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The Bank of England decided against more quantitative easing, after creating £325 billion in three years. Steve Hilton, the Downing Street director of strategy, left proposals for cuts of £25 billion from welfare spending as he headed off for an academic post in California. Philip Hammond, the Defence Secretary said that business leaders were whingeing, and ‘large businesses are sitting on a pretty large pile of cash’. William Hague, the Foreign Secretary, said: ‘There’s only one growth strategy: work hard.’ Unemployment fell by 45,000 to 2.63 million. Thousands of civil servants are to be asked to work from home during the period of the Olympic Games, from 21 July to 9 September. The government said it would bring forward from 2014 the recruitment of 70 border staff to prevent long queues at Heathrow airport after the Olympics. Bankers were found to employ more staff (44,500) in Canary Wharf than in the City of London (43,300).
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