Oh, how they laughed. Explaining George Osborne’s absence from Treasury Questions, Chief Secretary Danny Alexander was on side-splitting form. “My right honourable friend the Chancellor is in Brussels today at the Ecofin council,” he told MPs, “exercising the considerable influence that Britain enjoys as a full member of the European Union.” Boom, boom!

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Independent Crossword

Labour offers to suspend 'politics as usual' in attempt to find elderly care solution

Labour has offered to suspend “politics as usual” in an attempt to find a long-term solution to the problems of funding social care for the elderly in England.

Greek conservative leader Antonis Samaras calls for broad coalition

Europe looked on with wary relief as Greek conservative leader Antonis Samaras launched coalition talks after winning elections following weeks of uncertainty over whether the country could remain in the eurozone.

Billions to flow from PFI reform

Treasury hopes new private finance initiative will see pension funds act like banks

Terence Blacker: Please stop the hypocrisy of 'sport for all'

Perhaps, before Olympic madness seriously sets in, we could quietly drop the much-repeated mantra of the Games, "sport for all". The events of this week have made that principle seem a touch silly, maybe even hypocritical. Far from providing what Lord Coe has called "a symphony of inspiration that will create lasting change", the London Olympics, along with English football's Premier League, have been offering a stirring overture of financial exploitation. The true motto of the moment is "sport for maximum profit" and, as one has come to expect, it has been those least able to afford it who are being exploited.

The Bank of England’s Mervyn King warned yesterday that UK inflation would stay above target

Banking: King hits panic button

Fears of new credit crunch prompt Bank of England to kickstart emergency lending scheme

Leading article: Europe is not to blame for all our economic woe

The Chancellor is not altogether disingenuous in his claim that the convulsions in the eurozone are "killing off" Britain's recovery.

Anthony Hilton: Has PFI failed its screen test at the Treasury?

A lunch at Reform, one of our most productive think-tanks, focused on the private finance initiative, the contractual arrangement much favoured by Gordon Brown in which private-sector expertise and money was enlisted to build schools, swimming pools, hospitals and much else.

Spain enjoys successful bond sale after tough week

Spain successfully raised 2.1 billion euros (£1.7bn) today from the bond markets — but at higher interest rates as investors remained concerned the country might still need external help to shore up its troubled banking sector.

David Cameron 'will protect OAP benefits'

Prime Minister David Cameron is committed to protecting pensioners' entitlements to benefits such as the winter fuel allowance and free prescriptions, eye-tests and bus travel in their current form, Downing Street said today.

Local communities should accept more wind farms to help Britain with its renewable energy projects

Communities should be 'bribed' to accept more wind farms, says MP

Local communities should be "bribed" to accept more wind farms in the countryside so Britain can meet its renewable energy targets, a senior Conservative MP said yesterday

Oliver Wright: Was charity tax u-turn burying bad news on a bad day?

Is the spirit of Jo Moore alive and kicking in Whitehall?

Osborne adviser leaked budget information to Murdoch's man

George Osborne's closest political aide secretly gave News Corp information about the likely contents of the Government's first budget, it was revealed last night.

Catherine MacLeod: A good 'spad' is trusted by the minister – and speaks for him

Being a special adviser at the heart of the Government is necessarily a privileged but hugely sensitive role. When Alistair Darling, then the new Chancellor of the Exchequer, asked me to be his special adviser in the Treasury in 2007 I had little idea of what was expected. There was no job description. It was a case of feeling my way, finding a modus operandi best suited to looking after his interests.

Putin names new cabinet

Vladimir Putin has named his new cabinet, retaining some of the outgoing government's key figures but adding a few fresh faces, and tightening his grip on power as he begins his third presidential term.

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