Scotland's papers: Recession looms as banks rates hikedPublished5 AugustSharecloseShare pageCopy linkAbout sharingImage caption, Gloomy news for the UK economy leads the majority of Friday's front pages after the Bank of England warned of a looming recession as it raised interest rates to 1.75% in a battle to stem soaring prices. The Times Scotland reports that the country is facing the "worst squeeze on living standards for more than 60 years".Image caption, The Daily Telegraph says the recession has been brought on by rising energy prices and will cause a "record drop inincome". It quotes the Bank of England governor Andrew Bailey as saying families face a "very big" shock as interest rates were raised to the highest level since 2008.Image caption, The Scottish Daily Mail focuses on the future of Mr Bailey himself as it describes him as a "banker who's running out of credit". The paper says the bank has faced a "ferocious backlash" with its governor forced to deny he had "been asleep at the wheel".Image caption, The Scotsman says the Bank's move to raise interest rates is the biggest single hike in 27 years and the worst squeeze on living standards for more than 60 years.Image caption, "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 rising costs of food and energy.Image caption, 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".Image caption, "Time to batten down the hatches," the Scottish Daily Express says as it warns that recession is on the way.Image caption, More than 200,000 Scots homeowners face mortgage bills rising by hundreds of pounds a year, according to The Herald. Citizens Advice Scotland has warned that families will have to choose between freezing or starving this winter as inflation was projected to hit more than 13%.Image caption, The Press and Journal says that NHS Grampian's chief executive has said the scale of soaring waiting times paints a "very stark picture" for the health service. The paper reports that Caroline Hiscox says Covid continues to mount pressure on services across the country.Image caption, The Courier reports that a Perthshire man could have been overcharged electricity bills for the past 17 years. The paper says Roy Brown, 58, took daily readings of his meter at the end of March and was convinced something wasn't right. He contacted his supplier, OVO and was charged £150 for someone to take a look at the meter. After three tests were carried out in May, engineers concluded the meter was fast by 10.13%.Image caption, The SNP and Scottish Greens have said Scotland "cannot afford" to stay in the Union any longer following an announcement the UK is bound for recession, reports The National.Image caption, Hundreds of waste, recycling and street cleaning workers in Edinburgh are to go on strike during the Edinburgh festival amid claims they have been treated with "contempt", says the Edinburgh Evening News. Around 300 members of the Unite and GMB unions will walk out between August 18 and 30.Image caption, The Scottish Sun reports that SNP chiefs have been accused of dropping their guard after introducing the "silver bullet" policy of minimum pricing, as alcohol deaths rose to a 13-year high. New National Records of Scotland statistics show figures had fallen back in 2019, the first year after minimum pricing was introduced, but then spiked by 17% in 2020 to 1,190 amid the Covid pandemic.Image caption, Thousands of drivers were caught speeding whilst temporary restrictions were put in place on Glasgow's M8, according to Glasgow Times. Several average speed cameras were erected and then activated on March 30, with a 40mph speed limit put in place. Data obtained by the Glasgow Times through a Freedom of Information request has revealed that a total of 7,003 motorists were caught speeding.Image caption, The Evening Express reports on an Aberdeen mum's "worst nightmare" after her three-year-old son walked out of nursery and along a busy road, nearly getting hit by a bus.Image caption, Two teenage boys who attacked a man in a queue for a McDonalds have avoided jail after a court heard they had "turned their lives around", says the Evening Telegraph.Image caption, The Daily Star of Scotland has a typically light-hearted take on the gloomy stories leading the news. It says the bad news is the country is going into recession, inflation is heading for over 15%, mortgages will rise, the lights are going off, water is running out and now we face war with China. But the good news is English Premier League football is back. "Always look on the bright side of life," it adds.Related Internet LinksHerald ScotlandThe ScotsmanDaily RecordThe Scottish SunThe TimesThe NationalDaily Mail OnlineScottish Daily ExpressDaily StarAberdeen Evening ExpressDundee Evening TelegraphEdinburgh Evening NewsGlasgow Evening TimesThe BBC is not responsible for the content of external sites.