6pm LeftWatch: Labour MPs attack Jubilee celebrations as irrational and "a show of opulence by state elites"

5.15pm WATCH: European Commission proposes making bank bond holders take on the cost of bank collapses

12.30pm LeftWatch: Favourite for next Director-General of the BBC is a dyed-in-the-wool Labour apparatchik

11.45am Local government: Labour councillor attacks rival as "shirt lifting gender bender"

ToryDiary: IDS says we should cut rich pensioners' benefits. Cameron says that would be bad politics. They're both right.

Kirby-JillColumnist Jill Kirby: Unlike politicians, the Queen continues to provide clear and unwavering leadership in an age of uncertainty

International: A US Governor balances the books without raising taxes, by reforming public sector unions – and is re-elected

LeftWatch: The New Statesman's attempt to paint Sayeeda Warsi's Tory critics as racist

The Deep End: The Eurozone crisis – it’s worse than you think

Local Government: Nicholas Alston chosen as Conservative police commissioner candidate for Essex

George Osborne to sell British savers "growth bonds"

Osborne on a bridge"The Chancellor has told Treasury officials to find ways to persuade savers to transfer billions of pounds held in bank accounts, building societies and investment funds to new government "growth bonds". The money would be invested in infrastructure projects such as toll roads, green energy and housebuilding. Savers could be offered tax breaks, similar to those available in Individual Savings Accounts (ISAs)." – Independent

David Cameron’s decision to investigate Baroness Warsi but not Jeremy Hunt is “bizarre”, a former standards watchdog has said

Warsi Cardiff"Mr Cameron accepted Lady Warsi’s assurances that neither she nor Mr Hussain had gained from the arrangement and that no public money had been spent. Nevertheless, he ordered Sir Alex to investigate. By contrast, the Prime Minister has repeatedly refused to order a similar investigation into Mr Hunt." – Daily Telegraph

  • "Sir Alistair Graham said it is “bizarre” the Culture Secretary is not being referred to the independent adviser on ministerial standards Sir Alex Allan over his links to Rupert Murdoch’s empire. … Sir Alistair, ex-chairman of the Committee on Standards in Public Life, added the case for an investigation into Mr Hunt looks “very strong”." - Daily Mirror
  • Warsi inquiry ‘will pick up loose ends’ – Yorkshire Post
  • Ken Clarke condemns press lynch mob out for Lady Warsi – Guardian
  • Media industry shake-up delayed to save Jeremy Hunt from embarrassment – Daily Telegraph
  • The Prime Minister needs to take care that his referrals of ministers are consistent – Times (£) editorial

> Yesterday on ToryDiary: Telegraph and Louise Mensch come to embattled Sayeeda Warsi's defence

Paul Goodman: Warsi was put in a near-impossible position by her leader and political patron

"Mr Cameron was putting Lady Warsi in a very difficult position. Essentially, she was being confined in a policy ghetto – condemned to patrol the familiar territory of immigration control and integration policy – without having real control of it. … Her original appointment protected the Conservative Party from accusations of racism. However unfairly, her plight exposes the Prime Minister to precisely that charge. In 2007, Mr Cameron rushed into the politics of ethnicity to get his party out of a tight spot. He may now have the opportunity to repent at leisure." – Paul Goodman for the Daily Telegraph

Cabinet split over means-testing winter fuel allowance – IDS supports, Cameron opposes

Screen Shot 2012-06-06 at 07.38.13"The Work and Pensions Secretary insists £5billion in OAP benefits must be trimmed in the next cuts. But it would mean the PM breaking a 2010 election promise to leave the giveaways untouched, so No 10 is refusing. One source of friction is winter fuel payments. … Top Treasury officials and Deputy PM Nick Clegg back ex-Tory leader IDS on the reform, which is causing a growing Cabinet rift. Mr Duncan Smith insists means-testing is vital before the cost spirals as the population ages." – The Sun

Treasury Select Committee Chairman Andrew Tyrie calls for Greece to leave the €urozone

TYRIE ANDREW"The chairman… urged Greece to exit the eurozone, suggesting there is no other option given the Greeks’ lacklustre commitment to radical reforms and the failure of stronger euro area countries to endorse continuing budgetary transfers to weaker ones. Writing in a paper for the Centre for Policy Studies on Wednesday, Andrew Tyrie, a senior Conservative MP, warns that while a disorderly exit could be “catastrophic”, there is an opportunity now to start implementing a plan for Greece’s safe withdrawal." – FT (£)

  • "Mariano Rajoy, Spain’s prime minister, warned on Tuesday that the country was in a situation of “extreme difficulty”. He urged Europe to prove that the euro was “irreversible” by agreeing a banking union and embracing eurozone bonds." - FT (£)
  • EU unveils plan to protect taxpayers from failing banks - BBC
  • Panic has become all too rational – Martin Wolf for the FT (£)

