The gloomy outlook for the UK economy dominates the front pages of Friday's papers.
Gloomy news for the UK economy leads every front page. The Financial Times says Britain faces a protracted recession with the worst squeeze on living standards for more than 60 years following the Bank's move to raise interest rates. It says the economic downturn is to last 15 months with inflation set to hit 13%, and says the outlook is worse than for the US and EU.
"The Big Squeeze" is the Metro's headline. The paper says that rising interest rates mean people with £200,000 mortgages could be facing an extra £50 on their monthly payments as well as facing rising costs on food and energy.The i uses the same headline alongside a striking graphic which shows the rising inflation rates. The paper says a leading economist has declared it the "worst day for the British economy in my lifetime".
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