Ten Things You Need to Know Today: 5 August 2022

The Week’s daily digest of the news agenda, published at 8am

1. UK faces protracted recession

The Bank of England warned the UK will fall into recession as it unveiled the biggest interest rates in 27 years. In a dramatic set of forecasts for the economy, the Bank said inflation will surge above 13%, causing the worst squeeze on living standards for more than 60 years. Meanwhile, the regulator Ofgem has been accused of an “inhumane” move after its latest changes to the price cap meant energy bills could more than double to £4,200 a year by January.

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