadow Education and Employment Secretary. After the 2001 election the new Conservative leader Iain Duncan Smith kept her in the Shadow Cabinet, moving her to the Transport portfolio.

May was appointed the first female Chairman of the Conservative Party in July 2002. During her speech at the 2002 Conservative Party Conference, she explained why, in her view, her party must change: "you know what people call us: the Nasty Party".^[22][23] In 2003, she was sworn of the Privy Council and appointed Shadow Secretary of State for Transport after Michael Howard's election as Conservative Party and Opposition Leader in November that year.^[24]

In June 2004 she was moved to become Shadow Secretary of State for the Family. Following the 2005 general election she was also made Shadow Secretary of State for Culture, Media and Sport. David Cameron appointed her Shadow Leader of the House of Commons in December 2005 after his accession to the leadership. In January 2009 May was made Shadow Secretary of State for Work and Pensions.

On 6 May 2010, May was re-elected MP for Maidenhead with an increased majority of 16,769 – 60 per cent of the vote. This followed an earlier failed attempt to unseat her in 2005 as one of the Liberal Democrats' leading "decapitation-strategy" targets.^[25]

On 12 May 2010, when May was appointed Home Secretary and Minister for Women and Equality by Prime Minister David Cameron as part of his first Cabinet, she became the fourth woman to hold one of the British Great Offices of State, after (in order of seniority) Margaret Thatcher (Prime Minister), Margaret Beckett (Foreign Secretary) and Jacqui Smith (Home Secretary).^[26] As Home Secretary, May was also a member of the National Security Council.^[27] She is the longest-serving Home Secretary for over 60 years, since James Chuter Ede who served over six years and two months from August 1945 to October 1951. May's appointment as Home Secretary was somewhat unexpected, as Chris Grayling had served as shadow Home Secretary in opposition.^[28][29]

May's debut as Home Secretary involved overturning several of the previous Labour government's measures on data collection and surveillance in England and Wales. By way of a government bill which became the Identity Documents Act 2010, she brought about the abolition of the Labour government's National Identity Card and database scheme^[30][31] and reformed the regulations on the retention of DNA samples for suspects and controls on the use of CCTV cameras. In May 2010, May announced the adjournment of the deportation to the United States of alleged computer hacker Gary McKinnon.^[32] She also suspended the registration scheme for carers of children and vulnerable people, with May saying that the measures were "draconian. You were assumed to be guilty until you were proven innocent, and told you were able to work with children."^[33][34] On 4 August 2010 it was reported that May was scrapping the former Labour government's proposed "go orders" scheme to protect women from domestic violence by banning abusers from the victim's home.^[35]

In June 2010, May faced her first major national security incident as Home Secretary with the Cumbria shootings.^[36][37] She delivered her first major speech in the House of Commons as Home Secretary in a statement on this incident,^[38] later visiting the victims with the Prime Minister.^[39][40] Also in June 2010, May banned the Indian Muslim preacher Zakir Naik from entering the United Kingdom.^[41] According to The Telegraph, a Home Office official who disagreed with this decision was suspended.^[42] In late June 2010, May announced plans for a temporary cap on UK visas for non-EU migrants.^[43] The move raised concerns about the impact on the British economy.^[44]

In August 2013 May supported the detention of David Miranda, partner of Guardian journalist Glenn Greenwald under the Terrorism Act 2000, saying that critics of the Metropolitan Police action needed to "think about what they are condoning".^[45] Lib Dem peer and former Director of Public Prosecutions Ken Macdonald accused May of an "ugly and unhelpful" attempt to implicate those who were concerned about the police action of "condoning terrorism".^[45] The High Court subsequently acknowledged there were "indirect implications for press freedom" but ruled the detention legal.^[46]

May also championed legislation popularly dubbed the Snooper's Charter, requiring internet and mobile service providers to keep records of internet usage, voice calls, messages and email for up to a year in case police requested access to the records whilst investigating a crime. The Liberal Democrats had blocked the first attempt,^[47] but after the Conservative Party obtained a majority in the 2015 general election May announced a new Draft Investigatory Powers Bill similar to the Draft Communications Data Bill, although with more limited powers and additional oversight.^[48][49]

