UK's worst quarterly fall in output since records began
It is now official. At 7am, it was confirmed that the UK has crashed into a deep recession. The Office for National Statistics released figures showing the coronavirus pandemic sent the economy plunging by a record 20.4 per cent between April and June - leaving it as the world's worst-hit major economy. Follow expert analysis of the worst quarterly fall in output since records began in our markets liveblog. Prime Minister Boris Johnson yesterday said Britain faced more "bumpy months" ahead following the latest increase of 730,000 job losses, with a "long, long way to go" to a return to "economic vitality and health". Matthew Lynn writes that a long, strange summer has lulled many into the illusion that economic calamity can be avoided - but the real lockdown nightmare has not even begun. And, as the over-50s face redundancy in record numbers, four people share their experiences.
Meanwhile, pressure is mounting on Rishi Sunak to run the furlough scheme beyond October. The Chancellor has ruled out extending the Job Retention Scheme, which has supported 9.6m workers and cost the taxpayer £34.7bn to date. The Treasury is warned that ending it in October could see unemployment rising to nearly 10 per cent. As Jeremy Warner says, the end of furlough will be the moment of truth.
Pressure grows to scrap A-level exam downgrades
The Government is under escalating pressure to follow Scotland's lead and ensure all A-level pupils receive their predicted grades. Amid a growing furore over results - which, due to coronavirus, have had to be determined without exams - parents and peers are now urging the Prime Minister to follow suit in England, where 250,000 students are set to receive A-level results tomorrow, and do away with the exam regulator's algorithm. Education Editor Camilla Turner explains how grades have been calculated without exams. And columnist Allison Pearson writes that the Class of 2020 should be given the grades they deserve.
Duchess could be quizzed in court about new book
The Duchess of Sussex faces being quizzed in court over intimate details in a tell-all biography after the authors admitted that she was a source. Finding Freedom lays bare the innermost thoughts of the Duke and Duchess and the tensions that led to their departure from official royal life. The 350-page book is expected to be thrust to the heart of a High Court privacy case brought by Meghan. Strangely, the touchy-feely tale has not brought a word of complaint from the Sussexes. To read Camilla Tominey's analysis - and all our journalism - take advantage of our summer subscription sale: Save over 50pc - just £25 for six months.
At a glance: More coronavirus headlines
Also in the news: Today's other headlines
US election | Democrat Joe Biden has picked California senator Kamala Harris as his vice presidential nominee - the first ever woman of colour on a US presidential ticket for a major party. "I need someone working alongside me who is smart, tough, and ready to lead," Mr Biden said. Read a profile of her. And, in this analysis, US Editor Ben Riley-Smith explains why Donald Trump is now robbed of key lines of attack.
UK weather | Latest thunderstorm and flood warnings
'Barbaric' | Spate of horse killings in French countryside
Around the world: In a flap in South Africa
An elephant charges towards a flock of sandgrouse, forcing the ground-dwelling birds to take flight at Madikwe Game Reserve, South Africa. View more striking pictures of the day in our global gallery.
Comment and analysis
Ambrose Evans-Pritchard | America Inc will shake off Covid-19
Philip Johnston | 'Stay safe' society treats adults like children
Rowan Pelling | Dutch roundabout belongs in circle of hell
Reader letters | From Trafalgar canvases to Channel dinghies
Editor's choice: Features and arts
Changed man | How to lose weight in midlife, like Hugh Bonneville
Society weddings: the new rules | Colourful gowns, fascinators - and dogs in tiaras
Moira Stuart | New Classic FM interview show has plenty of laidback charm
Business and money briefing
Europe's winners and losers | No economy will escape the Covid-19 crisis unscathed, but a stark divide is emerging in Europe. While countries that were forced into long-lasting and severe lockdowns to control their outbreaks have suffered most, the structure of economies and governments' war chests will also help determine the speed and strength of the recovery. View the economic winners and losers.
End of the freelancer dream | The great return to full-time work
Investment tip | Best virus stock, says ex-virologist fund manager
Alex cartoon | See our cartoonist's latest work on world of finance
Failing gender target | Seven leading sports organisations are not meeting a government target for the number of women on their boards more than three years after it came into force. Read our investigation.
Wolves 0 Sevilla 1 | Spot kick ends Europa League dream
Rugby Union | Teams unable to field team face 20-0 penalty
And finally... for this morning's downtime
Shameless and proud | With its funny, sexy and moving depiction of working-class life, Paul Abbott's "Waltons on acid" is as revolutionary today as it was in 2004. Michael Hogan argues that the Gallaghers were in a class of their own.