2.30pm J P Floru on Comment: Expansionary government spending "needs to be paid for through taxes, money printing, or debt (deficit-spending). The first destroys private sector jobs; the second creates inflation which is a silent tax and therefore destroys private sector jobs; and the third pushes the bucket to the next generation which will therefore achieve lower growth."
Columnist Bruce Anderson: Even Fred Goodwin is a far more sensible chap than Clegg, Heseltine and the other €uro-fanatics
Mark Field MP on Comment: Politicians still haven't told voters that we aren't nearly as prosperous as we thought we were
Mike Craven on Comment: Do we need an industrial strategy – and if so what would it look like?
Local government: Slow-worms and the thwarting of job creation
- Nadine Dorries MP admits to being more "Ukippy" than "touchy-feely Cameroon" on Have I Got News For You
- David Cameron tells IoD conference that he won't retreat from austerity
Cameron to offer £100 parenting vouchers in three trial areas – Guardian
"Parents will receive text message and email advice on how to bring up their children after David Cameron said it was ‘ludicrous’ that people get more training in driving a car. A £3.4million website launched today gives tips on every aspect of child rearing, from picking children’s names to changing nappies and bathing babies." – Daily Mail | Sun
David Cameron says parenting classes are not 'nanny state' – Independent
- Health minister Anne Milton talks to ITV News about the initiative.
Cameron aides and Francis Maude at war with Civil Service in battle of Downing Street – Independent
- Politically inspired civil service bashing is naive, and counterproductive to the process of reform – Peter Riddell in The Guardian
- George Osborne last night unveiled a £30million Budget U-turn on plans to hit churches with VAT on improvements and alterations – Daily Mail | Express
- Osborne is "considering a Plan B put forward by MPs and bakery bosses that would leave some hot pies VAT free. Under the proposal, only pastry snacks kept in hot cabinets would be taxed. Those taken out of the oven and left to cool would escape… even if they are bought while still warm." – The Sun
- Stop the Caravan Tax write Tory MP Andrew Percy and Labour MP Diana Johnson in Guardian article
The National Audit Office estimates that the taxpayer could lose about £2bn once the assets of collapsed bank Northern Rock are wound down – BBC
- "Lloyds and RBS – which, based on current share values, are worth £45billion less than the sum spent by taxpayers on bailing them out" – (Within Daily Mail leader)
The Prime Minister writes exclusively for PoliticsHome about his priorities at the G8
"From our commitments to support the reform movements of the Arab Spring and help the poorest to lift themselves out of poverty, to the resolve to return our own economies to strong and sustainable growth, I am convinced that a focused, results-oriented G8 can be a powerful force for good in an ever more complex and challenging world." – David Cameron for PoliticsHome
PM will urge German Chancellor to use her country's wealth to shore up single currency – Independent
"In an intervention unlikely to be welcomed by Mrs Merkel, he added that German taxpayers needed to stump up money to defend the euro and Berlin had to water down the Bundesbank’s inflexible approach to central banking by being ready to print electronic money." – Times (£)
- Recovery could be helped by more QE, says Cameron – City AM
Cameron seeks to forge unlikely pro-growth alliance with François Hollande
David Cameron has come out in support of the new French socialist president's controversial idea for a euro growth pact, the Prime Minister indicated his support for the centrepiece of Francois Hollande's growth pact – so-called "project bonds" – Sky News
"David Cameron will on Friday attempt to forge an unlikely economic alliance with François Hollande, the French president, as he tries to align himself with the “pro-growth” mood sweeping Europe." – FT (£)
- In contrast, the Daily Mail lists seven policy differences between Cameron and Hollande
David Cameron to hold talks with Barack Obama about tapping into emergency oil reserves – Telegraph
- John Redwood blogs that cheap energy can be energising for the economy
"For all the talk of cuts, state spending has come down just 0.9 per cent from Brown’s peak. The British strategy has been not so much sado-austerity as thesp-austerity: minimal cuts imposed with maximal dramatics. Mr Cameron is giving the best speeches on fiscal sanity on the world stage at the moment, while his ministers are borrowing like drunken Keynesians." – Fraser Nelson in The Telegraph
The Prime Minister must adopt a Plan B focused on capital expenditure – Philip Collins in The Times (£)
Martin Wolf in the FT (£) agrees, quoting Jonathan Portes: “With long-term government borrowing as cheap as in living memory, with unemployed workers and plenty of spare capacity, and with the UK suffering from both creaking infrastructure and a chronic lack of housing supply, now is the time for government to borrow and invest. This is not just basic macro-economics, it is common sense.”
"If the Tories really were serious about ever-smaller government then they would stop the prosperous from receiving benefits such as free bus passes, the winter fuel allowance and child benefits" – Anushka Asthana in The Times (£)
The FT leader-writers meanwhile welcome IDS' reforms to disability benefits: "Mr Duncan Smith’s attempt to replace the allowance with an alternative, better-designed benefit – the Personal Independence Payment – is expected to save the Treasury more than £2bn. But the gains for society will be even greater. Payments will be more generous for those who have the most severe disabilities – including the mentally ill. Those who are no longer entitled to disability benefit and do not already have a job may have a stronger financial incentive to re-enter the labour market."
- Britain’s problems are not a bad dream from which voters can wake – Economist
Communications green paper on internet piracy, public service broadcasting and spectrum delayed while Jeremy Hunt deals with Leveson – Guardian
Mark Harper insists that the government is "determined" to introduce a register of lobbyists before 2015 – BBC
The success of the talented 2010 intake in the 1922 elections points the way to a Tory future that combines comfort with the modern world with the best of the Thatcherite inheritance – Telegraph leader
Scots Tories told PM to press for early referendum date – Herald
Liberal Democrats still pushing for slimmed down Trident deterrent – FT (£)
- Ming Campbell makes the case for a slimmed down deterrent in the FT (£)
Boris and Beckham go to Greece to collect Olympic flame – Daily Mail
- Boris Johnson says Thames Pageant will be 'like Dunkirk but more cheerful' – Telegraph
- Boris lines himself up for Tory leadership – Sonia Purnell for the Daily Mail
Alan Johnson may run for London Mayor in 2016 – BBC
John Sentamu: Redefining marriage to include same-sex couples would benefit nobody – Guardian
- The Archbishop of York is also in The Independent, urging world leaders to do more about 170 million hungry children.
Cameron's letter to parents reflects on the loss of his own son
Quoted in the Daily Mail: "'I am so sorry to hear of your loss. I miss my Ive every day, but at least I do sometimes now feel happy and not sad when I think of him. The point that you make about causes and medicines is a really powerful one. I will check myself that the research programmes are properly directed.'"
What on earth is wrong with David Cameron taking his wife out to dinner? – Iain Martin in The Telegraph
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