The pound touched its lowest level since 1985 in the hours before Liz Truss was named Britain's next prime minister.
The British currency fell below its coronavirus pandemic lows against the dollar before the announcement of Ms Truss's victory in the Conservative leadership race, which was widely expected.
It was 0.3 per cent down $1.1475 in early Monday trading in Asia, according to FactSet. That means it has been 37 years since British holidaymakers in the US have received so little for their pound.
Sterling briefly fell to a low where one pound could buy only $1.1443 dollars, below the $1.14506 it touched on March 19, 2020.
It climbed to $1.1507 after the announcement before quickly resuming its fall, and was trading at $1.1491 an hour later.
The fall will make imports considerably more expensive for Britons, due to the fact that much global trade is transacted in dollars.
An index tracking the UK’s 100 biggest stocks opened sharply lower, down 60 points.
The FTSE 100 climbed by only one point in the minutes after the announcement of Ms Truss’s win before briefly falling and resuming its rise, hitting 7,249 by 1.30pm BST.
Ms Truss has promised to tackle Britain’s economic woes “in a fiscally responsible way” amid concerns from investors that her tax-cutting plans will worsen the inflation crisis.
Kwasi Kwarteng, widely tipped to be chancellor of the exchequer in a Truss Cabinet, sought to reassure markets by saying that Britain could afford the higher spending needed to tackle the cost of living crisis.
“Given the severity of the crisis we face, there will need to be some fiscal loosening to help people through the winter,” Mr Kwarteng wrote in the Financial Times.
“But I want to provide reassurance that this will be done in a fiscally responsible way. Liz is committed to a lean state and, as the immediate shock subsides, we will work to reduce the debt-to-GDP [gross domestic product] ratio over time.”
Policies to deal with inflation became the key dividing line between Ms Truss and her rival Rishi Sunak as the two-month contest to succeed Boris Johnson unfolded.
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Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
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Finland 3-0 Armenia
Faroes Islands 1-0 Malta
Sweden 1-1 Spain
Gibraltar 2-3 Georgia
Romania 1-1 Norway
Greece 2-1 Bosnia and Herzegovina
Liechtenstein 0-5 Italy
Switzerland 2-0 Rep of Ireland
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Engine: 0.8-litre four cylinder
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Torque: 66Nm
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Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
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Starring: Michael B Jordan
4/5
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Power: 659hp
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PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
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2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
