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"The Bank of England will cut its growth forecasts this week, and warn that the squeeze on family finances will last longer than expected, in a prediction likely to douse recent hopes that the UK was heading back to recovery.
"... Although the Bank will predict that growth will return, after two years of near stagnation, its outlook is likely to take the gloss off recent upbeat surveys showing that confidence in the recovery is building.
According to the National Institute of Economic and Social Research (NIESR), 2013 has started strongly. It has estimated that growth improved, from -0.3pc in the three months to December, to zero in the three months to January."
NIESR: "Zombie households"
"Is the UK economy being held back by 'zombie' households lumbered with too much debt to go out and spend? Dr Angus Armstrong, director of macroeconomic research at the National Institute of Economic and Social Research, argues this problem is linked to growing inequality over the last 30 years."
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The Observer:
"New Bank of England governor should heed Japan, trying to emerge from lost decade"
"Japan is engaging in investment and innovation across the board, and on a scale Britain can only dream of.
"Time after time, as I questioned company leaders about their capacity to do this, I was referred to Japan's 'public interest' or 'stakeholder' capitalism – committed long-term ownership, partnership with the state to drive research forward and corporate leaderships keen to find commercial responses to the giant economic and social problems of our time.
"It is a world foreign to our own [and the London Borough of Barnet, and off-shore tax-haven associated Hammerson] of shareholder value maximisation and gigantic personal bonuses, where interest in social problems is seen as 'anti-business'.
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