Fears about Britain’s “big squeeze” are splashed across the front pages as the working week concludes.
The Guardian reports the Bank of England (BoE) has raised rates and warned of 13% inflation, The Times says “Britain slides into crisis” and the Daily Express tells its readers to “batten down the hatches”.
The BoE has warned of a year-long recession, according to the Financial Times and The Independent, while Metro and i refer to the time ahead as “the big squeeze”.
The recession will cause the biggest income drop on record amid surging energy prices, says The Daily Telegraph.
“Just where are our leaders?” asks the Daily Mirror, which notes the Prime Minister and Chancellor are currently on holidays.
Critics accuse BoE Governor Andrew Bailey of being “asleep at the wheel”, reports the Daily Mail, which adds the banker is “running out of credit”.
And the Daily Star acknowledges the “bad news” about the economy but also carries “good news” that the Premier League resumes tonight.