Speaking at the Association of Chief Police Officers (ACPO) conference in June 2010, May announced radical cuts to the Home Office budget, likely to lead to a reduction in police numbers.^[50] In July 2010, May presented the House of Commons with proposals for a fundamental review of the previous Labour government's security and counter-terrorism legislation, including "stop and search" powers, and her intention to review the 28-day limit on detaining terrorist suspects without charge.^[51][52]

In July 2010, May announced a package of reforms to policing in England and Wales in the House of Commons.^[53] The previous Labour Government's central crime agency, Soca (Serious Organised Crime Agency), was to be replaced by a new National Crime Agency. In common with the Conservative Party 2010 general election manifesto's flagship proposal for a "Big Society" based on voluntary action, May also proposed increasing the role of civilian "reservists" for crime control. The reforms were rejected by the Opposition Labour Party.^[53]

Following the actions of some members of Black Bloc in vandalising allegedly tax-avoiding shops and businesses on the day of the March 2011 TUC march, the Home Secretary unveiled reforms^[54] curbing the right to protest, including giving police extra powers to remove masked individuals and to police social networking sites to prevent illegal protest without police consent or notification.^[55]

In July 2013, May welcomed the fact that crime had fallen by more than ten percent under the coalition government, while still being able to make savings. She said that this was partly due to the government removing red tape and scrapping targets to allow the police to concentrate on crime fighting.^[56]

In 2014, May delivered a well-known speech to the Police Federation, in which she criticised many aspects of the culture of the police force.^[57] In the speech, she said:

When you remember the list of recent revelations about police misconduct, it is not enough to mouth platitudes about "a few bad apples". The problem might lie with a minority of officers, but it is still a significant problem, and a problem that needs to be addressed ... according to one survey carried out recently, only 42% of black people from a Caribbean background trust the police. That is simply not sustainable ... I will soon publish proposals to strengthen the protections available to whistleblowers in the police. I am creating a new criminal offence of police corruption. And I am determined that the use of stop and search must come down, become more targeted and lead to more arrests.^[58]

On 9 December 2010, in the wake of violent student demonstrations in central London against increases to higher-education tuition fees, May praised the actions of the police in controlling the demonstrations but was described by The Daily Telegraph as "under growing political pressure" due to her handling of the protests.^[59][60]

In December 2010, May declared that deployment of water cannon by police forces in mainland Britain was an operational decision which had been "resisted until now by senior police officers."^[61] She rejected their use following the widespread rioting in Summer 2011 and said: "the way we police in Britain is not through use of water cannon. The way we police in Britain is through consent of communities." May said: "I condemn utterly the violence in Tottenham.... Such disregard for public safety and property will not be tolerated, and the Metropolitan Police have my full support in restoring order."^[62]

In the aftermath of the riots May urged the identification of as many as possible of the young criminals involved. She said: "when I was in Manchester last week, the issue was raised to me about the anonymity of juveniles who are found guilty of crimes of this sort. The Crown Prosecution Service is to order prosecutors to apply for anonymity to be lifted in any youth case they think is in the public interest. The law currently protects the identity of any suspect under the age of 18, even if they are convicted, but it also allows for an application to have such restrictions lifted, if deemed appropriate." May added that "what I've asked for is that CPS guidance should go to prosecutors to say that where possible, they should be asking for the anonymity of juveniles who are found guilty of criminal activity to be lifted."^[63]

In July 2010, May proposed to review the previous Labour Government's anti-social behaviour legislation signalling the abolition of the "Anti-Social Behaviour Order" (ASBO). She identified the policy's high level of failure with almost half of ASBOs breached between 2000 and 2008, leading to "fast-track" criminal convictions. May proposed a less punitive, community-based approach to tackling social disorder. May suggested that anti-social behaviour policy "must be turned on its head", reversing the ASBO's role as the flagship crime control policy legislation under Labour.^[64][65] Former Labour Home Secretaries David Blunkett (who introduced ASBOs) and Alan Johnson expressed their disapproval of the proposals.^[66]

