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
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

British pound hits 37-year low as recession fears grow

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Sep 2022 12:37
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

Europe's Central Bank warns of global Gold market risks: FT

Bank of England warns Trump tariffs could spark corporate defaults

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

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

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