The Times
"Iceland's economy recorded its worst-ever fall, tumbling by 7.2 per cent in the third quarter, as the collapse of its banking sector and its currency continued to lay waste to its finances.Official figures revealed that national output in the third quarter fell by 5.7 per cent from the previous quarter. Year-on-year gross domestic product was down 7.2 per cent — the biggest decline on record."
Monday, 7 December 2009
Elusive and fragile recovery threatened by soaring deficit
Independent
"As the Chancellor adds the final polish to his pre-Budget report on Wednesday, some of Britain's leading business organisations have warned that the recovery will be fragile and that soaring public borrowing threatens the UK's international credit rating. Britain runs a high risk of a "relapse" into recession next year.The Engineering Employers' Federation says that conditions in the British manufacturing sector have continued to improve, but that signs for a strong rebound in 2010 "remain elusive."
"As the Chancellor adds the final polish to his pre-Budget report on Wednesday, some of Britain's leading business organisations have warned that the recovery will be fragile and that soaring public borrowing threatens the UK's international credit rating. Britain runs a high risk of a "relapse" into recession next year.The Engineering Employers' Federation says that conditions in the British manufacturing sector have continued to improve, but that signs for a strong rebound in 2010 "remain elusive."
Sunday, 6 December 2009
Pre-Budget report: UK ‘faces decades of debt’, warns Treasury
Telegraph
"Britain faces decades of rising public sector debt, increasing taxes and, potentially, falling living standards unless it tackles the growing costs of its pensions and health bill, the Treasury will warn this week."
"Britain faces decades of rising public sector debt, increasing taxes and, potentially, falling living standards unless it tackles the growing costs of its pensions and health bill, the Treasury will warn this week."
Saturday, 5 December 2009
A rudderless economy and a once great Treasury that's now not fit for purpose
Daily Mail
"Today, however, Britain faces economic and financial crisis on a scale that far outweighs even these catastrophes of the 1970s and 1990s.This time the Treasury is utterly unable to cope. Indeed, it is facing the greatest crisis of confidence in its history. ...But such is the degradation of Treasury competence and morale under Gordon Brown, Alistair Darling and the department's supine Permanent Secretary Nick Macpherson that it is now considered normal to sub-contract out this kind of work, which ought to be meat and drink to Treasury mandarins. .....In other words, even as late as October 2008, and therefore after the collapse of Lehman Brothers, Treasury officials were clueless about what was going on in financial markets."
"Today, however, Britain faces economic and financial crisis on a scale that far outweighs even these catastrophes of the 1970s and 1990s.This time the Treasury is utterly unable to cope. Indeed, it is facing the greatest crisis of confidence in its history. ...But such is the degradation of Treasury competence and morale under Gordon Brown, Alistair Darling and the department's supine Permanent Secretary Nick Macpherson that it is now considered normal to sub-contract out this kind of work, which ought to be meat and drink to Treasury mandarins. .....In other words, even as late as October 2008, and therefore after the collapse of Lehman Brothers, Treasury officials were clueless about what was going on in financial markets."
Friday, 4 December 2009
£40,000 a family: The taxpayers' cash used to fund the £850billion bailout
Daily Mail
"The extent of taxpayer support for Britain’s banks is revealed today to be £40,000 for every family in the country.An official report concludes that bailouts, guarantees, insurance and loans offered by the Government and the Bank of England reached £850billion."
"The extent of taxpayer support for Britain’s banks is revealed today to be £40,000 for every family in the country.An official report concludes that bailouts, guarantees, insurance and loans offered by the Government and the Bank of England reached £850billion."
Ben Bernanke says Gordon Brown hurt Britain's ability to resolve banking crisis
Telegraph
"Ben Bernanke said that Mr Brown’s decision to strip the Bank of England of its supervisory role over banks had led to a “destructive run” and a “major problem for the British economy”. "
"Ben Bernanke said that Mr Brown’s decision to strip the Bank of England of its supervisory role over banks had led to a “destructive run” and a “major problem for the British economy”. "
£850bn: official cost of the bank bailout
Independent
"Government support for Britain's banks has reached a staggering £850bn and the eventual cost to taxpayers will not be known for years, the public spending watchdog says today.
