The British pound had its worst day since the early days of the pandemic on Friday after Chancellor Kwasi Kwarteng announced his mini-budget.
Falling by more than 3 per cent, it dropped to its lowest value against the US dollar in 37 years.
It adds to a months-long fall in the value of the pound. Over the past month, it has dropped by 7 per cent — and the value of sterling is more than a fifth lower than it was a year ago.
This will mean higher prices for Britons over the coming months and years.
Samuel Tombs, an expert at Pantheon Economics, on Thursday said that inflation is likely to increase by about 0.5 percentage points in 2024 because of recent falls in the pound.
This means that every £1,000 that a family spends will be worth £5 less simply because of the drop in sterling, and it will leave the average household about £150 worse off every year.
It also adds to runaway inflation, currently at about 10 per cent, and to the massive rise in energy bills facing households and businesses across the UK and Europe.
Energy bills are one of the things that are likely to increase as the pound falls — the price of the gas the UK uses is based on the dollar, even if the gas is produced in the UK.
Foreign holidays are also likely to be more expensive, especially when visiting the US and other countries whose currencies the pound has dropped against.
Fortunately the euro is also weak at the moment, so holidays to the continent are unlikely to increase much in price because of currency changes.
There are also benefits to a lower-valued pound, as it will now be cheaper for tourists to come to the UK, for example.
It is also likely to make British companies more competitive when they export around the world: a cheaper pound makes it cheaper to buy British goods and services.
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
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Power: Combined output 920hp
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Transmission: 8-speed dual-clutch automatic
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Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
UAE currency: the story behind the money in your pockets
Racecard
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UAE gold medallists:
Omar Al Suweidi (46kg), Khaled Al Shehhi (50kg), Khalifa Humaid Al Kaabi (60kg), Omar Al Fadhli (62kg), Mohammed Ali Al Suweidi (66kg), Omar Ahmed Al Hosani (73), all in the U18’s, and Khalid Eskandar Al Blooshi (56kg) in the U21s.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
