- The Independent’s Outlook column, Ben Chu looks at yesterday’s G7 statement, which aimed to appease concerns that monetary policies are being used to target exchange rates. Chu urges governments to concentrate on boosting domestic growth. In the Guardian, Larry Elliott also discusses global tensions over monetary policies designed to reduce currency levels in order to pursue export-led growth but he points out that larger emerging economies such as Brazil and China are unlikely to allow the G7 nations to engineer themselves a competitive advantage unchallenged.
Recruitment & Employment
- In The Guardian, Shiv Malik reports a Royal Courts of Justice ruling which has left civil servants at the Department for Work and Pensions (DWP) scrambling to issue new regulations governing the government’s ‘work-for-your-benefit’ employment schemes. The ruling could result in thousands of unemployed people receiving financial rebates worth millions of pounds. The three-judge panel decided the work and pensions secretary had not given unemployed people enough information about their rights to appeal against being forced to work up to 780 hours unpaid and the penalties they faced should they choose not to comply. Alison Little, writing in the Daily Express reports the Employment minister Mark Hoban has said that the Government has no intention of making repayments to unemployed people denied benefits for not co-operating in its back-to-work programme.
- The Times reports that house prices in Scotland fell by an average of £6,244 last year, according to LSL Property Services. More on that story in The Herald and the Scottish versions of the Daily Mail and the Daily Express.
- In The Times Ian King welcomes a decision by the Financial Services Authority to reverse plans to include venture capital trusts and real estate investment trusts in a list of investment products which advisers will be barred from marketing to all but a few retail investors.