Newspaper headlines: Families face record squeeze after Bank's warning
- Published
Bank of England governor Andrew Bailey's economic assessment is described as "grim"
Warnings that inflation could rise to above 10% later this year dominate the front pages.
The Daily Mail's headline is "Families set for record squeeze", as it describes the economic assessment from the Bank of England as "grim", external.
The Financial Times says the Bank is warning of "household pain" and of the economy sliding into recession, external. It says that despite the Bank predicting a severe fall in household incomes, its Monetary Policy Committee voted to squeeze them further.
The Guardian says the government is facing calls to launch a fresh package of emergency financial support for households, external - as well as a windfall tax on oil and gas companies.
The Daily Telegraph quotes the prime minister as saying the UK will "get through the tough patch", external because of low levels of unemployment.
The paper quotes an unnamed cabinet minister saying "a recession feels inevitable, what we're hearing from retailers is horrifying - prices are going through the roof". Another tells the paper that "2024 will feel like 1974".
The Times says cabinet ministers are demanding action and putting Chancellor Rishi Sunak under mounting pressure to implement radical tax cuts, external to stave off recession.
The paper says households will face one of the most significant reductions in take-home pay since records began in 1964 - adding that it has led to "heightened concerns" within the Conservative Party about the government's response to the cost of living crisis.
The headline for the Daily Express is "Hold on to your hats! Recession looms". It says soaring inflation, rising unemployment and higher interest rates will "inflict a triple whammy of pain on squeezed Britons", external.
Alongside pictures of Boris Johnson and Rishi Sunak, the Daily Mirror asks "Why won't they help?" It describes Thursday's interest rate hike, combined with rising inflation, soaring energy bills and forecasts of growing unemployment as a "quadruple whammy", external.
Away from the economy, the Times gives front page coverage to a report that 300 migrants will be removed to Rwanda each year, external, under a controversial scheme to send people there after they've crossed the English Channel in small boats.
It says Home Office officials have indicated that only a fraction of the "tens of thousands" of migrants Boris Johnson said would be removed will actually leave - and if the analysis is correct, it would take 34 years before 10-thousand migrants were sent there.
The Home Office says it doesn't recognise the analysis and the numbers of people who may be sent to Rwanda is uncapped.
The paper also reports that Buckingham Palace has drawn up contingency plans for the Prince of Wales to read the Queen's Speech in Parliament next week, amid concerns she may be unable to attend.
The Prince of Wales could step in to read the Queen's speech if his mother is unable to attend the opening of parliament
It says such a move would mark a significant step in the gradual handing over of the sovereign's duties, external.
Finally, the Sun devotes its front page to the England football team's Three Lions anthem.
After reports the song might be dropped for fear that its "football's coming home" mantra could be seen as arrogance, the paper says "flaky FA bosses ditched the plans" after it exposed their "plot", external.
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