Friday's papers unite in gloom

Friday s papers are united in gloom, placing the Bank of England's grim forecast of a long recession and inflation at its highest level since 1980.

It blames Vladimir Putin for his invasion of Ukraine, quoting Bailey's line that there is an economic cost to the war Two papers the i and Metro opt for a business language with the big squeeze as their headline. According to the i s bullet points, the i's notes note that economists expect interest rates to rise to at least 3%, and house repossessions loom for some struggling with the cost of living crisis. The newspaper quotes Bailey as saying that the interest rate rise will hit the less well off hard but the alternative is even worse. The Mirror targets Boris Johnson and Nadhim Zahawi on a honeymoon or holiday saying that the prime minister and chancellor are missing in action in the headline, set against a graph of the apocalyptic inflation forecasts.

The Daily Record is annoyed with their holidays.

The Telegraph focuses on the income shock for families, as well as a rise in energy costs and a forecast recession. The headline is the recession to cause a record drop in income. The lead story weaves in the opinions of leadership rivals Liz Truss and Rishi Sunak on how to tackle the crisis, focusing on the merits or otherwise of their tax cut plans.

Bailey's skills as governor are scathingly assessed by The Mail. The headline is Banker who is running out of credit and it reports he has been forced to deny claims that he has been asleep at the wheel. The Bank should have raised interest rates last year, it says.

The Express says that the recession is on the way and it is time to batten down the hatches and retirees are on track for 10% pension rises.

With the headline Now is the time to get Scotland out of the British bandwagon, the National takes the opportunity to suggest that unhitching from the faltering British bandwagon might be wise.