The Bank of England is not known for making exaggerated statements to grab attention for the sake of it.
When it makes predictions on the future of the UK’s economy, people sit up and takes notice. The central bank delivered a double whammy yesterday.
First it imposed the single biggest hike in interest rates since 1989 in an attempt to bring soaring inflation under control. And then it warned the UK is facing a “very challenging” two-year recession.
If it comes to pass, this would be the longest recession since reliable records began in the 1920s.
The consequences would be disastrous with hundreds of thousands of people at risk of losing their jobs - and their homes.
This is the result of more than 12 years of a Conservative government at Westminster.
It is the UK Government which retains control of the country’s crucial economic levers.
It is the Chancellor who sets macroeconomic policy.
No matter how Rishi Sunak tries to spin this, the looming economic disaster will be in part caused by him and his policy.
The Conservatives have for decades tried to present themselves as the party of sound economic management.
It was a claim that never stood up to scrutiny.
Margaret Thatcher got lucky as her government could rely on North Sea oil revenues to pay for the lengthening dole queues caused by her policies.
Sunak has no such get out clause.
Whenever a general election is finally called, voters will not forget who was in charge when this whole mess began.
Let's be top COP
NICOLA Sturgeon is right to attend Cop 27 on behalf of Scotland.
The planet faces a climate catastrophe unless every nation takes further steps to reduce emissions.
Right now, the UN says we’re on track for temperature rises of 2.4C to 2.6C by 2030 - well above the 1.5C target agreed at Cop26 in Glasgow last year.
It is clear not nearly enough is being done despite the weight of scientific evidence that the world is at a tipping point.
All nations, small and large, must give their voice to a cause that will determine what sort of planet we pass on to future generations.
The First Minister and her government have much to do at home, not least improving the performance of our NHS.
But on this vital issue, it is important Scotland adds its weight to the critical battle against man-made climate change.
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