The Guardian:
"Trench warfare as UK economy ends 2012 where it started"
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| Link to The Guardian |
"The British economy will end 2012 pretty much where it started. There has been no growth, and no real progress in reducing the government's budget deficit.
"In military terms, it has been like the western front in 1916: the troops have edged forward a bit, then back a bit, but after a year of attrition the front line has not moved.
"... The two pieces of slightly more cheery news were that household real disposable income rose in the third quarter, and that there was a narrowing of Britain's balance of payments deficit. Households banked some of their rising income, resulting in an increase in the savings ratio and this, together with the boost from investment income, hinted at a gentle rebalancing of the economy.
"But the big picture remains unchanged. The air is thick with talk of a triple-dip recession and a possible credit downgrade.
"Osborne, comfortably billeted a long way back from the front line, insists there is no alternative to his strategy and that it will work given time. Another year of trench warfare looms."
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| Link to web site |
Evening Standard:
"Jobs growth in City helps London double boost to UK coffers"
"London's contribution to the nation’s coffers has doubled over the last financial year, helped by a rise in City jobs as well as the Olympic Games and Queen’s Jubilee.
"The greater London economy paid £10 billion more in tax revenues than it received in 2011-12, according to forecasts from the City of London Corporation and Oxford Economics. That is up from a £5.1 billion surplus for 2010-11.
"... The report predicts that almost 80% of the new jobs generated in London between now and 2025 will be in the professional and financial services sectors, compared to just less than 60% between 2000-12. London’s fiscal surplus is forecast to grow to just over £50 billion by 2025."
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