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The Latest Breaking News from Recession

Andrew Bailey denies Bank was too slow to act over soaring inflation

The Governor of the Bank of England warned that earlier interest rate rises could have brought forward a recession.

The Independent UK

What is 'stagflation' and how is it different from inflation as UK faces recession

When an economy is ravaged by high inflation and stagnated growth, economists brand it 'stagflation' to describe the nightmare combination. The UK economy is heading that way

Daily Mirror

Next PM must find 'many more billions' in energy bill help - as hikes branded 'inhumane'

Institute for Fiscal Studies (IFS) chief Paul Johnson said it was a 'mystery' why Tory leadership hopefuls were obsessing over tax cuts when the country was heading into recession

Daily Mirror

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The Standard View: Recession warning lays bare the harsh realities facing the next Tory leader

Amid projections of higher inflation and a recession that could last more than a year, the Institute for Fiscal Studies has made one thing clear: whoever wins the Conservative leadership election will have to provide more support for households.

Evening Standard

Interest rates: How will student loans be affected?

Bank of England’s dire new forecast sparks recession fears

The Independent UK

EXPLAINER: How do we know when a recession has begun?

The U.S. economy has contracted for two straight quarters, intensifying fears that it is on the cusp of a recession, if not already in one, barely two years after the pandemic downturn officially ended

The Independent UK

WPP posts positive results but not ‘naïve’ on impending recession

Revenues at the advertising network that houses Ogilvy and Grey jumped 10.2% to £6.75 billion in first half of year

Evening Standard

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Recession - live: Bank of England governor defends delay in hiking interest rates

Inflation will reach 13 per cent by the end of the year, the Bank predicts

The Independent UK

Ben Shephard criticises government for being too ‘busy’ for GMB interview amid recession forecast

‘They didn’t want to turn up. They haven’t got time for us in their busy schedule,’ presenter said

The Independent UK

Interest rates – live: Bank of England confirms rise to 1.75% as inflation to hit 13%

UK to enter ‘deep and protracted’ recession, Bank warns

The Independent UK

Sunak defends taking money from deprived urban areas as he faces latest hustings with Liz Truss – as it happened

Candidates face Tory members in Eastbourne; former chancellor, who was filmed saying he tried to divert funds from ‘deprived urban areas’, says it was sensible

The Guardian - UK

As recession fears grow, strong US hiring is likely slowing

The American job market has defied raging inflation, rising interest rates, growing recession fears

The Independent UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Guardian - UK

The Bank of England predicts a lengthy recession at the end of the year

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

WEKU

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The Guardian - UK

Friday briefing: What the interest rate spike means for the country – and for you

In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?

The Independent UK

Tory leadership - live: Sunak warns ‘we’ll lose election if inflation rampant’ as Truss heckled

Former chancellor says he’s ‘particularly worried’ about policies that worsen crisis after protesters interrupt foreign secretary

The Guardian - AU

‘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 Independent UK

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’.

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The Independent UK

Business leaders’ concern over Liz Truss plan for bonfire of EU regulations

Slashing EU red tape ‘a priority’ in plan to beat recession, says frontrunner in Tory race

ABC News

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.

Daily Mirror

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

The Guardian - UK

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 Independent UK

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

Rival insists shrinking economy is not ‘inevitable’

Reuters

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.

Evening Standard

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

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