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The Latest Breaking News from Bank of England

‘The big squeeze’: what the papers say about Bank of England’s recession forecast

Bleak period of recession combined with rises in cost of living dominate the front pages, with plenty of horrifying graphics

The Guardian - AU

What the papers say – August 5

The papers on Friday focus solely on the expected recession as readers are told to ‘batten down the hatches’.

The Independent UK

UK braces for long recession after biggest interest rate hike in 27 years, ASX rises to two-month high

Australian shares rise to their highest level in two months, after oil prices sink to their lowest level since before Russia's invasion of Ukraine, and the Bank of England announces its biggest interest rate hike in 27 years and warns of a long recession for Britain.

ABC News

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Key moments as Truss and Sunak face grilling from Tory members during TV debate

The two Tory leadership hopefuls took part in Sky News’ The Battle For Number 10.

The Independent UK

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Daily Mirror

Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

The Guardian - UK

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Reuters

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Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

The Independent UK

Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

The shocking assessment of the economy has reset the backdrop for the Conservative leadership contest

Evening Standard

Truss insists recession not inevitable as Sunak warns she will make things worse

Rishi Sunak warned pouring ‘fuel on the fire’ could create ‘misery for millions’ as he hit out at his Tory leadership rival’s plans.

The Independent UK

Liz Truss defends not taxing obscene oil profits as she pledges NHS shake-up

The wannabe Prime Minister was challenged during a Sky News husting event over whether she would back a windfall tax on companies such as Shell, and said she would not apologise to Nicola Sturgeon

Daily Mirror

Conservative leadership debate LIVE: Liz Truss says there is no need to balance books ‘prematurely’ despite interest rate rise

The Foreign Secretary claimed that her tax cuts would help to repay public debt back in the long-term

Evening Standard

Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

The Bank of England has now raised rates at six consecutive meetings to try and combat the U.K.’s rampant inflation. Its interest rate now stands at 1.75%.

Benzinga

Boris Johnson and Nadhim Zahawi 'missing in action' amid dire recession warning

The Chancellor was said to be “working remotely” from a family break, while the PM and wife Carrie have reportedly jetted off on a delayed honeymoon to Slovenia - as the Bank of England issued a bleak recession warning

Daily Mirror

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The Independent UK

Boris Johnson and Chancellor Nadhim Zahawi on holiday despite financial gloom

Both men were away from Westminster as the Bank of England raised interest rates again and warned of the longest recession since the financial crisis.

Evening Standard

The Leader podcast: Interest rates rise as UK faces another recession

The UK is once again facing a recession, as the Bank of England announced its predictions for the economy, alongside a 0.5% rise in interest rates.

Chronicle Live

Interest hits 1.75% in biggest rise in 27 years - here's what it means for you

The Bank of England has confirmed that interest rates will shoot from 1.25% to 1.75% - the biggest percentage point rise in some 27 years.

Daily Mirror

All you need to know about rising interest rates including savings and mortgages

The Bank of England has increased its base rate from 1.25% to 1.75% - a rise of 0.5 percentage points. It argues that raising rates now will bring inflation under control sooner

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Wales Online

Six changes to your finances coming in August

There are a number of things you should keep an eye on this month

Wales Online

Millions of people who claim these benefits to receive £150 cost of living payment in September

The announcement comes as the Bank of England warns that the UK faces a bleak year with inflation hitting 13%

The National (Scotland)

Boris Johnson and Keir Starmer both on holiday as economy crumbles

BORIS Johnson has come under fire for being on holiday while the UK is forecast to go into recession amid rising interest rates and inflation.

Evening Standard

Bank of England raises interest rates, predicts long recession

Every central banker dreams of their ‘whatever it takes‘ moment, a reference to then ECB President Mario Draghi’s 2012 commitment to preserve the euro.

Daily Mirror

Margaret Thatcher would be 'appalled' by Tory candidates tax plans, says ex-minister

Both Liz Truss and Rishi Sunak have tried to claim the mantle of the polarising Prime Minister - but Lord Kenneth Baker, who served in Margaret Thatcher's Cabinet, said she would be 'appalled' by their plans

Daily Mirror

Liz Truss and Rishi Sunak tear into each other as Britain heads for recession

Both candidates to be the next Prime Minister questioned the other's approach as Labour warned that the Tories "have lost control of the economy"

The National (Scotland)

Scotland 'cannot afford to stay in the Union' as worst recession since 2008 looms

Pro-independence politicians have hit out following an announcement that interest rates and inflation is set to rise

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