Screen shot 2012-07-26 at 20.28.417.15pm WATCH: Cameron meets Romney earlier today at 10 Downing Street

4pm Alistair Thompson on Comment: Cameron and Osborne should ditch the trendy nonsense and concentrate on being Conservatives

1.30pm ToryDiary: Sayeeda Warsi "to be cleared" by Lords Commissioner on expenses. Cameron says she will lead a "big summer" campaign for this autumn's elections

12.30pm Local Government: Southampton Council forced taxi drivers they licensed to record all conversations by their passengers

11.15am Mohammed Amin on Comment: Islamophobia – a trap for unwary Muslims

ToryDiary: Is it already too late for George Osborne to force a comeback?

Columnist Andrew Lilico: Coalition isn't bad in general – only coalitions based on compromising on the uncompromisable

Claire PerryClaire Perry MP on Comment: Prison for girls is not the answer

Local Government: Cllr Simon Spencer chosen as Conservative candidate for Police and Crime Commissioner in Derbyshire

LeftWatch: Lord Oakeshott's old criticisms of George Osborne take on a new significance, since Cable-as-Liberal-Democrat leader could collapse the Coalition

The Deep End: The true cost of single parenthood

In the wake of yesterday's growth figures and last week's borrowing figures…

…Fears are raised for Britain's triple A status…

"The UK’s deepening recession will cost the country its cherished triple-A credit rating, leading bond investors warned after output fell 0.7 per cent in the three months through June. Leading investors said that the foundering economy, which economists had projected would shrink 0.2 per cent in the second quarter, was confounding George Osborne’s ambitious austerity programme and is likely to spur Moody’s to strip the UK of its top rating." – Financial Times (£)

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…Conservative MPs press for the Chancellor to take One Job Only

"Yesterday Mr Osborne said: ‘Even without [one-off factors] these would be disappointing numbers, and they remind us that Britain has deep-rooted economic problems that are going to take time to solve… But that cut little ice with Tory MPs who believe the only chance the party has of winning a majority is to revive the economy and that means Mr Osborne not spending up to a third of his working day away from the Treasury." – Daily Mail

….And will be angry about Osborne backdown on green subsidies

"George Osborne risked more condemnation from Tory backbenchers yesterday by doing a U-turn on planned huge cuts in green energy subsidies. Instead of slashing payments to wind farms by 25 per cent, he will demand only a 10 per cent cut after a deal with the Liberal Democrats. The decision is likely to anger both environmentalists and many Conservative MPs. More than 100 Tory backbenchers backed a call for substantial cuts in wind-farm subsidies, which are raised through extra charges on energy bills." – Daily Express

  • Ulster communities ‘not benefiting’ from wind turbines – Newsletter

> Yesterday: Edward Davey MP on Comment – The greenest government ever — at an affordable price

Meanwhile, Lord Oakeshott wants Cable as Chancellor (at the same time as being party leader?)  His real aim seems to be to break up the Coalition as soon as possible and form a Lib-Lab deal…

"The dire news alarmed business leaders and triggered a new Coalition crisis as Lib Dems called for Chancellor George Osborne to be replaced by Business Secretary Vince Cable. Lib Dem peer Lord Oakeshott told the BBC: “George Osborne has got no business experience. He has never worked outside politics. He is doing surprisingly well for a chancellor on work experience. But really in a torrid time like this I think we do need absolutely the best people available.” – Daily Express

…And then Cable apparently distances himself from Oakeshott during the daytime…but what's this on Newsnight?

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"Vince Cable, the Business Secretary, said: "Budget discipline is a necessary but not a sufficient condition for recovery and for rebalancing the economy. We also need policies to stimulate long-term growth." He said the Government had produced plans to inject some life into the banking system, supporting major infrastructure projects, but added: "No doubt there will have to be more." Mr Cable declined to endorse the call by his close ally Lord Oakeshott for Mr Osborne be ousted from the Treasury." – The Independent

Cameron asks world to invest in Britain

Cameron pale blue tie"The Prime Minister will pitch for business before 180 of the world’s leading chief executives, seeking to use London’s moment in the spotlight to secure a lasting economic legacy. “Invest in Britain, partner with Britain,” he will urge, his upbeat message contrasting sharply with yesterday’s growth figures which showed that the recession was deepening. The economy contracted by 0.7 per cent between April and June, much worse than the 0.2 per cent decline forecast by City analysts" – Daily Mail

What business groups want

"Business groups want extra help for companies struggling to raise money, a more radical infrastructure plan, a National Insurance holiday for employers and assistance with local business rates. Small business organisations also called for political parties to work together in a “grand national bargain” to stop Westminster disagreements undermining the economy. John Longworth, the director-general of the British Chambers of Commerce, said that the Treasury’s efforts so far were “on way too small a scale” and had “not been sufficiently thought-through”." – Daily Telegraph

  • Interest rates 'set to fall by Christmas' as UK economy enters tailspin – Daily Mail
  • The Times (£) calls for deeper spending cuts and new growth plan" The Government must decide if it needs to change its deficit reduction programme to head off a prolonged slump – Editorial (£)
  • But Mail withholds judgement on the Chancellor: "Mr Osborne must rise to a mighty challenge" – Editorial
  • This is a disaster. Stop making excuses – Alex Brummer, Daily Mail
  • Time for a new plan or a new Chancellor – Steve Richard, The Independent
  • Chancellor is here to stay – Nick Watt, The Guardian

