Following a run of downbeat economic data, the chancellor acknowledged that he would have to cut his forecast of UK growth George Osborne has signalled that the government would stick to its hardline deficit reduction strategy despite being forced to revise down his growth forecasts for the economy following the slowdown of recent months. The chancellor said the coalition’s tax increases and spending restraint had been designed to allow interest rates to remain low — a clear hint that he would back a second round of money creation from the Bank of England through the quantitative easing process. Speaking at Lloyd’s of London, the chancellor said: “We warned repeatedly that the recovery would be choppy. And we set in train a plan that was comprehensive and clear in its vision, but also flexible enough to withstand shocks along the way. “A plan for fiscal responsibility to bring unsustainable government borrowing under control, so that monetary activism can allow interest rates to stay lower for longer. The plan we have set out is designed in tough times for tough times. It is the rock of stability upon which any sustainable recovery depends and we will hold to it.” Following a run of downbeat economic data, Osborne acknowledged that he would have to cut his forecast of UK growth when he delivers his autumn statement to parliament on 29 November. He said recoveries from financial crises were slower and choppier than recoveries from other types of recession. “So, while we have all had to revise down our short term expectations over recent weeks, the only people who should be fundamentally re-examining their view of the world are those who thought that this time was different.” Most City firms believe that the economy — which has grown by a total of 0.2% in the nine months to June — will grow at barely more than 1% this year, and will continue to expand sluggishly in 2012. Weak surveys for manufacturing, construction and services in the past week have increased the pressure on the Treasury and the Bank of England to provide a boost to growth. Christine Lagarde, the managing director of the International Monetary Fund and Robert Zoellick, the president of the World Bank, have both warned this week of the dangers of governments cutting deficits too aggressively, but Osborne said his strategy had ensured Britain had remained insulated from the sovereign debt crisis affecting other nations. “We had an emergency budget last summer on our own terms – not this summer on the market’s terms – unlike so many other countries. We have been ahead of the curve. We have been a safe haven in the sovereign debt storm. We have delivered record low interest rates for families, businesses and taxpayers. We are not immune from what happens on our doorstep. But we can remain masters of our own destiny.” Osborne said ministers had always understood that there could never be a return to the “business as usual” conditions that existed before the financial crisis of 2007. “This government has never thought that this time would be different,” he said. “We understood right from the beginning that the world of the boom years had changed beyond recognition. We identified the problems and the risks – an overleveraged economy, an unsustainable budget deficit and a broken model of growth.” Ed Balls, the shadow chancellor, said: “It’s time George Osborne got out of his denial and admitted that Britain now faces a growth crisis. And he should listen to the head of the IMF and one of the largest investment funds in the world who have warned that cutting too far and too fast risks economic recovery. “Without strong growth and more people in work it will be harder to get the deficit down. That’s why we urgently need leadership from the chancellor on the world stage to agree a global plan for growth and a more balanced deficit plan here in Britain.” Budget deficit Economics Economic policy George Osborne Government borrowing Financial crisis Larry Elliott guardian.co.uk
Continue reading …Despite family concerns that the remote Pennsylvania crash site is often overlooked, the spot where the hijacked plane came down on Sept. 11, 2001 has a surprisingly steady stream of visitors. Tracy Brown reports as the official memorial is set to open.