Daniel Hannan MEP: Eurocrats see the survival of the euro as more important than the prosperity of its users

HannanSpeaking"Eurocrats are treating the tumour instead of the patient. … Outside the euro, countries could devalue, price themselves into the market and start exporting their way back to growth, as Britain did when it left the ERM in 1992. This, I suspect, is precisely what the EU elites secretly fear. Europe’s economies would recover; their reputations would not." – Daniel Hannan MEP for the Daily Telegraph

> From yesterday:

Olympics: Home Office undertaking biggest vetting operation since World War Two

"The backgrounds of up to 500,000 people are being scrutinised in an unprecedented security screening designed to stop the Olympic Games being disrupted by criminals or terrorists, the Guardian has learned." – Guardian

Veil of secrecy after MoD axes £17bn of kit

Hammond Philip BBC News"The Ministry of Defence has admitted it has scrapped and offloaded more than £17 billion of equipment since 2008. However, ministers have refused to say how much money the MoD has recouped by selling off kit to foreign governments. The value of assets disposed of by the MoD has rocketed from £2.5bn in 2008-9 to £3.2bn in 2009-10, and a massive £11.4bn in 2010-11." – Scotsman

Parents worry about sexualised children, one year after David Cameron promised crackdown on advertising Daily Telegraph

Why working-class people vote conservative – Jonathan Haidt for the Guardian

Prescott urges probe into claims jobseekers were bussed into capital to work as unpaid stewards during Jubilee pageant and forced to camp at London Bridge Daily Mail

Labour chief whip in Lords woos Liberal Democrat opposite number

Liblab"A senior Labour figure has urged his Liberal Democrat counterpart in the House of Lords to "keep the lines of communication open", in the strongest signal to date that elements of the party are preparing the ground for a possible Lib-Lab coalition after the next election. … Labour's chief whip in the Lords, Lord Bassam, has written to his Lib Dem equivalent welcoming his background as a "flexible friend of other parties" and urging him to meet with them more often." –Guardian

Praise for the monarchy continues…

  • Times_060612"A royal jubilee of bread and circuses, maybe, but the country needed it" – Sir Simon Jenkins for the Guardian
  • "The City goes back to work this morning to a deteriorating Eurozone, with Spain all but begging for a bailout. Tough times loom. But the public and our Diamond Queen have renewed their love affair – and that, amid the gloom, is wonderful news." – Allister Heath for City AM
  • "We can preach democracy abroad and defend the hereditary principle at home because the Queen shows they can co-exist" – The Times (£)editorial
  • "All generations have celebrated this holiday together. Here is a parenting lesson that we can learn for free" – Alice Thomson for the Times (£)
  • "The scale and the sincerity of the nation’s rejoicing at the Queen’s long and dutiful reign has been quite remarkable. Undaunted by the lousy weather, millions of people have turned out to become part of a wonderful moment in Britain’s glorious history." – Nick Wood for the Daily Mail
  • "[A]fter four days of spectacle and celebration Britain suddenly seems a brighter, happier, more confident place. A nation that has spent 2012 mired in the gloom of recession woke up this morning with a grin on its face." – The Sun Says

> Coverage from yesterday - 

…as does criticism of the BBC's Jubilee coverage

  • BBC robot"After the BBC’s humiliatingly botched coverage of the Jubilee river pageant, it’s a wonder the corporation’s bigwigs dared show their faces in the Royal box for Monday night’s concert outside Buckingham Palace. Yet there they sat in their privileged positions, chairman Chris Patten and director general Mark Thompson, showing not a trace of shame after the previous day’s toe-curling display of crass banality from the lightweight celebrities hired to comment on the ceremony." - Daily Mail editorial
  • "Some great institutions rose to the occasion of the jubilee weekend. Others didn’t" - Times (£) editorial
  • "There was no shortage of words in the BBC’s travesty of a broadcast on the Jubilee Pageant; there was a void of interesting ones." – Harry Mount for the Daily Telegraph

Syria bars UK diplomats as it sends in the gunships. ‘Your ambassadors are not welcome’ Syria tells the West

Syrian flag"Ambassadors from Britain, the United States, Canada, Turkey and several other European countries were made unwelcome in retaliation for the expulsion of Syrian envoys from Western embassies last week following the massacre of more than 100 civilians by suspected Assad loyalists." - Scotsman

  • In Syria, foreign intervention will only shed more blood - Seumas Milne for the Guardian

Hosepipe ban 'to end in time for Olympics': Reservoirs filled by record rainfall in time for Games Daily Mail

Manufacturers urge ministers to drop 'no-fault dismissal' plan Guardian

> From yesterday - Sam Smith on Comment: Five ways of reforming Employment Law

Super farms are needed in UK, says leader of National Farmers UnionGuardian

Tamils deported to Sri Lanka from Britain being tortured, victim claimsGuardian


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