In July 2013, May decided to ban the stimulant khat, against the advice of the Advisory Council on the Misuse of Drugs (ACMD). The council reached the conclusion that there was "insufficient evidence" it caused health problems.^[67] Explaining the change in the classification May said: "The decision to bring khat under control is finely balanced and takes into account the expert scientific advice and these broader concerns", and pointed out that the product had already been banned in the majority of other EU member states, as well as most of the G8 countries including Canada and the US.^[68] A report on khat use by the ACMD published in January 2013 had noted the product had been associated with "acute psychotic episodes", "chronic liver disease" and family breakdown. However, it concluded that there is no risk of harm for most users, and recommended that khat remain uncontrolled due to lack of evidence for these associations.^[69]

Liberal Democrat minister Norman Baker accused May of suppressing proposals to treat rather than prosecute minor drug offenders from a report into drug policy commissioned by the Home Office.^[70][71] The Home Office denied that its officials had considered this as part of their strategy. Baker cited difficulties in working with May as the reason for his resignation from the Home Office in the run-up to the 2015 general election.^{[72][73][74][75]}

In 2010, May promised to bring the level of net migration down to less than 100,000.^[76] In February 2015, The Independent reported, "The Office for National Statistics (ONS) announced a net flow of 298,000 migrants to the UK in the 12 months to September 2014 – up from 210,000 in the previous year."^[77] In total, 624,000 people migrated to the UK in the year ending September 2014 and 327,000 left in the same period. Statistics showed "significant increases in migration among both non-EU citizens – up 49,000 to 292,000 – and EU citizens, which rose by 43,000 to 251,000."^[77]

May rejected the European Union's proposal of compulsory refugee quotas.^[78] She said that it was important to help people living in war-zone regions and refugee camps but "not the ones who are strong and rich enough to come to Europe".^[79] In May 2016, The Daily Telegraph reported that she had tried to save £4m by rejecting an intelligence project to use aircraft surveillance to detect illegal immigrant boats.^[80]

In June 2012, May, as Home Secretary, announced to Parliament that new restrictions would be introduced, intended to reduce the number of non-European Economic Area family migrants. The changes were mostly intended to apply to new applicants after 9 July 2012.^[81] The new rules came into effect from 9 July 2012 allowing only those British citizens earning more than £18,600 to bring their spouse or their child to live with them in the UK. This figure would rise significantly in cases where visa applications are also made for children. They also increased the current two-year probationary period for partners to five years. The rules also prevent any adult and elderly dependents from settling in the UK unless they can demonstrate that, as a result of age, illness or disability, they require a level of long-term personal care that can only be provided by a relative in the UK.^[82]

An MP,^{[ who? ]} who was concerned about this, addressed May in Parliament as to whether she had examined the impact on communities and families on modest incomes, but he received no direct response.^[83] The human rights group Liberty concluded that the new rules showed scant regard to the impact they would have on genuine families.^[84] The All-Party Parliamentary Group on Migration conducted an evidence based inquiry into the impact of the rules and concluded in their report that the rules were causing very young children to be separated from their parents and could exile British citizens from the UK.^[85]

At the Conservative Party Conference in October 2011, while arguing that the Human Rights Act needed to be amended, May gave the example of a foreign national who the Courts ruled was allowed to remain in the UK, "because – and I am not making this up – he had a pet cat". In response, the Royal Courts of Justice issued a statement, denying that this was the reason for the tribunal's decision in that case, and stating that the real reason was that he was in a genuine relationship with a British partner, and owning a pet cat was simply one of many pieces of evidence given to show that the relationship was "genuine". The Home Office had failed to apply its own rules for dealing with unmarried partners of people settled in the UK.^[86] Amnesty International said May's comments only fuelled "myths and misconceptions" about the Human Rights Act and Justice Secretary Kenneth Clarke subsequently called May's comments "laughable and childlike."^[87][88]

In June 2012, May was found in contempt of court by Judge Barry Cotter, and stood accused of "totally unacceptable and regrettable behaviour", being said to have shown complete disregard for a legal agreement to free an Algerian from a UK Immigration Detention Centre. As she eventually allowed the prisoner to be freed, May avoided further sanctions including fines or imprisonment.^[89][90]

May responded to a Supreme Court decision in November 2013 to overturn her predecessor Jacqui Smith's revocation of Iraqi-born terror suspect Al Jedda's British citizenship by ordering it to be revoked for a second time, making him the first person to be stripped twice of British citizenship.^[91][92][93]

