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Food prices are the subject of an ‘apocalyptic’ warning from the governor of the Bank of England, according to the Guardian.

Lib Dem Wendy Chamberlain has called Lee Anderson’s comments “disgraceful” after he said families use food banks because they can’t cook.

The Metro reports that a Tory MP said people don’t need food banks because they either “can’t cook” or “can’t budget”.

The Times reports that Cabinet colleagues are under increasing pressure from Rishi Sunak to implement radical tax cuts following the Bank of England’s warning.

The Bank of England has warned that Britain could enter a recession, prompting calls for the government to introduce a new package of emergency financial support for households, according to The Guardian.

Families will be hit by a £1,200 interest rate hike when the Bank of England raises interest rates to 1%, reports the i.

Metro also reports that the Bank of England expects inflation to reach its highest level since 1982 later this year.

According to the Financial Times, the Bank of England has warned that higher energy prices will drive inflation above 10% and push the UK economy into recession this year.

China’s regulators met with foreign and domestic banks in an emergency meeting to determine how to protect the country’s overseas assets from US-led sanctions similar to those imposed on Russia, according to the Financial Times.

The Financial Times reports that HSBC is facing increasing pressure to break up after its largest shareholder, Chinese insurer Ping An, urged the bank to separate its Asian and western businesses.

The Financial Times reports that the US, EU and UK are imposing the toughest sanctions yet against Russia’s biggest banks and bankers as the western allies ramp up their economic punishment of Moscow in response…

The Guardian says an investigation has linked more than £13bn of global assets, including offshore bank accounts, yachts, private jets and luxury properties in London, Tuscany and the French Riviera, to 35 oligarchs and Russian…

The Financial Times reports that borrowing costs for southern Eurozone governments jumped close to pre-pandemic highs on Monday as investors adjusted to signs that the European Central Bank could raise interest rates as soon as…

Bank of England governor Andrew Bailey has been described as “the plank of England” on the front page of the Daily Star after suggesting people should not ask for a pay rise. 

The European Central Bank has warned
lenders with significant Russian exposure
to ready themselves for the imposition
of international sanctions against
Moscow if it invades Ukraine, reports the Financial Times.