Continue reading …We’re pretty sure this video will make you reevaluate your current career. How can you top flying? Take a look as Jeb Corliss literally soars above mountains and, and some points, comes within a few feet of the ground before leaping back up again. The key to Corliss’s flight? A special body suit first used in the 1930′s.The Wingsuit, or flying squirel suit, adds fabric between the legs and arms which allows the flyer to coast similar to a bird. Because the flyers use declining altitude to glide from point to point, each suit contains a parachute for the final landing. As far as extreme sports go, this might just beat fire surfing. If this doesn’t quench your daredevil thirst, you can take a look at another one of his flying videos here. WATCH VIDEO AT TOP
Continue reading …During Hot Dog Season, Memorial Day to Labor Day, Americans typically consume 7 billion hot dogs! Depending on the brand, many hot dogs can contain between 10 and 15 grams of fat. Then, many of us make the already fatty dog worse by placing it in a nutritionally-stripped white bun and loading on sugar, sodium and fat with condiments like ketchup, sauerkraut and cheese. Not only is the sugar, sodium and fat a concern, but nitrate, an ingredient found in many hot dogs, has been linked to serious health problems in certain doses. While hot dogs are not exactly a health professional’s favorite food, you don’t have to ditch your dog completely this Labor Day. There are hot dog companies that are now making healthier hot dogs. These companies make hot dogs with fewer than five grams total fat, fewer than 500 mg of sodium, and no nitrates — they’re also producing soy and veggie hot dogs. Finding these healthy dogs can be easy with some smart shopping and simple label reading. When you’re at the grocery store, here are important hot dog guidelines to follow: 1. Choose a hot dog, not a fat dog. You should first look at the total fat on the hot dog’s nutrition facts. If the total fat is over five grams, you might as well call that hot dog a fat dog. 2. Choose hot dogs labeled “uncured” or “no added nitrates.” look at the ingredients to see if there is nitrate in the hot dog. Nitrate may be labeled sodium nitrate, nitrite or sodium nitrites, and all of these should be avoided. 3. Go for organic hot dogs. These dogs are made from organically raised animals, not treated with antibiotics or hormones. Plus they skip the nitrites and nitrates. 4. Pick sodium-smart dogs. Look for brands with 370 mg sodium or fewer. Anything over is way too much and about one fourth of the recommended amount of sodium a child or teenager should be getting in one day. After you purchase your healthy hot dogs, don’t stop there. Buy whole-wheat buns and load the hot dogs with other lower-fat foods like fresh fruit and vegetables, such as tomatoes, peppers, onions and pico de gallo. Get creative and try these healthy hot dog topping ideas: -Wrap grilled halved hot dogs in grilled whole-wheat tortillas; top with shredded fat-free cheddar, lettuce and salsa. -Serve boiled tofu dogs on whole-wheat buns with diced avocado and cucumber, sprouts and shredded carrot. -Serve boiled hot dogs on whole-wheat buns with dill pickle and cucumber spears, sliced tomatoes, diced onion and yellow mustard. – Serve boiled hot dogs on whole-wheat buns with sauteed mushrooms and onions. Please note: The American Academy of Pediatrics state that hot dogs are the food most commonly associated with fatal choking among children. Many recommend not feeding hot dogs to children under 3. For children of all ages, cut up the hot dog to appropriate sizes and watch your child eat to ensure he or she does not choke.
Continue reading …Two police officers and 46 other people were shot in New York City over the holiday weekend, reports the New York Daily News . Many called it the worst weekend of violence in years, with three people killed, including a 56-year-old woman sitting on her porch who was hit by a…
Continue reading …A gigantic saltwater crocodile as heavy as a Volkswagen Beetle has been captured by residents of a Philippine village. They plan to make the monster the star of a new local ecotourism park. The 21-foot, one-ton male was nabbed in a creek and could be the largest croc captured in…
Continue reading …Jimmy Hoffa may be firmly standing by his “take the sons of bitches out” call to political arms in Detroit on Monday, but not everyone wants to talk about it. “Fox & Friends” anchor Gretchen Carlson tried gamely to get DNC Chair Debbie Wasserman Schultz to address to vitriol at the Obama Labor Day event. The DNC Chair went into major avoidance mode. Again and again: Give Carlson credit for trying…CNN’s… Broadcasting platform : YouTube Source : The Blaze Discovery Date : 06/09/2011 14:53 Number of articles : 2
Continue reading …Are the experts more likely to err on the high side or the low side when they predict how many jobs the economy created each month? Nate Silver of the New York Times looked at every monthly jobs report since 2000 to find out. His conclusion: “Over the past ten years, there have been 89
Continue reading …What starts out as a fun activity, can take over some lives. Some psychiatrists say video games are one of the big addictions of the decade and can cause problems for people who play them too much. Others argue it is not a recognized addiction. (Sept. 6)
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