Diary: When quantitative easing was 'an admission of failure'

 

News in pictures
News in pictures
On Facebook
From the blogs

GCSEs are a pointless waste of time

A few facts. Last year almost 70% of 16 year olds achieved at least 5 GCSE passes with grades A*-C. ...

Asylum seekers: When the questions tell us so much more than the answers

For the last four years I've been paying my karmic dues (I would say "contributing to the big societ...

Thanks to The Sun, for enriching each of our lives

Those at the super-soaraway Sun are, yet again, making outlandish claims that they’ve changed the wo...

Ones to watch: Aiden Grimshaw to Hey Sholay

With so much new music coming out it’s difficult to keep track of what’s out there. It’s a lucky dip...

Suggested Topics

There was a tsunami of expert commentary on yesterday's decision by the Bank of England to inject another £50bn worth of quantitative easing into the economy. Some of it was positive, much of it negative. On the Conservative Party's own website there is a clear warning that QE is a last resort for a government whose other policies for tackling recession have failed...

"I don't think anyone should be pleased that we have reached this point. It is an admission of failure and carries considerable risk... This is a leap in the dark and we will see whether it works," said the shadow Chancellor, George Osborne, speaking in the days when QE was happening under a Labour government, on 5 March 2009.

MPs get expert help behind the board

When MPs take part in photo-opportunities, their role is usually to utter platitudes or perform simple tasks. But in Chess magazine, Labour's shadow Chief Secretary to the Treasury, Rachel Reeves, and the Tory MP Jo Johnson are pictured taking part in a simultaneous chess match against grandmasters at the London Chess Classic.

To even things up, the MPs did have an adviser sitting alongside them – none other than Garry Kasparov – but his task was only to give hints on broad strategy not tell them which piece to move. The magazine also has a diagram showing how Rachel Reeves shrewdly sacrificed a bishop.

According to the picture caption, the grandmaster who replied to the move, Luke McShane, threw an accusing look at Kasparov, whom he suspected of giving more help than the rules allowed. But, it says, "he was innocent(ish)".

Falklands spat turns a little bitchy

Penguin News, the newspaper of the Falkland Islands, does not have a mass circulation, the population of the islands being no more than 3,000, but it reached out to a massive and largely Spanish-speaking audience on Wednesday after someone on the publication uploaded a photograph of Argentina's President, Cristina Fernandez de Kirchner, and gave it the file name "bitch". Spanish speakers in Argentina who did not know what the word meant were quickly enlightened by the Buenos Aires daily, La Nacion. As the uproar began, the editor of Penguin News, Lisa Watson, changed the link, which did not stop the stream of furious messages expressing sentiments such as "Invasores mother- fuckers y go home!"

An editor out of his comfort zone

Anyone who watched Paul Dacre, the editor-in-chief of the Daily Mail, at the Leveson Inquiry, could see a man who has commanded nothing but obedience for 20 years not enjoying the experience of being challenged and contradicted. He seemed to have real difficulty pronouncing the name of the actor Hugh Grant, who has been one of the Mail's leading accusers, and came perilously close to uttering that word he is said to use rather often, which also ends in –nt. At another point he tripped over his words and said: "I've exploded... I've explained." Right first time, sir.

Burley in another spot of bother

It was another bad day yesterday for Aidan Burley, the Tory MP who took part in a stag party in a French ski resort where fellow guests dressed as Nazis. He visited Auschwitz on Wednesday and attended a talk by a holocaust survivor. That should have gone a little way towards repairing the wreckage of his reputation – except that he was recognised by a teenager, Matthew Parkinson, who was in Poland on a history trip with his college.

Parkinson went on to Twitter to accuse the MP of being "blatantly disrespectful throughout" and of "texting and dozing". There were "a fair amount of witnesses" to this behaviour, he claimed.

This was in part denied in a statement issued by Dr James Smith, president of the Holocaust Centre, who is not a Tory voter and had organised the trip without anticipating that it would get publicity. "When he replied to a text from London, he was at the back of the hall, out of sight of the survivor. I was sitting next to him and... if he were asleep, I am sure I would have noticed," he said.

He may have been awake, but the undisputed fact remains that Burley read and answered to a text message during a live talk by a holocaust survivor. Someone with better manners would have turned his phone off.

Independent Comment
blog comments powered by Disqus
Career Services

Day In a Page

'I may be deaf, but you can still talk to me'

'I may be deaf, but you can still talk to me'

Being a teenager is hard enough – for those with hearing loss, it can be even more complicated
A right royal trip down the river

A right royal trip down the river

A new exhibition celebrates the glory days of London's mighty Thames
The 10 Best lawn mowers

The 10 Best lawn mowers

From petrol-fuelled to self-propelled
Every second counts

Why does life appear to speed up as we get older?

Matilda Battersby finds out how the clock plays tricks with our minds
Couture on the Croisette: Fashion hits

Couture on the Croisette

The best outfits from the 2012 Cannes Film Festival
Child of the revolution: the Burmese family that democracy brought back together

Home of the free

The Burmese family that democracy brought back together
Cannes review: Canine accolade and Hitler's return are high spots amid the gloom

Cannes review

Frocks, canine accolade and Hitler's return
Robert Fisk: The going price of getting away with murder... would $33m be enough?

The going price of getting away with murder

Robert Fisk: The long view
Principled Skinner rises above the fray

Principled Skinner rises above the fray

Andy McSmith meets Dennis Skinner
Patrick Cockburn: I fear this terrible massacre will be the beginning of a long civil war in Syria

Patrick Cockburn

I fear this terrible massacre will be the beginning of a long civil war in Syria
Hardeep Singh Kohli: For me, it is all about 'Gregory's Girl', a record of first love

Hardeep Singh Kohli

For me, it is all about 'Gregory's Girl', a record of first love
Christian Louboutin: 'I don't think comfort equals happiness'

Christian Louboutin interview

'I don't think comfort equals happiness'
Happy birthday, Hotel Babylon!

Happy birthday, Hotel Babylon!

Hollywood's home to the A-list celebrates 100 years of discreet luxury
Rupert Cornwell: Low-rise capital could finally reach for the sky

Rupert Cornwell: Out of America

Low-rise capital could finally reach for the sky
The secret life of the red carpet

The secret life of the red carpet

As Cannes reaches its climax with the Palme d'Or and the celebrities gather in London for the Baftas tonight, Kate Youde and Jack Dean investigate the real star of the show