The pound is struggling to recover from lows against the dollar amid rampant inflation and fears that a recession is looming.
Early on Tuesday, sterling rose 0.08 per cent to $1.17145, continuing a partial recovery from an almost two-and-a-half year low of $1.16495 reached on Monday.
That remains close to its lowest level since March 2020, and there was minimal change against the euro at 85.4 pence.
Goldman Sachs said on Monday it expected the UK economy go into recession later this year, with the risk that it could turn out to be a deep contraction as energy costs soar.
The UK’s gross domestic product is expected to fall by about 1 per cent through to the middle of 2023, Goldman Sachs said.
The country is reeling from inflation at a 40-year high — at 10.1 per cent and rising — and an 80 per cent rise in the country’s energy price cap announced last week.
The cost-of-living crisis has led to demands for more pay in numerous sectors, with train drivers, airport staff, refuse workers and criminal lawyers going on strike.
Earlier this month the Bank of England announced its biggest interest-rate increase in 27 years. It also said the UK was heading for more than a year of recession under the weight of inflation.
Inflation could exceed 20 per cent early next year, Goldman Sachs warned.
“In a scenario where gas prices remain elevated at current levels, we would expect the price cap to increase by over 80 per cent in January [versus 19 per cent assumed in our baseline],” Goldman economists said.
“[This] would imply headline inflation peaking at 22.4 per cent, well above our baseline forecast of 14.8 per cent.”
Britain's FTSE 100 reversed early losses on Tuesday, as banks and energy stocks bounced back after a rough sell-off in the blue-chip index last week.
The FTSE 100 index was up 0.6 per cent at 0801 GMT, and on track for its best performance in a month.
UK markets were closed on Monday for the August bank holiday and are playing catch-up with European and US markets.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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.
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