First, the good news. The Chancellor, published in the Telegraph this morning, states he will now produce an autumn policy to promote growth. This needs to include many of the ideas we have been discussing on this site to free the UK economy to perform better.
Next the bad news. Looting and rioting in London is bad for jobs, business and investment. You can make a poor area poorer by criminal behaviour.
Last night the ECB came up with more of the same. If markets persist in thinking Italy and Spain are borrowing too much, the ECB is going to have to buy a lot of bonds. They are being driven towards the QE route, as the ECB already has a strained balance sheet. The bond buying decision is helpful, but does not solve the problems. The Ministers need to meet and to answer the list of questions posted here on Sunday.