The latest prediction from the OECD.
One of the more eye-catching moves in David Cameron’s reshuffle of early September was the removal of Justine Greening as Transport Secretary. She was long known to be an opponent of the highly controversial ‘Third Runway’ at Heathrow – and this is an issue which has long divided the Conservative party (and indeed, others.)
In Kremlinology, it is also an issue which clearly divides the PM from some of the more obvious rivals inside his own party, notably Mayor of London, Boris Johnson. ‘BoJo’ enjoyed a PR filled Olympics and is another longtime opponent of the new runway at Heathrow. He, instead favours a revival of the old interwar project to build a wholesale new airport off the North Kent coast in the Thames Estuary. Nowadays this idea is known as ‘Boris Island.’
Updated: 6th August 2014. Boris Johnson the mayor of London announces he plans to return to parliament as an MP.
Updated 1st July 2015. The Davies Commission recommends expansion and a third runway at Heathrow.

Paul Ryan is the Vice Presidential candidate of the Republican party for this autumn’s Presidential election. You can read the acceptance speech for the role which was given to the Republican National Convention yesterday. It’s created quite a lot of controversy in a not dissimilar way to some of the announcements made by his predecessor in the role, Sarah Palin.
The sketch was quick work from audio visual and drawn on a telephone. It is my first go at the new man on the American political scene.
Addition: 2nd September 2012 – An interesting aside about Congressman Ryan’s relationship to telling the truth. Namely boasting, wildly, about his achievements at running marathons.
Updated – 13th January 2015: My colleague Ann Telnaes has also had a go since Ryan’s elevation to Speaker of the House in the US Congress. Typically, it’s very good, in my estimation.
The third in line to the throne has been caught with his pants down playing mixed billiards in Las Vegas. Film director Tony Scott of Top Gun fame has also died.
The UK Standard Chartered Bank has paid a fine of $340 (£200m) to one US regulator for a persistent period of undisclosed trading which has been linked to businesses in Iran. That country is subject to some controversial economic and business sanctions from the international community led by the United States.
The complicated business situation for ‘universal global banks’ is also complicated by the convention to have most financial transactions denominated in US dollars and so, subject to US law and financial licensing. Difficult territory in a country where Iran is persistently a hot topic for discussion.
The story touches once more upon the problems of global business and national jurisdictions and the conflict between them. These issues have been much in evidence since the start of the global recession, the revelations about the insolvency of the finance houses and afterwards, of their associated governments.
The latest and most serious example of this surrounds the admissions around misdeclaration of Libor (the London InterBank Offered Rate) which governs the terms on which banks make daily loans to one another. Barclays has already admitted doing this but others are involved. As regulators in the US and elsewhere turn their minds to this you’ll see the legal consequences of this are story are huge and truly global.
The London 2012 Olympics are coming towards their close after providing their usual array of marvellous moments. Few however are truly memorable but, the story of Peter Norman, Tommie Smith and John Carlos is.
It featured briefly in a segment from the BBC coverage of the games just before the final of the men’s 200 metres featuring Usain Bolt. The recording at that link is amateur footage where the television has been filmed.

© Matthew Buck Hack Cartoons
Great success for British athletes at The London 2012 Olympic Games. This drawing on a speedy deadline after one Saturday in which twelve Brits alone topped the podium.
Congratulations to Greg Rutherford (long jump), Mo Farah (10,000 metres), Jessica Ennis (heptathlon), Dani King, Jo Rowsell, and Laura Trott (Women’s team pursuit). Sophie Hosking and Katherine Copeland (women’s lightweight double sculls) Pete Reed, Andy Gregory and Tom James, and Andy Triggs-Hodge (men’s four).
The Opinions of Tobias Grubbe for 23rd July 1712 are published at this window – or click the picture. His patron Journalisted from the Media Standards Trust where you may read all about them.
Leaks implying that the Government may abandon its commitment to reform of the House of Lords signal real trouble for the Coalition between the Conservatives and the Liberal Democrats.
The video above imagines how the strange relationship all got started.
Updated Monday 6th August: News of an Autumn by-election following the resignation of Louise Mensch, Conservative MP for Corby and East Northamptonshire, adds spice to the tension inside the government coalition. The constituency is a marginal and, overheated speculation about the leadership ambitions of London Mayor Boris Johnson aside, promises to make an uncomfortable close to the year for David Cameron and Nick Clegg.
Updated Monday 6th August 2.30pm: The Deputy Prime Minister’s statement upon the withdrawal of the government commitment to reform of the House of Lords. This policy was one of the building blocks for the formation of the coalition government back in May 2010. Prime Minister and Leader of the conservative Party David Cameron is clearly unable to deliver his MPs to support the bill. This is a significant admission of weakness for any leader.
It is notable Clegg’s statement includes an explicit commitment from the Lib Dems to veto any move to constituency boundary redrawing which is something the Conservatives have long wanted and need if they wish to secure future majorities in the House of Commons.