Today’s news summary – Paper Talk
Friday’s front pages are dominated by economics and the cost of living. The Bank of England has decided to raise interest rates and confirmed the UK will not fall into recession, but confirmed inflation is not forecast to fall below the target of 2% until 2025.
Interest rates risen
The Daily Express questions the trustworthiness of the Bank of England after its predictions of a recession and high unemployment rates were “wrong, wrong, wrong.” Expert Richard Murphy criticises the Bank’s decisions to raise interest rates calling it “cruel and pointless,” in the Daily Mirror, he argues that “it takes at least 18 months to have any impact on inflation”, which he says is expected to be 2% by 2024 as it is. Contrarily, the Daily Telegraph argues that this move represents a return to normal monetary policy, asserting that Britain cannot rely on money-printing and ultra-low rates for artificial prosperity.
Cut taxes
According to the i newspaper, the government resists demands from Conservative MPs to cut taxes for financially struggling individuals. The Telegraph highlights a statement by Work and Pensions Secretary Mel Stride, suggesting a potential 2p cut in the basic rate of income tax if individuals who left their jobs during the pandemic return to work. The Times reports that supermarkets pledge a decrease in prices, anticipating a significant decline in the coming months.
The Telegraph says up to 1 million extra people may have come into the UK last year, and ministers – who have promised to ring down net migration – are bracing for the official figures. Many Tory MPs want tighter controls on visas for lower-skilled workers.
People with links to organised crime and sex offenders are still joining the police, according to the Guardian. The paper says the Inspector of Constabulary, Matt Parr, has told the Home Office he disagrees with the vetting decisions on 13 new recruits – including one with a history of domestic abuse against multiple partners.
Panther-like species
According to the Metro, DNA analysis of fur found on barbed wire provides evidence of the existence of a panther-like species in the UK. The discovery was made near the location where a sheep was attacked. The Daily Star emphasises the same story with the headline “Gotcha!”
