Yes it is but the Telegraph,seems to enjoy it.
I see the EU and US are falling out over this financial crisis.I say,it is about time and I applaud the EU.
I would rather be run from the EU rather than the US,if Britain is to be swallowed up.
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On a day that the Bank of England suffered a rare humiliation as it failed to sell the gilts (‘bonds’) on issue causing a fall on the stock exchange and on the day after Brown was humiliated in Strasbourg by two stinging attacks from British MEPs AND only a few MEPs turning up to hear him , it becomes more and more clear that Brown is not gaining support abroad but losing it!
In addition Mervyn King went straight to Buckingham Palace from the parliamentary committee for an audience with The Queen. Even the Times is speculating as to whether or not HMQ knew in advance and had approved what Mr King said.
We live in very strange times and I’ve just started on Brown’s NY speech and will see if it’s worth recycling!!!
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TELEGRAPH 25.3.09 King correct to warn Labour against more public spending splurges Inflation is not back – more's the pity.
By Damian Reece
If Tuesday's bizarre outcome on the cost of living was sustainable it might, just might, reveal that the economy was stronger than we thought and demand had not completely evaporated but was still capable of applying some upward pressure to prices.
However, RPI at zero and CPI at 3.2pc reveal as much about flawed statistical measures as any change in how the economy is behaving. The inflation figures were strong only in the same way that a fish thrashing in the bottom of a boat can be surprisingly energetic, but not something that lasts.
The main reason RPI did not fall into negative territory (or deflation) and that CPI was still more than a full percentage point above the target 2pc level, was the weakness of sterling. We face the far more gloomy outcome of a shrinking economy with falling wages cursed by rising prices fuelled by escalating import costs. The reason for our weak currency? The disastrous state of the UK's public finances and the £118bn plus Alistair Darling will have to borrow in the next financial year.
A falling pound ought to be good news for exports but even our foreign earners won't be enough to help us out given how quickly unemployment is rising.
Falling housing and energy costs are welcome and will help matters. Being cheery, the best outcome will be only a short period of deflation which will be reversed as the economy picks up. I'm sorry if this sounds like wishful thinking but it's the best I've got. Mervyn King, Governor of the Bank of England, is a bit more upbeat, suggesting the benefit of recent interest rate cuts and its quantitative easing programme are still to come.
Whether you believe him or not on this point, King was right on Tuesday to warn the Government over further public spending splurges. Given the long term damage Labour has helped cause to the economy, and sterling, we really can't take much more punishment.
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ECONOMIC ‘Shorts’ 24.3.09
TELEGRAPH =Brown seeking to win over US bankers with his 'vision' Gordon Brown is seeking to win over leading US bankers to his vision for reforming the global economy during a visit to the country. [today] =HSBC to cut 1,200 UK jobs HSBC is planning to cut as many 1,200 jobs from its British operations as it looks to reduce its annual cost base in the midst of the global financial downturn. =Legal & General halves dividend Insurer halves final dividend payment to shareholders after reporting a full-year loss and warns of futher job cuts. =Wages fall in private sector for first time, but rise for public sector workers Wages in the private sector have fallen for the first time since official records began eight years ago, with workers paid nearly £16 less a week than a year ago. The average weekly wage for a private sector worker fell by 3.4pc in January to £448, compared with a year before when it was £463.80. This is the first annual fall since the Office for National Statistics started collecting this data in 2001
FINANCIAL TIMES =UK retail sales worsen in March The pain on the British high street worsened in March, as retailers reported further falls in sales and said they did not expect any improvement next month, according a survey by the CBI employers group
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