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Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

British pound hits 37-year low as recession fears grow

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Sep 2022 13:37
3 Min Read

Concerns and fears are growing in the UK regarding the economic outlook with central banks upping interest rates to fight the ongoing inflation.

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  • TOLGA AKMEN VIA GETTY IMAGES
    Officials note they will not back out until inflation is tamed, even at the expense of the economy. (Photo: Tolga Akmen/Getty images)

The sterling pound plunged on Friday to a new 37-year low against the dollar as traders grow increasingly concerned regarding the economic outlook with central banks upping interest rates to fight the ongoing inflation.

The British currency fell as low as $1.1151, the lowest since 1985, after the Bank of England (BoE) hiked Thursday borrowing costs by 50 basis points. 

Central banks around the globe are in the process of hiking borrowing costs, but the Fed has adopted a specifically hawkish position, with officials noting they will not back out until inflation is tamed, even if it's at the expense of the economy.

Traders are now looking to London as UK Chancellor of the Exchequer Kwasi Kwarteng is expected to declare on Friday the "emergency tax-cutting mini-budget," to help businesses and individuals cope with the acute cost of living

This comes as the BoE warns that Britain is slipping into recession, with the cost of food and motor fuel rising at unprecedented levels.

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Read: UK likely heading towards a year-long recession

This comes after UK Prime Minister Liz Truss arrived a couple of days ago in the United States to find with US President Joe Biden common ground in pursuing a tough stance against Russia, as well as a hawkish stance toward China.

Truss' visit aimed to reiterate UK's long-term commitment to the war in Ukraine and to vow to send at least £2.3 billion ($2.6 billion) in military supplies in 2023.

Following her trip, Truss was to finalize her mini-budget, as global inflation is soaring, with the UK's accelerating at the fastest pace in 40 years in July, reaching double-digits and adding more pressure on the Bank of England.

Last month, the consumer price index boosted up 10.1% on an annual basis, surpassing the FXStreet-cited market consensus of 9.8% and speeding up from 9.4% in June.

The last time inflation was this extreme was in 1982 - 40 years ago.

Furthermore, research by the International Monetary Fund showed that the increasing energy crisis is wreaking havoc on British family budgets more than any other country in Western Europe.

  • Bank of England
  • inflation
  • London
  • Recession
  • Sterling Pound

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