‘The big squeeze’: what the papers say about Bank of England’s recession forecast
Friday’s papers are united in gloom, placing front and centre the Bank of England’s grim forecast of a lengthy recession and inflation rising to its highest level since 1980.
The Financial Times goes big with a “red alert” graphic showing GDP and inflation alongside an image of Bank governor Andrew Bailey, under the headline: “BoE warns of long recession as interest rates rise by half-point”. It notes that the outlook is worse than that of the US or the EU.
<p lang=«en» dir=«ltr» xml:lang=«en»>Just published: front page of the Financial Times, UK edition, Friday 5 August https://t.co/ZrPdyJmTCG pic.twitter.com/kzCgmoIBOB“Britain slides into crisis”, says the Times, creating a similar graphic showing interest rate rises, under the title “black Thursday”. Economics editor Mehreen Khan says the Bank “unleashed a catastrophic set of forecasts that would have been scarcely believable a year ago”.
<p lang=«en» dir=«ltr» xml:lang=«en»>Friday’s TIMES: “Britain slides into crisis” #TomorrowsPapersToday pic.twitter.com/abR13Hm9alThe Guardian gives plenty of room for the grim climate news but its lead story is the latest rate rise, the Bank’s sixth, and the forecast of 13% inflation. It lays the blame squarely on Vladimir Putin over his invasion of Ukraine, quoting Bailey’s line that “there is an economic cost to the war”.
<p lang=«en» dir=«ltr» xml:lang=«en»>Guardian front page, Friday 5 August 2022: Bank raises rates and warns of 13% inflation. Plus special report on global heating: The burning issue pic.twitter.com/lQceGMMxMRTwo papers – the i and Metro – opt for some business language with “the big squeeze” as their headline. Couched around a red inflation graph, the i’s bullet points note that economists expect interest rates to
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