Inflation

Tough at the top The clocks on Big Ben were cleaned by abseiling window-cleaners. Some other big cleaning/painting jobs: — Repainting the Forth Railway Bridge used to be a metaphor for never-ending work, but a new coating completed in 2012 is estimated to have a life of 25 years. — Sydney Harbour Bridge was, for the first 80 years of its life, cleaned by hand, but last year it was done for the first time by robot. — The world’s tallest building, the Burj Khalifa in Dubai, is cleaned by a team of abseilers, with all 24,000 windows taking three months to get through. — Most New York skyscrapers are

For the first time in 32 years, the overall pass rate for A-levels has dropped, and the percentage of those achieving an A* or A grade has also dipped slightly. One part of the country that has bucked the national trend is Newham. And in particular, the borough’s London Academy of Excellence – a brand new sixth form free school. Just under two years ago, this sixth form opened its doors to students in one of the most deprived boroughs in the country for the first time. Set up by a coalition of eight leading independent schools – including Eton, Highgate and Brighton College amongst their number – its goal was a straightforward

Home In a ministerial reshuffle, William Hague, who promised to leave Parliament at the election, was made Leader of the House, being replaced as Foreign Secretary by Philip Hammond, who was replaced as Defence Secretary by Michael Fallon. Sir George Young Bt, aged 73, was sacked as Chief Whip. Michael Gove was demoted to Chief Whip. David Cameron, the Prime Minister, said: ‘I wanted one of my big hitters, one of my real stars, one of my great brains, someone who has done extraordinary things for education in this country, to do that job.’ Mr Gove was replaced as Education Secretary by Nicky Morgan, who will keep her portfolio as minister

Wages in the private sector are now rising faster than inflation. The latest CPI inflation figures show that it now down to 1.6 per cent, comfortably below the Bank of England’s 2 per cent target. This is the sixth time in a row where inflation has fallen. An interest rate rise this side of the election is becoming ever more unlikely. Tomorrow, the Office for National Statistics provides it figures for average wage growth in the last three month. This is expected to show that wages are now increasing faster than prices, easing the cost of living squeeze. Labour argues that the cost of living crisis is about far more

Well, the great breadmaking debate hots up. David Cameron neatly sidestepped the heffalump trap that Nick Ferrari put in his path in an interview on LBC when he asked him the price of a Value Loaf in Tesco or Sainsbury. As you and I know, dear reader, Mr Cameron would no more eat that stuff than his own fingernails, and I for one applaud his good sense. If you can afford not to, don’t. But his elegant solution to the problem of not knowing that loaf-shaped carbohydrate costs 47p (he thought bread costs ‘north of a pound’, which is true of the kind he eats, only double that) was to

Labour had better get used to headlines of economic upgrades. There’s about two dozen major forecasters out there, and each will take a turn to say that Britain’s doing better than they’d thought. To have such good news repeated will be a headache for Labour, as Iain Martin blogs today. But Labour are right to latch on to the caveat: the GDP number are not much use to someone facing a decade of wage stagnation. Words can be deceptive in economics: if you read ten news stories from ten forecasters talking about upgrades, it doesn’t necessarily mean things are getting better. The Treasury recently released five-year forecasts from the people

Mark Carney made his mark this morning. Moments ago, he opened his inflation report and issued his ‘forward guidance’, which is designed to make the markets aware of his long-term plans for interest rates. This is important because, although there are signs of life in the British economy (and Carney was cautious about them), inflation remains above the Bank of England’s target, the base interest rate remains rooted to the floor and unemployment remains high at around 8 per cent. There is also the question of Britain’s mounting debts, the answer to which will largely depend on how the bond markets react to this and other announcements. And then there is

Matt Hancock, the business and skills minister, addressed the Resolution Foundation’s low pay debate this morning, an indication of how seriously the Tories are taking the rising cost of living. He delivered a resounding defence of the minimum wage. He said that the evidence was overwhelming: the minimum wage did not harm employment levels: and declared that the Conservatives should ‘strengthen’ the minimum wage. He said that the minimum wage should be enforced, and hinted that the Low Pay Commission might be reinforced. He said that working more hours was not necessarily the right answer, contrary to those who hold that Britain needs to harder and longer. Beyond that, Hancock proposed

Today’s employment figures don’t contain much new to shout about. The number of people in work — although it rose by 100,000 on the previous quarter — is actually down very slightly from last month’s record high (but still above the pre-recession peak, just). Unemployment fell by 49,000 from Q2 to Q3, although that’s well within the Labour Force Survey’s margin of error (so we can’t be certain that it fell at all). The best news in today’s figures — from the government’s point of view — is probably that the headline unemployment rate is now 7.8 per cent, very slightly below the 7.9 per cent rate when the coalition

After falling to 2.2 per cent in September, inflation — as measured by the Consumer Prices Index — rose to 2.7 per cent in October. On the Retail Prices Index, inflation rose from 2.6 per cent to 3.2 per cent. The main cause of the rise is the government’s changes to university tuition fees, which put the maximum annual fee up to £9,000. Today’s figures are the first to include the effects of the policy — with the education index 19.7 per cent higher than last year. But food prices were up too — by 0.5 per cent on last month and 3.3 per cent on last year. The good