Osborne’s Olympic Hangover

If George Osborne were not putting his feet up he would surely be gloating about today’s latest unemployment figures, which show that the jobless rate has dipped to the lowest level since July 2011. Unemployment fell to 8% last month while over 130,000 new jobs were created. But Chancellor Zero should not be feeling too pleased with himself.

Stats released by the EU last night show that Britain’s economy is performing worse even than crisis-hit Spain. The UK shrank by 0.7% in the last quarter, more than Spain’s 0.4% decrease and outdone only by bankrupt Greece, Portugal and Cyprus. Meanwhile London’s businesses have reported an unexpected decline in sales during the Olympics, with the two-week tourists failing to make up for all those who deserted the capital. Recovery will be a marathon, not a sprint…




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Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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