Liz Truss and Rishi Sunak have torn into each other's economic plans following today's alarming interest rate rise - as a Tory grandee warned universal credit must be looked at to prevent Brits becoming "destitute".
This morning the Bank of England announced its biggest rise in 27 years and forecast that inflation will hit a huge 13 per cent.
The rise in energy prices will push the economy into a five-quarter recession, experts warned - with gross domestic product (GDP) shrinking each quarter in 2023.
