Today’s news summary – Paper Talk

Many of Friday’s papers reflect on gloomy economic news.

Today’s news summary – Paper Talk

Many of Friday’s papers reflect on gloomy economic news. “Now brace for pain pf the big crunch” is the headline in the Daily Mail. “Pain ahead,” declares the Times.

Both papers lead on a warning from cabinet minister Michael Gove that the government won’t be able to help everyone affected by the cost of living crisis and higher mortgage payments. 

The Mail says Mr Gove appeared to urge the Bank to increase interest rates even higher than the 1.25% level announced on Thursday. 

Whilst the Times says other cabinet ministers have privately questioned why the Bank’s 0.25 percentage point rise was so much lower than the 0.75 percentage point increase announced by the US central bank. 

The paper quotes a source as saying “either the Federal Reserve is wrong or the Bank of England is wrong.” 

“11% hell is on the way,” is how the Metro splashes the Bank of England’s inflation prediction. The paper says it will pile “more cost of living misery on millions.” 

Predictions from industry leaders that food costs will rocket by 15% this summer, dominate the front page of the Daily Express. The paper highlights what it calls a “hard-hitting report” from the Institute of Grocery Distribution, which says the cost of living pressures are the worst since the 1970s, mainly due to the war in Ukraine. 

The inflation rate means no income tax cuts for two years, according to the i newspaper. It explains that ministers fear any boost in people’s spending power could push up prices even more.

The suggestion that the PM may scrap the ethics adviser role – after his second Lord Geidt quit, dominates the Guardian. The paper says Lord Geidt accused the PM of “making a mockery” of his position overseeing standards in government.  

The Guardian’s interpretation is based on Downing Street comments that the PM would not immediately look for a replacement but instead “review the system” of enforcing the ministerial code. 

The Daily Mirror reports that Ghislaine Maxwell believes she should only serve for a maximum of two years. The paper says the convicted sex trafficker will be sentenced later this month for grooming girls for Jeffery Epstein. 

The paper says her lawyers believe she is not a danger to the public and are hopeful for a lenient sentence. But another US lawyer told the paper Maxwell is “delusional” and “thinks she is above the law.” She could be jailed for 30 years under US sentencing guidelines. 

The Sun’s main scoop is a report on the death of a disabled passenger at Gatwick airport. The paper describes him as “the first victim of Britain’s travel chaos” – EasyJet have said staff shortages were not a factor in his death. 

It is believed he was waiting for assistance but got frustrated at the delays and attempted to navigate the North Terminal himself. He’s reported to have died after falling down an escalator. 

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