News digest 27 November 2012

News digest 27 November 2012

27 November 2012

The top story this morning is the latest GDP figures which are confirmed as seeing 1 per cent growth for the third quarter of the year. While that is good news for the chancellor the underlying figures look shaky with the rise boosted by the Olympics. Construction saw a decline of 2.6 per cent while household expenditure rose by just 0.6 per cent as wages advanced just 1.4 per cent, effectively real terms pay cuts for ordinary workers. The next quarter will see if the service and manufacturing sectors can continue to support the economy or if this is just a lull before yet more stagnation, there’s still a lot for the chancellor to do.

Nevertheless, chancellor George Osborne has one less task. Yesterday he announced that the new governor of the Bank of England will be Mark Carney, who is Canadian and current governor of the Bank of Canada. There’s no mention of what attracted him to the £480,000 a year job which is 60 per cent higher than outgoing governor Mervyn King, although the additional resettlement package from the government should help handsomely in his move back to the UK. No news on whether he will have to give up his workplace rights for shares in the Bank, rather it is ordinary people whose rights are under attack, so sign Union Together’s letter to prime minister David Cameron and Osborne saying workers’ rights are not for sale.

And talking of jobs the FT highlights what could be one of the reasons why the jobless figures look better than they really are as it reports that a record number of over 50s have registered as self employed; the number has climbed to 14 per cent but 80 per cent of that rise was itself among over 50s. That could be because jobs are increasingly scare, with even the government’s back to work scheme failing to find jobs for 50,000 people.

And while politicians remain wrapped up in the Westminster bubble and a mix of the Leveson inquiry and hoping to win the upcoming by-elections, out in the real world the impact of how companies operate again comes to light. Kevin Maguire in the Mirror castigates Ford’s bosses for adding insult to injury to the 500 van workers facing the sack in Southampton after it asked its British staff to help in a sales drive fro the vans under a ‘Truck you trust’ theme, surely that should be the ‘Turkish truck you trust’ or does Ford not think that line is a goer for the biggest selling van in the UK?

 Morning Star

 Daily Mirror




 Times (no links all stories behind paywall)

  • Chancellor banks on top outsider to save economy (p1/8-9)
  • Farage goes to war (p6)
  • Political divide deepens over press control (p21)
  • UBS fined (p41)
  • Arcelor Mittal not welcome in France (p43)



·         Mark Carney: a Sven for Threadneedle Street? (p1)

·         Revealed: the real identities behind Britain's secret property deals (p1)

·         Labour accuses ministers of flood defence cuts (p4)

·         One Hyde Park: a slice of the British Virgin Islands in central London (p6)

·         How secret offshore firms feed London's property boom (p6)

·         Tories slap down vice-chairman for suggesting Ukip pact (p8)

·         Ukip by-election candidate calls gay adoption 'child abuse' (p8)

·         Rotherham council leader: Ukip membership is no bar to fostering (p8)

·         Welfare-to-work firms strike back at government's 'gross misrepresentation' (p10)

·         Croydon North's sense of neglect holds key to by-election (p11)

·         David Cameron will not speak for us on Leveson, say Lib Dems (p12)

·         Editors jostle for position ahead of battle over Leveson report (p12)

·         UBS fined £30m over rogue trader (p22)

·         EU and IMF agree tentative deal to cut Greek debt (p22)

·         Mark Carney the surprise choice as Bank of England governor (p23)

·         Samsung unearths illegal work practices at Chinese suppliers (p24)

·         New Barclays chief faces tricky course as he reshapes the bank (p24)

·         Barclays drops 4% as Qatar cashes in £750m of warrants (p24)

·         French minister urges steel-maker ArcelorMittal to leave country (p25)

·         Europe's €50bn bung that enriches landowners and kills wildlife – George Monbiot (p29)


 FT (no links all stories behind paywall)

  • Canadian to take help at Bank of England (p1/2-3)
  • Over 50s keep lid on jobless rate with record number self-employed (p1)
  • Cameron faces split on Leveson (p4)
  • Osborne’s daring, global and characteristic choice – Janan Ganesh (p13)
  • Barclays shares slide (p17/19)
  • Vestas shares jump (p20)
  • Tesco set to report stall in sales growth (p22)
  • Pension changes to hit UK transport groups (p23)
  • Essar gains from refinery margins and Stanlow plant (p23)

 Edited by Mik Sabiers

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