One word can summarise George Osborne’s first budget. Brutal. £11bn off welfare spending, from child benefits to Disability Living Allowance. VAT up to 20 per cent. And an average 25 per cent cut for most departmental budgets.
In rejecting UN and EU proposals for an independent inquiry into the Gaza Flotilla Incident, Israeli Prime Minister Benjamin Netanyahu has stated that “it would create a problematic precedent” - that Israel is accountable to the international community and is subject to international law.
Angela Merkel’s government shocked markets earlier this week by imposing a ban in Germany on so-called “naked short selling” in euro-area government bonds and in shares of major German financial institutions.