The papers continue to focus on the re-election of Barack Obama. While the counting continues in Florida, and will probably carry on for a while yet, Romney has conceded so its #GObama for another four years. There are lots of lessons for both the left and right and also the centre to be learned from the campaign and many of the papers report on how Romney threw away the advantages of a candidate that overpromised and underdelivered, Obama can savour his victory but his second term will be a hard one as he aims to deliver a real economic recovery amid the financial maelstrom that is whirling around the world.
From the US to Europe and the EU budget was on the agenda in London yesterday as prime minister David Cameron hosted German chancellor Angela Merkel who warned the UK of the consequences of playing with the fire of considering an exit from the EU. In a sign that Europe’s patience is wearing thin Merkel warned Cameron over the consequences of his threatened veto and the danger of Britain floundering on its own outside the EU.
And speaking of floundering the collapse in global stock markets has continued unabated. As a simple example the Telegraph reports that the value of Apple has fallen by $81 billion over the past two months and yesterday markets across Europe also plummeted as slashed eurozone growth forecasts hit confidence and sentiment as the European Commission cut growth for the big four countries of Germany, France, Italy and Spain. The UK is not safe as the FTSE yesterday fell 1.58 per cent and growth projections continue to be pushed back, it looks like the danger of the triple dip remains.
The reality for ordinary people is highlighted in two papers with the Telegraph shows how back to work schemes are failing the long term jobless while the Indie has a feature on the class of 2006 highlighting how students from that year have generally spent six months on the dole and graduated to working in burger bars as job opportunities remain limited for the country’s young people.
But it is not just the young that are hurting, the unN has a feature on what must be one of the few growth industries in the UK, namely payday loan firms. Desperately hard-up Brits – and even the squeezed Middle whom the Mail says have also been ‘left behind’ in the pay race – are resorting to payday lenders to just get by. The Sun’s research shows that 38 per cent of people who use payday lenders need the money for fuel and food, 32 per cent to deal with regular bills and 20 per cent to keep a roof over their heads. What’s worse is that 57 per cent either miss a payment or incur charges, and with APRs of over 4,000 per cent a £400 loan can rapidly rise to £9,000. Time for a cap on sky high interest rates and the legal loan sharks, but then don’t expect that to happen when advisers to the prime minister leave to work for payday lender Wonga…
There is however some good news for campaigners for tax justice as many of the papers report that top BBC talent is to face a pay cut in a tax crackdown on avoidance schemes. While that is to be welcomed how about looking more closely at the corporations that are legally squirreling away millions offshore or in write offs.
And also possibly in danger of being written off is Hinchingbrooke hospital as the first private company to take over a debt laden hospital has seen a rise in its losses to over £4 million. Not sure how good patient care will be with all the cuts to cover the ever rising debt, who said the private sector and healthcare works? And that takes us to Jeremy Hunt who the Telegraph reports says that all NHS managers should sign a pledge to put care and compassion at the heart of their work, shame that his own junior minister did not even have the courtesy when he staged a flying visit to the Unite/CPHVA conference in Brighton yesterday. Minister Dr Dan Poulter spoke for just five minutes and refused to answer questions before rushing to catch a train back to London so that he could speak in a debate on changes to the healthcare pay agreement Agenda for Change, so much for practice what you preach…
(no links all stories behind paywall)
- Obama: Now for the hard part (p1/7-17)
- BBC stars face pay cut in tax crackdown (p3)
- Merkel warns Cameron over exit talk (p3)
- Above inflation tube fare rises in new year (p21)
- [Wind energy firm] Vestas cuts 3,000 jobs (p44)
- Build ring-fences or we will force you, banks warned (p48)
- How Obama changed the face of America (p1-12)
- Put care first, Hunt tells health service managers (p14)
- Lynton Crosby can win the election for Tories (p15)
- Ex-soldiers offered cash top join reservists (p18)
- A good day for Cameron, but a rout for the Tory right – Peter Oborne (p30)
- Markets dive on fears over Europe (b1)
income fallen over past five years (b1)
- Apple’s value cut by $81 billion in just two months (b3)
- Back to work scheme failing long term jobless (b9)
(no links all stories behind paywall)
- Obama wins – but new battle looms (p1-6)
- 23 days to save doomed colliery (p9)
- EADS German offices raided (p19)
- JLR fuels boost in Tata earnings (p20)
- Vestas running out of puff (p22)West Coast fiasco hits FirstGroup (p24)
- Aer Lingus in €50 million flight from Ryanair (p24)
Edited by Mik Sabiers