The National Audit Office (NAO) revealed that £107m will be paid to City advisers called in to work on the rescue because the Treasury was too "stretched" to cope with the sudden financial crisis which broke in the autumn of last year."
"Government support for Britain's banks has reached a staggering £850bn and the eventual cost to taxpayers will not be known for years, the public spending watchdog says today.
The National Audit Office (NAO) revealed that £107m will be paid to City advisers called in to work on the rescue because the Treasury was too "stretched" to cope with the sudden financial crisis which broke in the autumn of last year."
Wednesday, 2 December 2009
It’s déjà vu all over again as Sarkozy takes aim at City of London
The Times
"One senior banker said: “Surrendering control of the City of London to the French in return for some nonentity getting a non-job [Baroness Ashton of Upholland’s appointment as EU foreign affairs chief] is one of the biggest fiascos of British diplomacy since Suez. The fact that Sarkozy is now being gleeful makes it worse. The Prime Minister must explain how he will protect the City from EU meddling or lose what remaining credibility he has in the City.”
"One senior banker said: “Surrendering control of the City of London to the French in return for some nonentity getting a non-job [Baroness Ashton of Upholland’s appointment as EU foreign affairs chief] is one of the biggest fiascos of British diplomacy since Suez. The fact that Sarkozy is now being gleeful makes it worse. The Prime Minister must explain how he will protect the City from EU meddling or lose what remaining credibility he has in the City.”
China wary of gold 'bubble’ danger after quietly doubling its reserves
Telegraph
"The Chinese authorities have given the clearest indication to date that they view the surge in gold to an all-time high of $1,217 (£730) an ounce as a speculative frenzy."
"The Chinese authorities have given the clearest indication to date that they view the surge in gold to an all-time high of $1,217 (£730) an ounce as a speculative frenzy."
Tuesday, 1 December 2009
There is still no evidence QE is working
Independent
"In fact, the data that will really have worried the PM yesterday was released not in Ottawa but at Threadneedle Street, where the Bank of England's latest report on bank lending and money supply advances the case that its £200bn quantitative easing programme is working not a jot."
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At midnight last night, the United Kingdom ceased to be a sovereign state (Telegraph)
"At midnight last night, we ceased to be an independent state, bound by international treaties to other independent states, and became instead a subordinate unit within a European state.Yes, a European state. Take a quick dekko at the definition set out in Article One of the1933 Montevideo Convention on the Rights and Duties of States: “The state as a person of international law should possess the following qualifications: (a) a permanent population; (b) a defined territory; (c) government; and (d) capacity to enter into relations with the other states.”
"In fact, the data that will really have worried the PM yesterday was released not in Ottawa but at Threadneedle Street, where the Bank of England's latest report on bank lending and money supply advances the case that its £200bn quantitative easing programme is working not a jot."
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At midnight last night, the United Kingdom ceased to be a sovereign state (Telegraph)
"At midnight last night, we ceased to be an independent state, bound by international treaties to other independent states, and became instead a subordinate unit within a European state.Yes, a European state. Take a quick dekko at the definition set out in Article One of the1933 Montevideo Convention on the Rights and Duties of States: “The state as a person of international law should possess the following qualifications: (a) a permanent population; (b) a defined territory; (c) government; and (d) capacity to enter into relations with the other states.”
The last G20 nation still in recession is... Britain
Daily Mail
"Britain was shamed yesterday by official figures showing it was the only country in the G20 group of the world's most powerful economies still in recession.Canada, the other country lagging behind the rest, had resumed growth in the three months from July to September, going up 0.1 per cent.This has left Britain as the only G20 country where the economy is still contracting."
"Britain was shamed yesterday by official figures showing it was the only country in the G20 group of the world's most powerful economies still in recession.Canada, the other country lagging behind the rest, had resumed growth in the three months from July to September, going up 0.1 per cent.This has left Britain as the only G20 country where the economy is still contracting."
Chancellor needs an extra £15bn, ITEM says
Telegraph
"The Chancellor needs to find an additional £15bn over the medium term if he is to meet government borrowing targets set out in the Budget, a respected group of economists has warned."
"The Chancellor needs to find an additional £15bn over the medium term if he is to meet government borrowing targets set out in the Budget, a respected group of economists has warned."
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