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.
SPECS
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ATP WORLD No 1
2004 Roger Federer
2005 Roger Federer
2006 Roger Federer
2007 Roger Federer
2008 Rafael Nadal
2009 Roger Federer
2010 Rafael Nadal
2011 Novak Djokovic
2012 Novak Djokovic
2013 Rafael Nadal
2014 Novak Djokovic
2015 Novak Djokovic
2016 Andy Murray
2017 Rafael Nadal
2018 Novak Djokovic
2019 Rafael Nadal
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
First Person
Richard Flanagan
Chatto & Windus
Sholto Byrnes on Myanmar politics
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
STAY%2C%20DAUGHTER
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UAE currency: the story behind the money in your pockets
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
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
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Zayed Sustainability Prize
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.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE%20Warriors%2033%20Results
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The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
57%20Seconds
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More from Rashmee Roshan Lall
Read more about the coronavirus
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
The years Ramadan fell in May
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
Kill%20Bill%20Volume%201
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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