The Bank of England’s interest rate increase to 5% has sparked fears of recession, the Guardian says.

PM Rishi Sunak’s pledge to ease the cost of living crisis is “in tatters” as a hike in interest rates sparks recession fears. The current rate – 5% – seems likely to rise even higher, with Bank governor Andrew Bailey saying that if prices continue to rise rapidly then further rate increases will be needed.

The front page features a picture of a Carribean tea dance as Britain celebrates the 75th anniversary of Windrush.