May was accused by Lord Roberts of being willing to allow someone to die "to score a political point" over the deportation of mentally ill Nigerian man Isa Muazu.^[94] According to Muazu's solicitor, May had arranged for the asylum seeker, who was said to be "near death" after a 100-day hunger strike, to be deported by a chartered private jet.^[94] To strengthen the Home Office's tough stance an "end of life" plan was reportedly offered to Muazu, who was one of a number of hunger strikers at the Harmondsworth Immigration Removal Centre.^[95]

On 7 July 2013, Abu Qatada, a radical cleric arrested in 2002, was deported to Jordan after a decade-long battle that had cost the nation £1.7 million in legal fees,^[96] and numerous prior Home Secretaries had been unable to resolve.^[97] The deportation was the result of a treaty negotiated by May in April 2013, under which Jordan agreed to give Qatada a fair trial, and to refrain from torturing him.^[98]

May has frequently pointed to Qatada's deportation as a triumph, guaranteeing in September 2013 that "he will not be returning to the UK", and declaring in her 2016 leadership campaign announcement that she was told that she "couldn't deport Abu Qatada" but that she "flew to Jordan and negotiated the treaty that got him out of Britain for good".^[99][100] The Qatada deportation also shaped May's views on the European Convention on Human Rights and European Court of Human Rights, saying that they had "moved the goalposts" and had a "crazy interpretation of our human rights laws", as a result, May has since campaigned against the institutions, saying that British withdrawal from them should be considered.^[96]

In August 2013, the Home Office engaged in an advertising campaign directed at illegal immigrants.^[101] The advertisements, in the form of mobile advertising hoardings on the back of lorries, told illegal immigrants to "go home or face arrest", with an image of a person in handcuffs, and were deployed in six London boroughs with substantial ethnic minority populations. They were widely criticized as creating a hostile atmosphere for members of ethnic minority groups,^[102] The shadow Home Secretary, Yvette Cooper, described their language as being reminiscent of that used by the National Front in the 1970s.^[103] An adjudication by the Advertising Standards Authority was followed by the advertisements being withdrawn.^[104]

In mid 2014, the Passport Office faced a backlog in developing processing passport applications, with around 30,000 applications hit by delays.^[105] David Cameron suggested this had come about due to the Passport Office's receiving an "above normal" 300,000-rise in applications.^[106] It was revealed, however, that May had been warned the year before, in July 2013, that a surge of 350,000 extra applications could occur owing to the closure of processing overseas under Chancellor Osborne's programme of cuts.^[107] Around £674,000 was paid to staff who helped clear the backlog.^[108]

In June 2014, an inflamed public argument arose between Home Office and Education Ministers about responsibility for alleged extremism in Birmingham schools.^[109][110] Prime Minister David Cameron intervened to resolve the row, insisting that May sack her Special Advisor Fiona Cunningham (now Hill) for releasing on May's website a confidential letter to May's colleagues,^[111] and that Michael Gove, the Education Secretary, apologise to the Home Office's head of Security and Counter-Terrorism, Charles Farr, for uncomplimentary briefings of him appearing on the front page of The Times.^[112][113]

May held the office of Minister for Women and Equality in parallel to her office of Home Secretary from 2010 to September 2012, when this role was taken over Maria Miller.^[114]

May's appointment as Minister for Women and Equality was criticised by some members of the LGBT rights movement,^[115] because she had voted against lowering the age of consent (in 1998) and against greater adoption rights for homosexuals (in 2002), though she had voted in favour of civil partnerships.^[116][117] May later stated, during an appearance on the BBC's Question Time, that she had "changed her mind" on gay adoption.^[118] Writing for PinkNews in June 2010, May clarified her proposals for improving LGBT rights including measures to tackle homophobia in sport, advocating British society's need for "cultural change".^[119]

On 2 July 2010, May stated she would be supporting the previous Labour Government's Anti-Discrimination Laws enshrined in the Equality Act 2010 despite having opposed it before.^[120] The Equality Act came into effect in England, Wales and Scotland on 1 October 2010.^[121] She did however announce that a clause she dubbed "Harman's Law"^[122] which would have required public bodies to consider how they can reduce socio-economic inequalities when making decisions about spending and services^[123] would be scrapped on the grounds that it was "unworkable".^[124]

