Bank warns that housing bubble could derail the economy

Family shield“The Bank of England has given its strongest warning yet that a housing bubble threatens to derail the UK economy, saying that spiralling property prices were ‘the very brightest [hazard] light’ on its dashboard. In a speech in London on Thursday evening, Sir Jon Cunliffe, deputy governor, said the danger signs resembled ‘a movie that has been seen more than once in the UK’. His speech came after figures from the Nationwide Building Society showed house prices rose at a double-digit 10.9 per cent annual rate in April” – Financial Times

  • £140 million flat sets London property record – The Times (£)
  • The state stopped building and prices soared – Julia Unwin, The Times (£)
  • Speculative fever is back to 2008 levels – Ambrose Evans-Pritchard, Daily Telegraph

Clegg bid to block knife crackdown

“A crackdown to prevent knife-wielding thugs escaping jail is being opposed by Nick Clegg and other senior Liberal Democrats, extraordinary leaked Cabinet papers reveal…Justice Secretary Chris Grayling has drawn up plans to legislate so that offenders caught more than once with a blade are automatically jailed, according to senior sources…Conservative ministers want the measure put before MPs within weeks” – Daily Mail

  • Second teenager arrested over stabbing of Ann Maguire – Daily Mail
  • Murderer of Philip Lawrence to be freed – Daily Telegraph
  • Judge halts fraud trial after legal aid cuts leave defendants unrepresented – Financial Times
  • Judge Briscoe convicted of perverting the course of justice – The Times (£)

UKIP takes aim at Britain’s open borders

FARAGE big laugh“Ukip is to up the stakes in its controversial anti-immigration campaign for the European elections as the Tories insist only they can give voters a say on Britain’s future in the EU. Ukip leader Nigel Farage will dismiss criticism by some Labour MPs that its key messages are ‘racist’ – unveiling another provocative poster focusing on migration from the EU. Featuring an escalator running up the White Cliffs of Dover, it claims the EU’s free movement rules means Britain has ‘no border’ and ‘no control’ over incomers” – Daily Mail

  • Le Pen pleads with French “slaves” to rise against Brussels – The Times (£)
  • Has Farage missed a golden chance to shake up British politics? Leo McKinstry, Daily Express

>Today: ToryDiary – UKIP thrives because the man in the pub feels it will not be cowed into silence

Umunna has no problem with people making a lot of money

Labour’s rising star Chuka Umunna has declared that he has no problem with people making ‘a lot of money’…Mr Umunna’s remarks echo former Cabinet minister Peter Mandelson – who famously said that Labour under Tony Blair was ‘intensely relaxed about people getting filthy rich’…the Labour frontbencher told The House magazine: ‘I don’t have a problem with people making a lot of money, so long as they pay their taxes and it’s good for our economy’ – Daily Mail

  • Low-rent Labour is positioning itself as the UKIP of the Left – Fraser Nelson, Daily Telegraph

>Yesterday: Left Watch – Forward into the 1970s: Labour wants to bring back rent controls

Salmond: “Scotland is a nation of drunks”

SALMOND on Marr “Scottish First Minister Alex Salmond has suggested that Scotland is a ‘nation of drunks’ and that he is ‘significantly’ concerned by the nation’s relationship with alcohol.  In an interview with former Labour spin-doctor Alistair Campbell which was published in GQ magazine on Thursday, Mr Salmond explained that apparent drinking problems stemmed from ‘the availability of cheap alcohol and the cultural changes that has introduced’”- Independent

  • Nats watch in horror as their leader sinks into the mire – Alan Cochrane, Daily Telegraph
  • Greater resolve to vote Yes could prove decisive – Herald

Secret recordings led police to Adams

“Two years ago, when a judge first ruled that police should be given transcripts of IRA veterans discussing the murder of Jean McConville, Gerry Adams insisted: ‘I have nothing to fear from any of this.’ Mr Adams remains in custody after being arrested as a direct result of the tape-recorded interviews collected by Boston College in the US and handed over, on the insistence of a court, to the Police Service of Northern Ireland” – Daily Telegraph

  • Jean McConville: The stubborn ghost who won’t go away – Jenny McCartney, Daily Telegraph
  • Jean McConville’s daughter: I’ll name names – Guardian
  • We mustn’t turn historians into informers – Ben Macintyre, The Times (£)
  • Adams’ arrest marks the end of his career in the south – Malachi O’Doherty, Guardian

Despite those 14 questions, Howard regrets Paxman’s departure

Jeremy Paxman“Interestingly, although everyone knows that I was asked the question 12 (or was it 14?) times, few remember the actual question. Even fewer people know that the reason Jeremy repeated it so many times was that the next interviewee hadn’t turned up…More seriously, Jeremy’s departure will be a real loss to our body politic. The grand inquisitors of our age, of whom he is certainly one, perform a vital public service” – Michael Howard, The Times (£)

News in brief

  • Ukraine moves to retake town from pro-Russian separatists – The Times (£)
  • Malaysian airliner “flew route to avoid detection” – Daily Telegraph
  • Pupils joked as Korean ferry sank – The Times (£)
  • Oklahoma inmate Tasered before botched execution – Guardian
  • Grammar schools to favour poor pupils in admissions – Daily Telegraph
  • Edinburgh trams to run from 31 May – Scotsman
  • Clarkson begs forgiveness and denies using N-word – The Sun (£)

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