Building castles in the air

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CAMERON and Clegg have unveiled a £400 million plan for 16,000 new homes, in some cases with concessions like reduced deposits for new-builds.

They aim to kick-start an economy “too dependent on consumption and financial services.” More money will allocated for refurbishing empty homes, particularly in deprived areas.

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If there are thousands of empty homes, why build more? In an economic crisis why lend to purchasers who will have trouble raising the deposit? Have they never heard of sub-prime mortgages?

Rajoy in a cleft stick.

AT the best of times a landslide victory gives a political leader overwhelming power but this is the worst of times and the future president of the Spanish government, Mariano Rajoy, knows that to satisfy Brussels and the ratings agencies he must dissatisfy voters.


Merkel and Moody’s call the shots and the Spanish will have no choice but to run for cover and dodge the bullets. To the relief of the countries who assisted Libyan rebels in ousting Gaddafi, its new Cabinet is principally secular.

The announcement came as Gaddafi’s son, the recently captured Saif al-Islam, reportedly predicted that there would be civil war within a year.

Inevitably he would be hostile to any regime not his father’s but the snubbed Islamists who helped remove him are likely to prove him right.


Photo credit: Partido Popular de Melilla

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