One of my favourite jokes is that recessions aren't what they used to be. Call this a recession? You should have been around in the Seventies - inflation at 22%, mortgage rates at 15%, a pay policy which limited increases to £7 a week, a top rate of income tax of 87% - and all this before government finances collapsed and the IMF rescuers demanded a seriously tough austerity programme.... more
This week saw the latest estimates of UK growth in the earlier months of the year which brought forth the usual hand-wringing and cries of woe from the watching economists - with the notable exception of Lombard Street's Jamie Dannhauser... more
There is dismay at Westminster that Twinings, the quintessentially English tea brand that is a subsidiary of Associated British Foods, is relocating much of its production to Poland... more
Some of Europe's biggest banks may be hiding 'nightmare' losses that could trigger another global financial crisis, one of Gordon Brown's closest aides has warned... more
AS Lloyd’s of London warns of rising insurance claims because of the recession-induced increase in crime, City Spy contacts chums in the claims-handling world to find out the burglars’ and blaggers’ canniest scams... more
Interview: Minister who brokered rescue packages that saved Britain's financial system last autumn spoke of 'unimaginable' chaos that would have followed if they had failed... more
London's hedge fund community may have had a torrid time last year but at least its favoured charity, Arki Busson's ARK (or absolute return for kids), has shown the way in moneymaking. In the year to August 2008, its income rose from £32.7 million to £40.2 million. Furthermore, hedge fund turmoil is not expected to affect the levels of pledges. ARK acknowledges that "the level of outstanding donor pledges is considered to be one of the charity's key risks" but that all funding pledges "due for payment have been received to date." So hats off to the generous hedgies and let's hope that spirit continues.... more
Adam Posen is not the first American appointee to the Bank of England monetary policy committee — that was DeAnne Julius, between 1997 and 2001... more
Profile: Shriti Vadera has survived sexism, racism and her ‘green shoots’ gaffe to build a uniquely powerful position at the centre of government... more
Gordon Brown faced fresh accusations of "complacency" over the dire state of the economy after a minister claimed there was "light at the end of the tunnel" for Britain's jobless... more
When Waterford Wedgwood went down, Robert Peston said, rightly, on the radio that the collapse of the pottery firm was a tragedy as it deprived Britain of a part of the manufacturing base it will need when the recession is over... more
Property: The key autumn selling season was not as bad as expected for Barratt Developments — but chief executive Mark Clare warned there were no “green shoots” of recovery for housebuilders... more
The Tories are in the ascendancy and gaining influence. Already the key figures in Westminster and beyond are thinking about the post-Brown generation.... more
Moves to revolutionise music downloading - including a plan to scrap the current system of paying for each track and charge an annual fee - have been unveiled... more
Gordon Brown's credit crisis meeting with the bankers and financiers was one giant photo-opportunity; an Action Man prime minister being seen to be in charge... more
To say that Metronet is a disgrace is an understatement, yet like so many fiascos that beset our public life, those who were instrumental in the spectacular foul-up have not suffered a jot... more
Exclusive: After high-profile allegations this season, Charlton's manager is pleased the issue is now being addressed but says the authorities still have plenty of work to do
Morning:
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