Liz Truss became the third woman to enter Downing Street as British Prime Minister on September 6 after running a more successful campaign for Conservative leadership than Rishi Sunak.
The victory, by 81,326 votes from party members to Mr Sunak's 60,399, put her in the footsteps of Margaret Thatcher and Theresa May.
Ms Truss, 47, became a strong contender to replace Boris Johnson early in the race, thanks to her public image as a Brexit-supporting libertarian who opposes high taxes and wasteful spending.
But after taking the reins, she has faced immediate difficulties. Queen Elizabeth II died two days later, beginning a period of mourning and frustrating Ms Truss's ability to plan for the early days of her term in office.
Racing to catch up, she sent Chancellor Kwasi Kwarteng to announce a radical shake-up of the economy to fuel growth but in doing so sent the pound tumbling, rocked the FTSE and handed a record poll lead to the Labour opposition.
Her first Conservative party conference has been riddled with ill-discipline and there are already rebellions from within and outside her Cabinet. Some suggest they would consider another leadership change if matters do not improve quickly.
Early years
Born in Oxford to a maths professor father and a teacher mother, Ms Truss came from a Labour-leaning family.
During her younger years, she joined her parents on anti-Thatcher demonstrations and as a teenager progressed to the Liberal Democrats' youth and student wing, frequently taking part in protests.
The politically minded and ambitious Ms Truss became president of the Oxford University Lib Dems then joined the Conservatives after she graduated.
She spent more than a decade in the private sector, primarily as a management accountant and then as deputy director at the right-wing think tank Reform.
She is married to accountant Hugh O'Leary and the couple have two daughters, Frances and Liberty.
Ms Truss spent two years as a Conservative councillor for Greenwich borough in south-east London before being elected as MP for South-West Norfolk in 2010.
She lives with her husband and children in a three-bedroom detached home in the market town of Thetford in her constituency. She frequently stays at her second home in Greenwich.
From Remainer to Brexiteer
Ms Truss voted “remain” in the 2016 Brexit referendum, only to later advocate the UK leaving the EU.
Promoting herself as prime ministerial material, Ms Truss took to Twitter to say she had a clear vision for Britain and possessed “the experience and resolve to deliver it”.
Her zeal for limited government resulted in her pledge during the early stages of her campaign to “start cutting taxes from day one” and reverse a planned National Insurance increase.
That stance played well with the Conservative party base but raised eyebrows among others, who feared such promises would make the party seem naive on fiscal matters.
She has served under three prime ministers — David Cameron, Mrs May and Mr Johnson.
The latter found a staunch ally in Ms Truss and, in September 2021, rewarded her for her loyalty with a promotion from international trade secretary to foreign secretary.
New PM's tough stance on Russia
Since being appointed to head the Foreign, Commonwealth and Development Office, Ms Truss's outspoken stance against Russia's invasion of Ukraine has been seen as an example of her no-nonsense approach to challenging issues on the international stage.
A few weeks before Russian troops entered Ukraine, Ms Truss arrived in Moscow for crisis talks with her counterpart Sergey Lavrov.
Before the summit, she posted a tweet demanding Russia withdraw more than 100,000 troops from the boundaries with Ukraine “or face severe consequences”, and said an incursion would be “a huge mistake”.
Her combative nature and warning about the possibility of a conflict between Russia and the West after the February 24 invasion of Ukraine landed her in hot water.
Kremlin spokesman Dmitry Peskov condemned what he called “absolutely unacceptable” remarks about possible “clashes” between Nato and Russia.
He said comments by Ms Truss and others had fuelled Moscow's decision to put its nuclear arsenal on a “special regime of combat duty”.
Channelling Margaret Thatcher
Echoing her political idol Thatcher, Ms Truss has stressed the need to support democracies and said the West must “face down global aggressors” such as China and Russia.
She has, time and again, been compared to Thatcher. She has been emulated her staged photo opportunities by posing with a calf, riding in a tank and wearing a fur hat during a diplomatic trip to Moscow.
Mr Kwarteng was among the first Tory MPs to publicly back Ms Truss's bid for No 10. Tipped to become chancellor of the exchequer in her Cabinet, he said her libertarian stance was one of the reasons he decided to support her.
“Liz’s basic instinct on tax is right … She doesn’t think people should be paying increasingly higher taxes to pay for higher spending”, Mr Kwarteng said.
Culture Secretary Nadine Dorries and Brexit Opportunities Minister Jacob Rees-Mogg also backed Ms Truss's campaign, cementing her position as the arch-Brexiteers' candidate of choice.
In the past, she has put forward her Brexit credentials, looking ahead to a “confident, outward-looking, patriotic and positive” future for the UK.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
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