Here is a summary of today’s events: The Bank of England raised interest rates by 0.5 percentage points to 1.75% and warned the economy is heading toward a recession. Labour said the interest rise was “further proof” that the Conservative party has lost control of the economy. In light of the rise, Rishi Sunak said he would “prioritise gripping inflation, growing the economy and then cutting taxes” while Liz Truss said there was a need “for the bold economic plan that I am advocating. We need to take immediate action to deal with the cost-of-living crisis, grow the economy and delivering as much support to people as possible.” Labour has called on the government to scrap tax breaks for oil and gas producers as more families are pushed into financial difficulty. NHS leaders have accused Liz Truss and Rishi Sunak of offering “glib soundbites, gimmicks and political rhetoric” on the health service rather than proper solutions to its growing crisis. Chancellor Nadhim Zahawi, said he was aware that the forecasts “will be concerning for many people” adding that “addressing the cost of living is a top priority”. The Conservative former chancellor Ken Clarke has suggested that Liz Truss’s plan for immediate tax cuts could make inflation “worse” and risks “contributing to the problem”. Michelle O’Neill, Sinn Féin’s first minister designate, has sparked a backlash in Northern Ireland for saying there was “no alternative” to the IRA’s armed campaign during the Troubles. Labour has called for an investigation into claims Liz Truss broke strict spending rules by failing to declare thousands of pounds spent on a champagne dinner attended by Conservative MPs. A poll by Ipsos found more than half of the British public believe the Conservatives do not deserve to be re-elected, but that many remain unconvinced that Labour is ready to take over. The shadow treasury minister Abena Oppong-Asare has accused Boris Johnson and the chancellor, Nadhim Zahawi, of being “missing in action” as it emerged they are both on holiday despite warnings of inflation soaring further and the economy entering the longest recession since the 2008 financial crisis. Sir Keir Starmer has been found to have breached the MPs’ code of conduct by failing to register on time eight interests, including gifts from football teams and the sale of a plot of land. Liz Truss and Rishi Sunak took part in a television debate for Sky News tonight. In a (very unscientific) show of hands from the live studio audience, Sunak came out as the choice for leader. During the Sky News debate Truss said the forecast of a recession was “very worrying...but not inevitable”.