Allister Heath: We need a supply-side revolution

HEATH ALLISTER"We need far more radical policies to liberate the supply-side of Britain’s economy and to make it more profitable and safer for firms to hire and invest. Gordon Brown and his economic eminence grise Balls relied far too much on monetary policy when they were in power: they assumed that as long as interest rates were low and the consumer price index measure of inflation wasn’t rising too much, all would be well. Osborne is also relying too heavily on monetary policy, albeit in a much more activist way: he puts far too much faith in quantitative easing and credit easing to kick-start growth." – City A.M

> Yesterday:

Eurozone crisis latest: Greece "runs out of cash on August 20"

"Officials are warning that Greece will run out of money by August 20, plunging Europe into an even deeper slump.  David Cameron is understood to be receiving daily reports detailing how the beleaguered country’s economy is deteriorating. The Athens government may have to refinance bonds worth billions and is on the brink of pleading for yet another bail-out to stay solvent. One senior Government source said: “Europe is now paralysing almost every economic initiative." – Daily Express

The Guardian is consoled by the possibility of the ECB gradually being manoeuvred into becoming the Euro's spender of the last resort?

"Financial markets bounced on Wednesday as hopes of further intervention in the eurozone by the European Central Bank gave some respite to investors. Indications that the ECB could boost the firepower of the eurozone bailout fund pulled European shares out of their slump and eased interest rates on Spanish bonds. There was also relief after the German government said it was "not urging Spain to take a full bailout." – The Guardian

  • How the ECB could yet save the euro – The Economist (£)
  • EU bid to end 'banking criminal activity' by pushing for law banning interest rate rigging – Daily Mail

Know a tax dodger? Tell a teacher. Children 'encouraged to become state spies' Daily Mail

I'll legalise gay marriage by 2015, vows Cameron. He warns Church not to "lock people out"

Gaywedding"In remarks that will concern some Tory traditionalists, he said: ‘I am absolutely determined that this Coalition government will follow in that tradition by legislating for gay marriage in this Parliament…Mr Cameron, who was speaking at a Number 10 reception for members of the Lesbian, Gay, Bisexual and Transgender community, has promised his MPs a free vote on the issue." – Daily Mail

  • New Glasgow Catholic archbishop suggests David Cairns MP who died from organ failure at age 44 perished 'because he was gay'… – Daily Mail
  • …But he is already "sorry" for his remarks and is to meet former MP's partner – Scotsman
  • SNP finally decides for gay marriage – Herald Scotland
  • Cameron's obsession with gay marriage is killing the Tory party – Daily Mail

Cautious Cameron welcome for Romney – a lot less so than Holland's for Miliband. (P.S: the Republican candidate risks Curse of Clegg with meeting)

"David Cameron will not meet Mr Romney on the steps of Downing Street, greeting him once inside Number 10 instead. Officials said protocol prevented the Prime Minister from meeting anyone other than other prime ministers or heads of state on the steps, and that he would be warmly welcomed once inside, where pictures will be taken. This is an awkward week to rely on protocol, however. On Tuesday President Hollande discarded French protocol when greeting Ed Miliband, the Labour leader on the steps of the Elysee in a calculated show of warmth." – The Times (£)

  • Why isn't Romney going to Preston, Mormonism's UK heartland? – The Independent

Ninety primary pupils sent home every day for attacks in classThe Independent

Miliband moves on to attack supercasinos

"He said: “I’m sceptical about lots more casinos and I was sceptical about the super-casinos originally. “I always thought there must be other routes to economic development and growth than through loads of casinos.” The Commons Culture, Media and Sport Select Committee says councils should be allowed to let betting shops operate more than four of the machines that can accept stakes of up to £100 and offer prizes of £500." – The Sun

Poultry farmers seek 20% price riseFinancial Times (£)

Borders staff call off strike on eve of Olympics

"Mark Serwotka of the Public and Commercial Services union (PCS) claimed that the threat of industrial action had forced the Government to accede to some of its demands and reverse more than one thousand job cuts. But Damian Green, the Immigration Minister, dismissed the union’s claims that the Home Office had given way over job cuts as “just straightforwardly not true”. Mr Serwotka announced the union’s change of heart…less than an hour before Home Office lawyers were due to apply for an injunction at the High Court halting tomorrow’s strike on the grounds of ballot irregularities." – The Times (£)

  • Top athletes 'hand golden ticket to terrorists' by posting pictures of their security passes on Twitter – Daily Mail
  • North Korea upset by flag confusion with…South Korea – The Times (£)
  • Team GB’s women footballers roared to a 1-0 win over New Zealand in the first event of the tournament – Daily Express

> Yesterday: ToryDiary – The PCS union may have given the government the excuse it needs to reform strike laws

Baby daughter of 'unfaithful politician' wins damages over privacy claimDaily Mail

Syria's regime faces insurrection everywhere, but rebels warn that without western help, they will pay a heavy price for victory The Guardian

The future of Israel: A New Statesman special report on the future of "liberal Zionism" and the two-state solutionNew Statesman

Rain Goddess Spelman to bring back soggy weather tomorrow Daily Mail


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