On 30 June 2016, May announced her candidacy for the leadership of the Conservative Party to replace David Cameron, who resigned following the outcome of the European Union membership referendum in which 52% of voters voted in favour of leaving the EU. May emphasised the need for unity within the party regardless of positions on leaving the EU, saying she could bring "strong leadership" and a "positive vision" for the country's future. Despite having backed a vote to remain in the EU, she insisted that there would be no second referendum, saying: "The campaign was fought... and the public gave their verdict. There must be no attempts to remain inside the EU, no attempts to rejoin it through the back door... Brexit means Brexit". An opinion poll that day found 47% of people choosing May as their preferred candidate to be Prime Minister.^[125]

May's supporters included a number of Cabinet ministers, such as Amber Rudd, Chris Grayling, Justine Greening, Jeremy Hunt, Michael Fallon and Patrick McLoughlin.^[126] She won the first round of voting on 5 July, receiving support from 165 MPs, with rivals Andrea Leadsom receiving 66 votes and Michael Gove 48. After the results were announced, May said she was "pleased" and "grateful" for the support of other MPs and confirmed that she wanted to unite the party and the UK, to negotiate the "best possible deal as we leave the EU", and to "make Britain work for everyone".^[127] The two candidates with the fewest votes, Liam Fox and Stephen Crabb, immediately announced their support for May.^[128] May came in first place in the second ballot on 7 July with an overwhelming majority of 199 MPs, compared with 84 for Leadsom and 46 for Gove, who was eliminated.^[129] Afterwards, May stated that she was delighted with her support among MPs, and she progressed to a vote of the Conservative Party membership against Leadsom.^[130]

On 11 July, Leadsom announced her withdrawal from the leadership contest hours after May had made her first official campaign speech, saying her lack of support amongst Conservative MPs compared to May would be too great a hindrance to becoming a credible Prime Minister.^[131] As the sole remaining candidate, May was formally declared Leader of the Conservative Party that evening.^[132][133]

On 13 July 2016, two days after becoming Leader of the Conservative Party, May was appointed Prime Minister by Queen Elizabeth II, becoming only the second female British Prime Minister after Margaret Thatcher, and the first female British Prime Minister of the 21st century.^{[134][135][136][137]} Addressing the world's media outside 10 Downing Street, May said that she was "honoured and humbled" to become Prime Minister. On becoming Prime Minister, May became the first woman to have held two of the Great Offices of State.

Responding to some calls for an early general election, "sources close to Mrs May" said there was no need for such an election.^[138] In a speech after her appointment, May emphasised the term "Unionist" in the name of the Conservative Party, reminding all of "the precious, precious bond between England, Scotland, Wales and Northern Ireland."^[139] By 15 July, May had travelled to Edinburgh to meet with First Minister Nicola Sturgeon to reinforce the bond between Scotland and the rest of the United Kingdom. "I'm coming here to show my commitment to preserving this special union that has endured for centuries," she explained.^[140]

May's first Cabinet appointment was described by Reuters as "one of the most sweeping government reshuffles for decades", and called "a brutal cull" by The Daily Telegraph.^[141][142] Nine of Cameron's ministers, including several prominent members, were sacked or resigned from their posts.^[142] The early appointments were interpreted both as an effort to reunite the Conservative Party in the wake of the UK's vote to leave the EU and as "a shift to the right," according to The Guardian.^[143] ITV's Political Editor Robert Peston commented: "Her rhetoric is more left-wing than Cameron's was, her cabinet is more right-wing than his was."^[144] Although May had supported remaining in the EU, she appointed several of the most prominent advocates of Brexit to key Cabinet positions responsible for negotiating the United Kingdom withdrawal from the European Union, including Boris Johnson as Foreign Secretary, David Davis as Brexit Secretary, and Liam Fox as International Trade Secretary, the latter two being new positions.^[140][145] Other key appointees included Amber Rudd as Home Secretary and Philip Hammond as Chancellor of the Exchequer.^[146]

The May Ministry delayed the final approval for the Hinkley Point C nuclear power station in July 2016, a project which May had objected to when she was Home Secretary.^[147][148] Her political adviser Nick Timothy wrote an article in 2015 to oppose China's involvement in sensitive sectors. He said that the government was "selling our national security to China" without rational concerns and "the Government seems intent on ignoring the evidence and presumably the advice of the security and intelligence agencies."^[149]

