Newspaper headlines: 'No tax cuts in 2023' and TikTok facing US ban

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Bank of England governor Andrew Bailey points towards the ceilingImage source, PA Media
Image caption,
Andrew Bailey said he was "more optimistic" about the UK economy

"Here's Hoping!" declares the Daily Express - after the Bank of England's governor, Andrew Bailey, said he was "more optimistic" about the UK economy.

Despite another interest rate rise to tackle inflation, the paper asks "are we finally over the worst?" - and suggests that although there will be still be tough times ahead, the Bank's assessment of the economy gives "good reason to hope" that better ones are "fast approaching".

The FT says the "acceleration of inflation" sealed the rate rise. It reports that the Bank of England left its options open on whether to increase rates any further, saying this would depend on the emerging evidence.

According to the i, there'll be no tax cuts and public spending increases this year, as the interest rate climbs to a 14-year high. It also warns of "mortgage prisoners" facing rates of more than 8%.

The Times warns of more financial pain for households. It says that, for the first time, the average council tax bill will top £2,000 next year - a rise of more than 5%, or £99. Councils have defended the increase, and say it's still not enough to cover rising costs and growing demand, even with more government funding.

The Daily Telegraph claims that Labour is "plotting" a tax raid on savings and investment if it wins the next general election. The paper understands that a "large rise" in capital gains tax is on the table. A Labour spokesman is quoted saying that the party currently has no plans to increase it, but could not rule out a change in the future.

An investigation by the Guardian has found that councils spent £480 million of taxpayers' money in the past four years on beds for people in what it calls "the worst care homes in England". It says some of the cash helped drive "profits for private investors while residents suffer unsafe treatment". The Department of Health and Social Care tells the paper that nobody should receive sub-standard care and it expected local authorities and the Care Quality Commission "to hold failing providers to account".

The Daily Mail claims there's fury at what it calls "woke barristers" who are apparently refusing to prosecute climate activists. It says that about 120 leading lawyers are set to sign a "Declaration of Conscience". One lawyer tells the Mail that signing such a declaration doesn't mean he'd refuse to act for any client who instructed him.