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EXPLAINED: 58 - The Real Truth

Grim read reveals just how bad the near future will be

Last week’s gloomy headlines about the Bank of England told only half the story

Evening Standard

Boris Johnson rejects pleas to hold emergency budget to fight cost-of-living spiral

Downing Street said it will be for the next Prime Minister to decide if any extra help should be given this winter as energy bills rocket to more than £3,200 a year

Daily Mirror

UK economy shrank in second quarter according to poll of economists – as it happened

Rolling live coverage of business, economics and financial markets as analysts weigh risk of recessions across the world

The Guardian - UK

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'We're being failed by Conservatives and SNP in cost-of-living crisis'

Scottish Labour leader Anas Sarwar hits out at the Westminster and Scottish governments over the handling of the current crisis.

Daily Record

Two-thirds of UK’s top restaurants in the red after Brexit, Covid and inflation

Meanwhile £700m of support funds in business rates relief remains unpaid by local councils

The Guardian - UK

Sri Lanka syndrome: Is Bangladesh out of danger?

With global inflation rising and the fear of fuel and food crises looming large, clouds are gathering on the economic horizon of South Asian countries. Sri Lanka in particular remains mired in a crisis driven by a mix of high indebtedness, soaring inflation and poor economic management.

Bangkok Post

'Time for Starmer to step up as Truss nears No10 on brink of economic catastrophe'

The Labour leader must paint deep red lines between Labour and the Tories as both Liz Truss and Rishi Sunak appear unwilling to stand up for victims of the cost of living crisis, argues Kevin Maguire

Daily Mirror

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Daly says Fed is ‘far from done yet’ on bringing inflation down

San Francisco Fed President Mary Daly suggested a 50 basis-point rate increase isn’t locked in at the U.S. central bank’s next policy meeting, saying the Federal Reserve is “far from done yet” in bringing down inflation.

Tribune News Service

Liz Truss vows to reverse National Insurance rise ‘immediately’

The Foreign Secretary’s campaign team said she would accelerate the reversal of the NI rate rise by six months

Evening Standard

Gordon Brown demands emergency budget as Truss and Sunak bicker over cost of living help

The former prime minister has warned that millions of people in the UK will be plunged into poverty if urgent action isn't taken

The National (Scotland)

Liz Truss vows to cut taxes ‘immediately’ to tackle cost-of-living crisis

The Tory leadership contender wants to accelerate the reversal of the national insurance rate rise by six months.

The Independent UK

Brexit will make a bad recession even worse. But Sunak and Truss won’t question it

The Tory leadership contenders are pursuing a dangerous nirvana of low taxation while ignoring the damage inflicted by leaving the EU

The Guardian - UK

Nicola Sturgeon accused of 'failing to grasp working poverty epidemic' set to hit Scots

The First Minister has been warned the cost of living crisis will engulf Scotland without action.

Daily Record

Former PM Gordon Brown demands emergency budget before ‘financial timebomb’

A new report commissioned by Mr Brown suggested Government measures fell well short of addressing households’ needs.

The Independent UK

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USAFacts

What is a recession? How can you know if the economy is in a recession?

The US has gone through 34 recessions since 1857. Thirteen of those occurred after World War II.

The Independent UK

Families already worried about cost of Christmas as inflation reaches 40-year high

People will prioritise gifts people need rather than want

Evening Standard

First-time buyers face increasingly impossible housing ladder task

Rightmove says both new entrants and current renters ‘chasing a fast-moving’ property target

The Guardian - UK

Britain’s ‘great unretirement’: cost of living drives older people back to work

Uncertainty and fear said to be behind increase in over-50s working or looking for work

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The Guardian - UK

Supercar sales accelerate in the UK

Low-cost finance and a ‘you only live once’ attitude behind 19% rise in the likes of Ferraris, Lamborghinis and Maseratis, say market analysts

The Guardian - UK

UK restaurant insolvencies jump by more than 60% in year, data shows

Closures rise to 1,406 as worker shortages and cost of living crisis put more pressure on hospitality sector

The Independent UK

NHS understaffing poses ‘serious risk to patient safety’

Projections suggest an extra 475,000 jobs will be needed in health and an extra 490,000 jobs in social care by the early part of the next decade.

The Independent UK

Restaurants closing doors ‘due to crippling staff shortages and inflation’

Peter Kubik, of UHY Hacker Young, said restaurants are facing spiralling inflation, decreased consumer spending and a labour shortage.

The Independent UK

Thousands of businesses go bust while awaiting business rates rebates

Research has shown that 3,165 business premises have entered insolvency while waiting for response to rates challenges.

The Independent UK

Starmer in challenge to Labour left with vow to prioritise economic growth

Labour leader promises to ‘reboot the economy’ with ‘strong, secure, fair’ growth

The Independent UK

Yellen downplays US recession as wave of economic data looms

Treasury Secretary Janet Yellen says the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession

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