Daily Archives: August 28, 2009

From the FT’s Arena blog:

Lord Turner, chairman of the UK’s Financial Services Authority, casts a sceptical light on the role of the City of London in the UK economy in an interview with Prospect Magazine. During the last boom, the financial sector grew as a share of gross domestic product, and ballooned as a share of profits and taxes. Should the government have as a goal to protect the City as a pre-eminent financial centre? Or has the City grown too big for Britain’s good? Lord Turner says the City watchdog should be “very, very wary of seeing the competitiveness of London as a major aim”.  Which British industries – if any – have the potential to replace the City? Does the UK have any choice other than to nourish the financial services industry? Join the debate: click on commentRead more

The Times has splashed this morning on criticism of the government over its imminent alteration to the housing benefit system (which was in the April Budget) which will save £140m a year.*

Frank Field and others are protesting about the change which will mean that people will no longer be able to keep any surplus housing benefit over and above the cost of their rent. Read more

Irwin Stelzer in the Telegraph

Philip Stephens in the FT Read more