The stark warning of recession from the Bank of England features on all the front pages.
The Financial Times says the "grim" forecasts suggest Britain is facing a much bleaker economic outlook than other developed economies - with households more exposed to the energy price hikes than in the US, and less protected by government measures than those in the eurozone.
Under the headline "Britain slides into crisis", the Times describes the economic forecasts as "drastic" - and says the country is facing the "worst squeeze on living standards for more than 60 years".
Its economics editor writes that the Bank of England "unleashed a catastrophic set of forecasts that would have been scarcely believable a year ago". "Get used to the grim new reality" is the advice.
The Daily Telegraph focuses on the "very big shock" for families, predicting the recession will cause a "record drop in income".
It comments that after 12 years of Conservative-led governments, the economic record of the party has been distinctly underwhelming.
The paper suggests the party must be honest about the enormity of the challenge ahead and the consequences of persisting with a failed status quo.
The Daily Mail warns the Bank is facing a ferocious backlash - with critics saying Bank officials should "rue the day" they decided not to raise interest rates last year.
Under the headline, "Banker who's running out of credit" the paper says Bank Governor Andrew Bailey was "forced to deny he was asleep at the wheel".
The paper's city editor questions whether, in choppy seas, the Bank has the right captain.
The i has a striking red 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".
The Daily Mirror's headline is "Economy in Freefall" and refers to Boris Johnson and Chancellor Nadhim Zahawi as being "missing in action" - as they are both away on family breaks.
"Looming crisis but no-one in charge" is the paper's conclusion.
"The big squeeze" is the headline in the Metro. The paper says rising interest rates mean people with £200,000 mortgages could be facing an extra £50 on their monthly payments as well as facing rising costs on food and energy.
The Guardian's front page is dominated by a striking picture of a man standing on a house roof in front of a wildfire under the headline "The burning issue", as the paper carries a special report on extreme weather events driven by global heating.
It also reports that the source of the Thames has dried up for what experts say is the first time they have seen - shifting from the river's official start point outside Cirencester in Gloucestershire to about five miles downstream.
The Telegraph reports that people are giving staycations "a break" and the holidays-at-home boom is over.
It says "staycation fatigue" has resulted in a slump in bookings at popular UK destinations - and even the prospect of airport delays and flight cancellations has not put people off heading abroad.