The Latest Breaking News from Bank of England

Despite the dim news of the Bank of England's 'doomsday' forecast of recession, no one from the Government turned up to Good Morning Britain to shed light on the forecast

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

The papers on Friday focus solely on the expected recession as readers are told to ‘batten down the hatches’.

Australian shares rise to their highest level in two months, after oil prices sink to their lowest level since before Russia's invasion of Ukraine, and the Bank of England announces its biggest interest rate hike in 27 years and warns of a long recession for Britain.

The two Tory leadership hopefuls took part in Sky News’ The Battle For Number 10.

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

Rival insists shrinking economy is not ‘inevitable’

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.