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Israeli media: A senior European Union official hinted that 'Israel' would be held accountable for violating international law in Gaza
Al-Qassam Brigades spokesperson Abu Obeida: The losses incurred by the occupation today in Khan Younis and Jabalia are an extension of a series of top-tier operations
Al Mayadeen's correspondent in South Lebanon: The invading Israeli force is digging a trench and erecting earthen berms, amid detected activity suggesting preparations to install espionage equipment
Al Mayadeen's correspondent in South Lebanon: An Israeli force breaches the "technical fence" in the Wazzani area
Israeli media: 4 Israeli soldiers killed in the Gaza Strip
Gaza Government Media Office: Starved citizens are tempted to head to American-Israeli centers and then are deliberately shot
Gaza Government Media Office: The toll at US-Israeli aid distribution centers is as follows: 110 martyred, 583 wounded, and 9 missing
Gaza Government Media Office: 8 starved civilians were killed and 61 others were injured by the gunfire of Israeli occupation forces and an American security company in Rafah
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.
Al Mayadeen's correspondent: Four martyrs, dozens of injured as IOF open fire on civilians near GHF facility west of Rafah, southern Gaza.

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.

Related News

UK economy shrinks unexpectedly, F&B exports down by 34%

Gold is being transported from the UK to the US amid fears of tariffs

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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