Gloomy news for the economy is hitting some of the headlines after the Bank of England issued its forecast for the UK’s biggest recession since the 1920s, while simultaneously raising interest rates to 3%. The newspaper notes that it is the highest level in 14 years after eight consecutive hikes. image caption, I say the UK is in ‘toxic shock’ as it faces its worst ever recession. The paper reports that Chancellor Jeremy Hunt accused the Liz Truss government of having its head “stuck in the sand” over the scale of the crisis. image caption, The Herald examines the impact of the higher prime rate on Scottish mortgages. It predicts more than 200,000 homeowners will see their payments rise by an average of £1,700 a year on a £100,000 loan over 10 months. image caption, The recession is likely to last for two years, the Times says, with unemployment forecast to nearly double. It claims the recession risks shrinking the economy by 3%, based on interest rates rising further to more than 5%. It also says that household disposable income is likely to plummet. image caption, The 0.75% rate rise is the biggest rise in 33 years, the Scottish Daily Express reports. It says a recession has hit the UK earlier than officials expected, with the economy entering a “challenging recession” in the summer, rather than the end of the year as previously expected. image caption, The Daily Telegraph reports that Chancellor Jeremy Hunt and Prime Minister Rishi Sunak agreed that those “with the broadest shoulders” should shoulder the bulk of the measures taken to support public finances. Mr Hunt is said to be planning to increase capital gains tax on businesses in a bid to plug the government’s £50bn budget black hole. However, some businesses are concerned that it could undermine their ability to operate. image caption, “We are skint” is the short but brutal headline in The Scottish Sun after Deputy First Minister John Swinney warned Scots that there is no money left in the budget for pay rises. He said he had “nowhere to go” as unions announced further rail strikes over Christmas. image caption, The Scottish Daily Mail is updated on the new rail strike dates affecting ScotRail. RMT staff will be out every Friday and Saturday from 19th November to 24th December. The paper says this will affect businesses, Christmas markets and social gatherings. image caption, Metro is calling it Christmas “rail pain”, saying the strikes will cause chaos over the festive period. Scotland’s 2,000 RMT members are set to “significantly” escalate action as pay talks continue, the newspaper reports. One of the strike dates is Christmas Eve. image caption, A Celtic fan claims he needed staples and stitches in his head after being assaulted by Spanish police, the Daily Record reports. Dave Moir, 33, had traveled to the country to watch his side’s UEFA Champions League clash with Real Madrid on Tuesday when his holiday turned into “a living nightmare”. image caption, The National’s top story claims that a fact-checking charity found that the leveling secretary, Michael Gove, sent a “misleading” tweet about trade deals. image caption, The looming strike by Edinburgh trams makes the front of the Edinburgh Evening News. The main story says the company has “backtracked” on a pay review promise made in a pay deal that averted planned strikes during the fringe festival. More than 100 tram workers are set to strike on November 17 as the transport company insists it cannot afford extra sick pay. image caption, More fallout and commentary on the Dundee Halloween riot make the front of the Evening Telegraph. Two 16-year-olds appeared in court following the incident in Kirkton. image caption, The Courier leads with criticism of a Perth shopkeeper who posted an anti-refugee rant on her husband’s Facebook page. Kairen Ruse reported an incident in her shop with asylum seekers in a post that has been branded “extremely dangerous” by anti-racism charity Perth Against Racism. image caption, A family business tells The Glasgow Times of fears their 50-year-old car dealership could fold unless the brakes are put on a redesign of one of Glasgow’s most iconic streets, Byres Road. image caption, The P&J’s top story says a Green MSP has come under fire for claiming the dualling of the A96 would cause more crashes. Her opponent hit back, saying the current state of the road made it a “death trap”. image caption, And the Evening Express is leading the way with a former Aberdeen footballer found guilty of assaulting a fan.

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