The top story in today’s digest is the re-election of US president Barack Obama. Obama won a second term, defeating Mitt Romney despite dissatisfaction with the economy, while the House of Representatives remains in Republican control and Democrats retain the Senate. Obama won 50 per cent of the vote although Florida – surprise surprise – is yet to declare. Obama said he was returning to the White House "more determined, and more inspired than ever about the work there is to do, and the future that lies ahead" let’s hope he builds on his first term and focuses more strongly on not just listening, but also delivering.
From the US and back to Europe and prime minister David Cameron is back from his arms sales tour of the Gulf today and heads straight in to a meeting with German chancellor Angela Merkel. The FT highlights the uneasy alliance, while the tabloids report that Cameron will demand that Merkel backs his demand to freeze the EU budget, although in reality it looks like Germany’s patience with the UK is wearing thin with pieces in the Times and Telegraph both warning the prime minister over his EU strategy, or lack of one. Cameron faced more pressure as 21 Tory MPs rebelled against the government last night over an amendment on banking union within the eurozone. Looks like power is drifting away…
And flying away from the Commons, and suspended by the Tories, is Bedford MP Nadine Dorries who is Australia bound for the next series of I’m a celebrity get me out of here. Many of the papers round on the MP for leaving her constituents in the lurch, while the Mail notes that she will still take her salary even though she is on the other side of the world...
Perhaps the real reason she needs to take her salary is due to the equal pay gap. The Mail’s front page leads with the news – covered by most papers – that women in high flying jobs earn almost £500,000 less over their lifetimes than men in identical jobs. The report from the Chartered Management Institute said business in the UK were ‘spectacularly unsuccessful’ at promoting high flying women, it won’t change under the Con-Dems.
And the FT reports that the Con-Dem cuts are leaving behind a demoralised civil service as well as the danger of ‘inadequate services’ and a ‘dissatisfied public’, a stark warning for the coalition’s future. As the cuts hit home ordinary people are squeezed and with no support from the state the economy will go into a tailspin, the FT, Telegraph, Guardian and Times all report that the economy is worsening.
There is one bright area and that is automotive production which did record a 12 per cent rise, although that is in contrast to the poor performance last year and masked by the plans by Ford to close plants in Southampton and Dagenham. There is better news for BMW which is seeing a rise in demand and the Mail reports on a £10 billion investment from Land Rover as the company looks to add a new model. Much of the rise in demand is overseas, perhaps the fact that UK fuel taxes have hit a record high at 81p a litre may have something to do with that, then again that sums up Con-Dem Britain we pay through the nose while corporate companies avoid their commitments, but at least we are now half way through the Con-Dem coalition and the day of reckoning for Cameron, Clegg and his chums is inching ever closer…
(no links all stories behind paywall)
- Whips suspend Dorries (p17)
- Listen Britain. Germany’s had enough of you – Alan Posener (p30)
- M&S: Firmly out of fashion (p41)
- QE should be halted in favour of lending (p47)
- Industry drop puts more pressure on the recovery (p47)
(no links all stories behind paywall)
- Wanted: A president to put can-do spirit back in the US (p1/8)
- Shortage of black cabs expected at Christmas (p1)
- Gloom returns [to economy] (p1)
- Heathrow urges review of case for mega-hub (p2)
- Cuts creating demoralise civil service (p2)
- Tory suspended (p3)
- Delays to new power stations add to fears of lights going out (p4)
- Exasperated allies: Cameron and Merkel (p11)
- Babcock says flow of orders is strong (p18)
- Further banking culls expected (p19)
- Chinese boycott hits Nissan (p21)
- G4S awaits new prison contracts (p22)
Edited by Mik Sabiers