The Papers: ‘Interest rate pain’ and ‘inflation warning’

Economics and the cost of living dominate Friday’s front pages.

“How can we trust the Bank of England?” asks the Daily Express after it says the Bank’s predictions for a recession and soaring unemployment were, as it puts it, “wrong, wrong, wrong”. A professor of accounting, Richard Murphy, has written in the Mirror arguing the Bank’s decision to raise interest rates was “cruel and pointless” – saying “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. But the Daily Telegraph, in its editorial, says “this is monetary policy returning to normal” – arguing “Britain can no longer rely on money-printing and ultra-low rates to create an illusion of prosperity”.

The i newspaper says the government is resisting calls from Tory MPs to cut taxes to help those struggling financially. The Telegraph highlights a comment by the Work and Pensions secretary, Mel Stride, who says the basic rate of income tax could be cut by 2p if…

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