In July 2016, when George Kerevan asked her whether she would be prepared to authorise the killing of a hundred thousand innocent persons by a nuclear strike; during the "Trident debate" inside the House of Commons, May said "Yes. And I have to say to the honourable gentleman: the whole point of a deterrent is that our enemies need to know that we would be prepared to use it. Unlike some suggestions that we could have a nuclear deterrent but not actually be willing to use it, which come from the Labour Party frontbench."^[150]

On 20 July, May attended her first Prime Minister's Questions since taking office, then afterwards made her first overseas trip as prime minister, visiting Berlin for talks with German Chancellor Angela Merkel. During the visit, May said that she would not trigger Article 50 of the Treaty of Lisbon–the process for withdrawing from the European Union–before 2017, suggesting it would take time for the UK to negotiate a "sensible and orderly departure" from the EU. However, although Merkel said it was right for the UK to "take a moment" before beginning the process, she urged May to provide more clarity on a timetable for negotiations. Shortly before travelling to Berlin, May had also announced that in the wake of the referendum, Britain would relinquish the presidency of the Council of the European Union, which passes between member states every six months on a rotation basis, and that the UK had been scheduled to hold in the second half of 2017.^[151][152]

May supported the Saudi Arabian-led intervention in Yemen and defended selling arms to Saudi Arabia,^[153] which is accused of committing war crimes in Yemen,^[154] insisting that Britain's close relationship with Saudi Arabia was "helping keep people on the streets of Britain safe".^[155]

On 21 January 2017, following the inauguration of Donald Trump as US President, the White House announced that May would meet the President on 27 January, making her the first foreign leader to meet Trump since he took office on 20 January.^[156] In a joint press conference, May indicated an interest in increased trade between the United States and the United Kingdom. She also affirmed a desire to maintain an American involvement in NATO.^[157]

In January 2017, when it came to light that a Trident test had malfunctioned in June 2016, May refused to confirm whether she knew about the incident when she addressed parliament.^{[158][159][160]}

May had a high approval rating during her first week as Prime Minister. The results of an Ipsos MORI survey released on 14 July indicated that 55 percent of those surveyed believed that May was a suitable PM while only 23 percent believed that the Opposition Leader Jeremy Corbyn would make a good Prime Minister.^[161]

Theresa May was strongly criticised in the United Kingdom^{[162][163][164][165]} by members of all major parties, including her own, for refusing to condemn Donald Trump's Executive Order 13769 (colloquially known as the "Muslim ban")^{[162][166][164]} as well as inviting Trump to a state visit with Queen Elizabeth II.^[167]

More than 1.7 million signed an official parliamentary e-petition which said that "Donald Trump's well documented misogyny and vulgarity disqualifies him from being received by Her Majesty the Queen or the Prince of Wales,"^[168] and Labour leader Jeremy Corbyn said in Prime Minister's Questions (PMQs) that Trump should not be welcomed to Britain "while he abuses our shared values with his shameful Muslim ban and attacks on refugees' and women's rights"^[169] and said that Trump should be banned from the UK until the bar on Muslims entering the US is lifted.^[170] May responded by saying that "[Corbyn's] foreign policy is to object to and insult the democratically elected head of state of our most important ally. ... He can lead a protest, I'm leading a country."^[167]

Baroness Warsi, former chair of the Conservatives, accused May of "bowing down" to Trump, who she described as "a man who has no respect for women, disdain for minorities, little value for LGBT communities, no compassion clearly for the vulnerable and whose policies are rooted in divisive rhetoric."^[171][172] London Mayor Sadiq Khan and the Conservative leader in Scotland, Ruth Davidson, also called for the visit to be cancelled.^[173][171]

May has identified herself with the One Nation Conservative position within her party.^[174]

Describing her as a liberal Conservative, the Financial Times characterised May as a "non-ideological politician with a ruthless streak who gets on with the job", in doing so comparing her to German Chancellor Angela Merkel.^[175] Conversely, in The Independent, Rebecca Glover of the Policy Innovation Research Unit contrasted May to Boris Johnson, claiming that she was "staunchly more conservative, more anti-immigration, and more isolationist" than he.^[176]

