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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.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Recession in UK to last 2 years, Bank of England hikes rates

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Nov 2022 18:55
  • 1 Shares
2 Min Read

London approaches soaring inflation with an interest hike, a strategy that has proved to fail over and over again.

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  • Recession in UK to last 2 years, Bank of England hikes interest rates
    British banknotes and coins

The Bank of England raised interest rates to 3%, increasing from 2.25% - the biggest increase since 1989, as it warned of a "very challenging" outlook for the economy.

Forecasts from the bank predict that the UK will be enduring 40-year-high inflation, reaching 11% during the incumbent quarter. However, Britain has already entered a recession that may last up to 2 years - even longer than what it endured during the 2008-09 financial crisis.

The bank's interest hike is the biggest in 33 years. However, it affirmed the predictions of many economists, according to a Reuters poll. 

In addition, the majority of the Monetary Policy Committee also said rates would need to increase, although it should not reach higher than 5.2%.

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"Further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets," said the Bank of England.

Just before Thursday's policy decision, markets expected rates to peak at around 4.75%.

"The Committee continues to judge that, if the outlook suggests more persistent inflationary pressures, it will respond forcefully, as necessary," the MPC added.

As the economy slows down sharply, soaring inflation limits consumer spending on non-essential items. The central bank predicts that the UK entered a recession in the third quarter of 2022, and the recession will be ongoing until mid-2024.

Other Western banks are responding similarly to the high inflation rates, including the United States, which has hiked its interest rates for the fifth time in a row this week, raising the interest rate by 0.75 percentage points on Wednesday. 

  • Bank of England
  • United Kingdom
  • UK recession

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