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Newspaper headlines: The big squeeze and recession on the way Newspaper headlines: The big squeeze and recession on the way
(about 16 hours later)
Gloomy news for the UK economy leads every front page. The Financial Times says Britain faces a protracted recession with the worst squeeze on living standards for more than 60 years following the Bank's move to raise interest rates. It says the economic downturn is to last 15 months with inflation set to hit 13%, and says the outlook is worse than for the US and EU. Bank of England Governor Andrew Bailey comes under fire in the Daily Mail
The Times says "Britain slides into crisis" as it reports that the country is facing the "worst squeeze on living standards for more than 60 years". It describes the Bank of England's forecasts as "drastic", while economics editor Mehreen Khan says we must "get used to the grim new reality" with the economy set to shrink by 2.1% by the end of the year.
The Daily Telegraph says the recession will cause a "record drop in income", brought on by rising energy prices. It quotes the Bank of England governor Andrew Bailey as saying families face a "very big" shock as interest rates were raised to 1.75% - the highest since 2008.
The Daily Mail focuses on the future of Mr Bailey himself as it describes him as a "banker who's running out of credit". The paper says the bank has faced a "ferocious backlash" with its governor forced to deny he had "been asleep at the wheel".
"The Big Squeeze" is the Metro's headline. The paper says that rising interest rates mean people with £200,000 mortgages could be facing an extra £50 on their monthly payments as well as facing rising costs on food and energy.
The i uses the same headline alongside a striking graphic which shows the rising inflation rates. The paper says a leading economist has declared it the "worst day for the British economy in my lifetime".
"Time to batten down the hatches" the Daily Express says as it warns that recession is on the way.
The Guardian also leads on the economy, saying that Vladimir Putin's invasion of Ukraine has left the UK on course for a recession. But the front page is dominated by a striking picture of a man standing on a house roof in front of a wildfire under the headline "The burning issue" as the paper carries a special report on extreme weather events driven by global heating.
The Daily Star has a typically light-hearted take on the gloomy stories leading the news. It says the bad news is the country is going into recession, inflation is heading for over 15%, mortgages will rise, the lights are going off, water is running out and now we face war with China. But the good news is Premier League football is back. "Always look on the bright side of life," it adds.
The stark warning of recession from the Bank of England features on all the front pages.The stark warning of recession from the Bank of England features on all the front pages.
The Financial Times says the "grim" forecasts suggest Britain is facing a much bleaker economic outlook than other developed economies - with households more exposed to the energy price hikes than in the US, and less protected by government measures than those in the eurozone.The Financial Times says the "grim" forecasts suggest Britain is facing a much bleaker economic outlook than other developed economies - with households more exposed to the energy price hikes than in the US, and less protected by government measures than those in the eurozone.
Under the headline "Britain slides into crisis", the Times describes the economic forecasts as "drastic" - and says the country is facing the "worst squeeze on living standards for more than 60 years".Under the headline "Britain slides into crisis", the Times describes the economic forecasts as "drastic" - and says the country is facing the "worst squeeze on living standards for more than 60 years".
Its economics editor writes that the Bank of England "unleashed a catastrophic set of forecasts that would have been scarcely believable a year ago". "Get used to the grim new reality" is the advice.Its economics editor writes that the Bank of England "unleashed a catastrophic set of forecasts that would have been scarcely believable a year ago". "Get used to the grim new reality" is the advice.
The Daily Telegraph focuses on the "very big shock" for families, predicting the recession will cause a "record drop in income".The Daily Telegraph focuses on the "very big shock" for families, predicting the recession will cause a "record drop in income".
It comments that after 12 years of Conservative-led governments, the economic record of the party has been distinctly underwhelming.It comments that after 12 years of Conservative-led governments, the economic record of the party has been distinctly underwhelming.
Bank of England Governor Andrew Bailey comes under fire in the Daily Mail
The paper suggests the party must be honest about the enormity of the challenge ahead and the consequences of persisting with a failed status quo.The paper suggests the party must be honest about the enormity of the challenge ahead and the consequences of persisting with a failed status quo.
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The Daily Mail warns the Bank is facing a ferocious backlash - with critics saying Bank officials should "rue the day" they decided not to raise interest rates last year.The Daily Mail warns the Bank is facing a ferocious backlash - with critics saying Bank officials should "rue the day" they decided not to raise interest rates last year.
Under the headline, "Banker who's running out of credit" the paper says Bank Governor Andrew Bailey was "forced to deny he was asleep at the wheel".Under the headline, "Banker who's running out of credit" the paper says Bank Governor Andrew Bailey was "forced to deny he was asleep at the wheel".
The paper's city editor questions whether, in choppy seas, the Bank has the right captain.The paper's city editor questions whether, in choppy seas, the Bank has the right captain.
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The i has a striking red graphic which shows the rising inflation rates. The paper says a leading economist has declared it the "worst day for the British economy in my lifetime".The i has a striking red graphic which shows the rising inflation rates. The paper says a leading economist has declared it the "worst day for the British economy in my lifetime".
The Daily Mirror's headline is "Economy in Freefall" and refers to Boris Johnson and Chancellor Nadhim Zahawi as being "missing in action" - as they are both away on family breaks.The Daily Mirror's headline is "Economy in Freefall" and refers to Boris Johnson and Chancellor Nadhim Zahawi as being "missing in action" - as they are both away on family breaks.
"Looming crisis but no-one in charge" is the paper's conclusion."Looming crisis but no-one in charge" is the paper's conclusion.
"The big squeeze" is the headline in the Metro. The paper says rising interest rates mean people with £200,000 mortgages could be facing an extra £50 on their monthly payments as well as facing rising costs on food and energy."The big squeeze" is the headline in the Metro. The paper says rising interest rates mean people with £200,000 mortgages could be facing an extra £50 on their monthly payments as well as facing rising costs on food and energy.
The Guardian carries a special report on extreme weather impacted by human-driven global heating
The Guardian's front page is dominated by a striking picture of a man standing on a house roof in front of a wildfire under the headline "The burning issue", as the paper carries a special report on extreme weather events driven by global heating.The Guardian's front page is dominated by a striking picture of a man standing on a house roof in front of a wildfire under the headline "The burning issue", as the paper carries a special report on extreme weather events driven by global heating.
It also reports that the source of the Thames has dried up for what experts say is the first time they have seen - shifting from the river's official start point outside Cirencester in Gloucestershire to about five miles downstream.It also reports that the source of the Thames has dried up for what experts say is the first time they have seen - shifting from the river's official start point outside Cirencester in Gloucestershire to about five miles downstream.
The Guardian carries a special report on extreme weather impacted by human-driven global heating
The Telegraph reports that people are giving staycations "a break" and the holidays-at-home boom is over.The Telegraph reports that people are giving staycations "a break" and the holidays-at-home boom is over.
It says "staycation fatigue" has resulted in a slump in bookings at popular UK destinations - and even the prospect of airport delays and flight cancellations has not put people off heading abroad.It says "staycation fatigue" has resulted in a slump in bookings at popular UK destinations - and even the prospect of airport delays and flight cancellations has not put people off heading abroad.
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