During her leadership campaign, May said that "We need an economy that works for everyone", pledging to crack down on executive pay by making shareholders' votes binding rather than advisory and to put workers onto company boards,^[177] policies that The Guardian describes as going further than the Labour Party's 2015 general election manifesto.^[178]

After she became Prime Minister, May's first speech espoused the left, with a promise to combat the "burning injustice" in British society and to create a union "between all of our citizens" and promising to be an advocate for the "ordinary working-class family" and not for the affluent in the UK. "The government I lead will be driven not by the interests of the privileged few but by yours. We will do everything we can to give you more control over your lives. ... When we take the big calls, we’ll think not of the powerful, but you. When we pass new laws we’ll listen not to the mighty, but to you. When it comes to taxes we’ll prioritise not the wealthy but you."^[179]

In May 2012, May expressed support for the introduction of same-sex marriage by recording a video for the Out4Marriage campaign.^[180] May became one of the first high-profile Conservative MPs to pledge personal support for same-sex marriage. She explained, "I believe if two people care for each other, if they love each other, if they want to commit to each other... then they should be able to get married and marriage should be for everyone".^[181]

May supported the UK remaining in the EU during the 2016 referendum campaign, but did not campaign extensively in the referendum and criticised aspects of the EU in a speech.^[182][183] It was speculated by political journalists that May had sought to minimise her involvement in the debate to strengthen her position as a future candidate for the Conservative party leadership.^[184]

Prior to the Brexit referendum May said privately:

I think the economic arguments are clear. I think being part of a 500-million trading bloc is significant for us. I think, as I was saying to you a little earlier, that one of the issues is that a lot of people will invest here in the UK because it is the UK in Europe. If we were not in Europe, I think there would be firms and companies who would be looking to say, do they need to develop a mainland Europe presence rather than a UK presence? So I think there are definite benefits for us in economic terms.^[185]

May also said Britain was more secure as part of the EU due to the European arrest warrant and Europe wide information sharing among other factors. She said, "There are definitely things we can do as members of the European Union that I think keep us more safe".

May's public reticence during the referendum campaign resulted in tensions with David Cameron and his pro-EU team^[186][187] Following the referendum and her election as party leader, May signalled that she would support full withdrawal from the EU and prioritise immigration controls over remaining within the Single Market, leading some to contrast this with her earlier remarks on the earlier economic arguments.^[187] Lib Dem leader, Tim Farron said, it was "disappointing that Theresa May lacked the political courage to warn the public as she did a bunch of bankers in private about the devastating economic effects of Brexit. More disappointing is that now she is supposedly in charge, she is blithely ignoring her own warnings and is prepared to inflict an act of monumental self-harm on the UK economy by pulling Britain out of the single market." Phil Wilson for the 'Open Britain' group said, "It's good to know that privately Theresa May thinks what many of us have been saying publicly for a long time, leaving the single market would be bad for businesses and for our economy. Now she is prime minister, Theresa May is in an unrivalled position to act on her previous concerns, starting by putting membership of the single market at the heart of her government's negotiating position."^[185]

May has been married to Philip May, an investment banker currently employed by Capital International, since 6 September 1980; the couple have no children.^[188] It is widely believed that former Prime Minister of Pakistan Benazir Bhutto introduced the two during their time at Oxford.^[189] May has expressed regret that she and her husband were not able to have children.^[190] The Mays are passionate hikers, and they regularly spend their holidays hiking in the Swiss Alps.^[191] May is also a passionate cricket fan, claiming Geoffrey Boycott was one of her sporting heroes.^[192]

May is a member of the Church of England and regularly worships at church on Sunday.^{[193][194][195]} The daughter of an Anglican priest, the Reverend Hubert Brasier, May has said that her Christian faith "is part of me. It is part of who I am and therefore how I approach things".^[196]

May is known for a love of fashion and in particular distinctive shoes, wearing leopard-print shoes at her 'Nasty Party' speech in 2002, as well as her final Cabinet meeting as Home Secretary in 2016. On Desert Island Discs in 2014 she chose a subscription to Vogue as her luxury item.^[197] However she has been critical of the media focusing on her fashion instead of her achievements as a politician.^[198]

