It’s no secret that economics is far from an exact science. Some would say it isn’t a science at all. Even the intelligentsia at the top of the Bank of England failed to see the financial crash coming, despite all their charts and graphs and post-graduate degrees.
Anyone who still maintains a religious attachment to economic charts should consider this one, published in the Bank of England’s inflation report yesterday. The yellow line you see is “newspaper citations of ‘economic uncertainty’”, based on mentions of the phrase in the FT, Independent and Times. Read more
By Roger Beale
When news broke that Serco was one of the companies under investigation by the Serious Fraud Office for overcharging the taxpayer for tagging criminals, the government began its own investigation into the company, during which it is banned from winning new Whitehall contracts.
Depending on the result of the government probe, the company faces the threat of not being able to win any contracts in the future at all: something, incidentally that would cripple government plans to outsource defence procurement.
But figures revealed by the FT this morning show that whatever happens, the company will remain an integral part of the defence machinery until well into the 2020s, doing everything from training RAF pilots to building nuclear weapons. Read more