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| Link to Sky News |
"A think tank has warned that 2013 could turn out to be a 'groundhog year' with a repeat of sluggish growth and crisis in Europe seen in 2012.
"The Institute for Public Policy Research (IPPR) said that consumer and business spirits have been so thoroughly dampened by talk of years of austerity ahead, that the economy may fail to grown again this year.
"In a gloomy New Year message, IPPR chief economist Tony Dolphin said the Government 'still does not have a path back to growth' and appeared to be pinning hopes on 'something just turning up'.
"The Office for Budget Responsibility's forecast of 1.2% GDP growth in 2013 and 2% in 2014 depend on a 'very unlikely' readiness for hard-pressed households to drop the habits of the last four years and take on additional debt, he added."
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Daily Telegraph:
"The US 'cliff' - one small part of a huge debt crisis"
"The Italian Job’s cliff-hanger finale is all make-believe. A brilliant film ends, we marvel at Michael Caine’s acting genius, the credits roll and then we get up and make some tea.
"Real-world predicaments aren’t so easy. ... There is no quick fix [in the UK and Europe] – and most certainly not Keynesian fiscal policy [as in the USA].
"Were Europe to take the Keynesian path, trying to spend its way out of recession with no reserve currency, by far the most likely outcome would be a creditors’ strike and pandemonium on global markets.
"The only way to rediscover growth in the big 'advanced' economies is continued de-levering, structural banking reform, and a steady and deliberate scaling back of the state."
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