Month: September 2022

The Guardian leads with the Bank of England’s warning that the UK is in a recession and interest rates may need to go higher. The paper reports the Bank of England (BoE) has warned Chancellor Kwasi Kwarteng the country is already in recession, after the economy shrank for the second quarter in a row. The paper also notes the BoE hiked interest rates by half a percent on Thursday, continuing its efforts to reduce inflation.

“Back from death row” is the headline in the Metro, reporting on the release of five British people who faced execution in Ukraine after being capture by Russia. The paper says the men were freed after Saudi Arabia helped negotiate a prisoner swap with between Moscow and Kyiv.

The i leads with the Bank of England’s decision to hike interest rates. The increase in interest rates to 2.25% means millions are facing a significant rise in their mortgage payments, the paper reports. The paper says Prime Minister Liz Truss and Mr Kwarteng are under pressure to prevent a “deep recession” with their “mini-budget” on Friday.

The paper carries an exclusive claiming former Chelsea owner Roman Abramovich “played a key role” in negotiating the release. The paper says the Russian billionaire welcomed the five men onto a plane taking them from Russia to Saudi Arabia, giving them phones so they could contact their families.