May was diagnosed with diabetes mellitus of type 1 in November 2012. She is treated with daily insulin injections.^[199]

Since coming into prominence as a front-bench politician, May's public image has divided media opinion, especially from some in the traditionalist right-wing press.^[200] Commenting on May's debut as Home Secretary, Anne Perkins of The Guardian observed that "she'll be nobody's stooge",^[201] while Cristina Odone of The Daily Telegraph predicted her to be "the rising star" of the Coalition Government.^[202] Allegra Stratton, then with The Guardian, praised May as showing managerial acumen.^[203]

Her parliamentary expenses have been "modest" in recent years (about £15,000 from 2005 to 2009).^[204]

Prior to and since her appointment to Government, May actively supports a variety of campaigns on policy issues in her constituency and at the national level of politics. She has spoken at the Fawcett Society promoting the cross-party issue of gender equality. May was nominated as one of the Society's Inspiring Women of 2006.^[205]

She is the Patron of Reading University Conservative Association, the largest political student group in Berkshire (the county of her Maidenhead constituency).^[206] In February 2013, BBC Radio 4's Woman's Hour already described her as Britain's second-most powerful woman after Queen Elizabeth II.^[207]

Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS, FRIC (née Roberts; 13 October 1925 – 8 April 2013) was a British stateswoman who was the Prime Minister of the United Kingdom from 1979 to 1990 and the Leader of the Conservative Party from 1975 to 1990. She was the longest-serving British prime minister of the 20th century, and the first woman to have held the office. A Soviet journalist dubbed her The Iron Lady, a nickname that became associated with her uncompromising politics and leadership style. As Prime Minister, she implemented policies that have come to be known as Thatcherism.

More than 1.7 million signed an official parliamentary e-petition which said that "Donald Trump's well documented misogyny and vulgarity disqualifies him from being received by Her Majesty the Queen or the Prince of Wales,"

Labour leader Jeremy Corbyn said in Prime Minister's Questions (PMQs) that Trump should not be welcomed to Britain "while he abuses our shared values with his shameful Muslim ban and attacks on refugees' and women's rights"^[169] and said that Trump should be banned from the UK until the bar on Muslims entering the US is lifted.^[170] May responded by saying that "[Corbyn's] foreign policy is to object to and insult the democratically elected head of state of our most important ally. ... He can lead a protest, I'm leading a country."^[167]

Every successful business creates something of value. The world is full of opportunities to make other people’s lives better in some way, and your job as a businessperson is to identify things that people don’t have enough of, then find a way to provide them.

The best businesses in the world are the ones that create the most value for other people. Some businesses thrive by providing a little value to many, and others focus on providing a lot of value to only a few people. Regard- less, the more real value you create for other people, the better your business will be and the more prosperous you’ll become.

Mycoplasma genitalium (Figure 1–10). This organism lives as a parasite in mammals, and its environment provides it with many of its small molecules ready-made. Nevertheless, it still has to make all the large molecules—DNA, RNAs, and proteins—required for the basic processes of heredity. It has about 530 genes, about 400 of which are essential. Its genome of 580,070 nucleotide pairs represents 145,018 bytes of information—about as much as it takes to record the text of one chapter of this book.

The minimum number of genes for a viable cell in today’s environments is probably not less than 300, although there are only about 60 genes in the core set that is shared by all living species.

hot hydrothermal vents on the floor of the Pacific and Atlantic Oceans. They are located where the ocean floor is spread- ing as new portions of the Earth’s crust form by a gradual upwelling of material from the Earth’s interior (Figure 1–11). Downward-percolating seawater is heated and driven back upward as a submarine geyser, carrying with it a current of chemicals from the hot rocks below. A typical cocktail might include H 2 S, H 2 , C O, Mn 2+ , Fe 2+ , Ni 2+ , CH 2 , NH 4 + , and phosphorus-containing compounds.

ccord- ing to one estimate, at least 99% of prokaryotic species remain to be characterized.

ntragenic mutation: an existing gene can be randomly modified by changes in its DNA sequence, through various types of error that occur mainly in the process of DNA replication

Gene duplication: an existing gene can be accidentally duplicated so as to create a pair of initially identical genes within a single cell; these two genes may then diverge in the course of evolution