Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local Syrian sources: The village of Al-Thala in the western countryside of Sweida was subjected to mortar shelling, with explosions heard in the area.
Occupied Palestine: Very violent Israeli raids target Tal al-Zaatar in Jabalia, north of the Gaza Strip.
Occupied Palestine: 15 martyrs were recovered as a result of the ongoing Israeli raids on the city of Beit Lahia and the Jabalia camp in the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: More than 300 martyrs and 500 wounded in three days of ongoing Israeli raids on the Gaza Strip.
Occupied Palestine: The occupation aims to ethnically cleanse the Sultan area near the Zikim settlement.
Occupied Palestine: The IOF is besieging a school housing displaced persons in the Al-Sultan area, north of the Gaza Strip.
Occupied Palestine: Dozens of martyrs and wounded, mostly children and women, in Israeli raids on the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: The Israeli occupation is committing genocide in Beit Lahia, north of the Gaza Strip.
Occupied Palestine: The Indonesian hospital is filled with martyrs and wounded after the IOF bombed homes in northern Gaza.
Occupied Palestine: IOF aircraft targeted a tent on Al-Madrasa Street in the Al-Mashrou area, west of Khan Younis, in the southern Gaza Strip

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.

  • x
  • 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

Most Read

A boy draped in a Palestinian flag carries a mock rocket during a weekly anti-US and anti-Israeli rally in Sanaa, Yemen, Friday, May 9, 2025 (AP)

Yemen announces hypersonic missile strike on Ben Gurion Airport

  • Politics
  • 9 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
President Donald Trump, left, greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington (AP)

US pressures 'Israel' for Gaza deal; Witkoff's Israeli rebuke leaked

  • US & Canada
  • 9 May 2025
Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Syria's interim president, Ahmad al-Sharaa, listens during a joint press conference with French President Emmanuel Macron after a meeting at the Elysee Palace in Paris on May 7, 2025 (AP)
Politics

Israeli, Syrian officials met secretly in Baku

Israeli settlers lay on the ground as sirens sound amid the detection of a Yemeni missile, May 15, 2025 (Social media)
Politics

Yemeni missile halts Ben Gurion airport activity: Israeli media

500,000 Syrian refugees return since regime change
Politics

500,000 Syrian refugees return since regime change

Iranian Foreign Minister Abbas Araghchi, left, speaks with his Emirati counterpart Sheik Abdullah bin Zayed al-Nahyan during their meeting, in Abu Dhabi, United Arab Emirates, Monday, May 12, 2025 (AP)
Politics

Iran’s Araghchi: West chose talks after failing militarily

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS