Thursday newspaper round-up: Milk prices, mortgages, Amazon

(Sharecast News) - The UK's largest dairy cooperative has said there could be further increases in the price of milk and other dairy products if the government does not urgently tackle labour shortages in farming. The lack of workers is fuelling food price inflation, Arla said, warning that without action this could also lead to a crisis in milk production. - Guardian More than 1 million households across Britain are expected to lose at least 20% of their disposable incomes thanks to the surge in mortgage costs expected before the next election, the UK's leading economics thinktank has warned. Sounding the alarm as mortgage costs reach the highest levels since the 2008 financial crisis, the Institute for Fiscal Studies (IFS) said that almost 1.4m mortgage holders would see at least a fifth of their disposable income erased. - Guardian

A recession is inevitable owing to the Bank of England's failure to control rampant inflation, former interest rate setters have warned. Adam Posen, who served on the Bank's Monetary Policy Committee (MPC) in the wake of the financial crisis, predicted interest rates will have to rise to 6.5pc or higher to tame soaring prices, which would likely tip the economy into recession. - Telegraph

America's competition watchdog has sued Amazon, accusing the world's largest retailer of having tricked millions of customers into signing up for its Prime membership service. The Federal Trade Commission alleged that the company had "knowingly duped" users into enrolling for and automatically renewing subscriptions and had deliberately complicated the cancellation process. - The Times

A senior Australian politician has called for an international investigation into PwC's leaking of confidential government tax plans. Besides a handful of British PwC staff who are said to have been privy to the information, the scandal largely has been contained to Australia, despite its threat to the firm's global reputation. - The Times