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The Latest Breaking News from Recession

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

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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

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 Guardian - UK

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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 Independent UK

‘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

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

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

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

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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

The Independent UK

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.

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StockNews.com

3 Under the Radar Penny Stocks to Buy Now

The Fed’s aggressive interest rate hikes and the economy's contraction for two consecutive quarters have increased the odds of a potential recession. Nevertheless, robust corporate earnings and some positive economic data have greatly supported the downside of the benchmark indexes lately. Therefore, we think it could be wise to invest…

Evening Standard

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

Benzinga

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%.

Asharq Al-Awsat

Oil Prices Slump to Lowest Since Before Ukraine Invasion

Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures dropped more than 3% to $93.81 a barrel after touching a…

Daily Mirror

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

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.

Axios

Companies hoarding workers could keep the labor market strong

Some employers say they are hesitant to reduce headcount, even as economic growth deteriorates.

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