United Kingdom

London Fireworks 2014 – New Year’s Eve Fireworks – BBC One

London Fireworks 2014 – New Year’s Eve Fireworks – BBC One

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Uncle Drummer show feat Narran Mclean on London Hott Radio

Uncle Drummer show feat Narran Mclean on London Hott Radio

Narran-Mclean

Word Of Mouth – Uncle Drummer interviews Uncle Errol at London Hott Radio Cafe Streatham

Word Of Mouth – Uncle Drummer interviews Uncle Errol at London Hott Radio Cafe Streatham

LHR-Cafe-Poets

A sneek of last weeks event… come enjoy the fun!

Word Of Mouth – Every Sunday – 5pm to 10pm @ London Hott Radio Cafe
15 Leigham Hall Parade,
Streatham High Road,
Next to Nandos,
London SW16 1DR

for info call 07951 019 961

Uncle Drummer interviews Bucky Jo on London Hott Radio

Uncle Drummer interviews Bucky Jo on London Hott Radio

Bucky-Drummer

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MUST WATCH:- MAN BEATS COURT BALIFFS & PREVENTS EVICTION ON HOME REPOSSESSION

MUST WATCH:- MAN BEATS COURT BALIFFS & PREVENTS EVICTION ON HOME REPOSSESSION

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Uncle Drummer interviews Deegz Milliano Hosted by Verona Rose

Uncle Drummer interviews Deegz Milliano Hosted by Verona Rose

Deegz-Drummer

The Curious Case of Britain’s Economic Recovery

The Curious Case of Britain’s Economic Recovery

The U.K.’s Growth Spurt Has Taken Economists Almost Entirely by Surprise

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The global financial crisis has challenged some of the economic profession’s most cherished assumptions. And no country has confounded the textbooks more than the curious case of the U.K.

For five years, the British economy has persistently failed to behave as predicted by theory—and continues to do so with increasing evidence it is growing faster than almost any other major Western economy.

It is only the latest surprise. Most forecasters expected the Bank of England’s unprecedented money-printing program, in which it bought government bonds equivalent to 20% of gross domestic product, would trigger a recovery. Yet output remains 3% below its peak in late 2007.

Most forecasters expected the 20% depreciation in the pound since the start of the crisis to spark a recovery in exports. It didn’t happen.

Economic theory suggested the faltering economy would stoke unemployment, which in turn would cause output per worker to rise. Yet unemployment only rose modestly to 8% while productivity is still 4.4% below precrisis levels.

Economic theory also suggested that a weak economy would mean lower inflation. Yet since 2007, it has averaged nearly a percentage point above the BOE’s 2% target and well above rates in other European countries.

Now the U.K. is providing another mystery. This week’s GDP data are likely to show that the economy grew 0.8% in the third quarter compared with the previous quarter. Indeed, if recent survey data are to be believed, growth could be heading for 5% year-over-year, according to Rob Wood, chief U.K. economist at Berenberg Bank.

Yet this growth spurt has taken economists almost entirely by surprise. It is hard to identify a single leading forecaster predicting such a strong recovery at the start of the year, or even at the end of the first quarter.

As recently as July, the International Monetary Fund was so gloomy about the U.K. that it was advising the government to loosen its deficit-reduction strategy. This month, it raised its 2013 growth forecast by half, to 1.4%.

How did the U.K. rapidly transform from laggard to leader right under the noses of the unsuspecting economics profession? And is this growth sustainable?

The answer to the first question is becoming clear: More policy makers and economists now accept that the most plausible explanation for the U.K.’s postcrisis underperformance and its recent outperformance lies in the workings of the financial system—something that barely features in standard macroeconomic models.

Previous attempts to blame the U.K.’s weak performance on the government’s fiscal policies have been undermined by the recovery and by the fact that U.K. austerity hasn’t actually been very austere. While economists argued over Keynesian demand-side remedies, the main problem was one of supply—specifically the supply of finance.

Thanks to a broken banking system, the economy was unable to reallocate resources to productive parts of the economy, argues Kevin Daly, senior economist at Goldman Sachs. Healthy businesses were denied the credit they needed to expand. What has changed this year is that financial conditions have become easier. Mortgage rates for new loans have fallen by roughly one percentage point on average. Credit is available again on reasonable terms.

This partly reflects banks having met their capital and liquidity targets. But it also reflects policy action to boost credit creation—including a new BOE facility introduced in June 2012 that has dramatically eased bank funding costs—and a controversial new government mortgage-guarantee program modeled on U.S. government-backed agencies Fannie Mae and Freddie Mac. Easier credit conditions have rekindled consumer confidence and spending. Other factors have played a role, including the cooling of the euro crisis over the past year. But the pace of the recovery relative to global growth suggests it is primarily homegrown.

The turnaround is remarkable. House prices are up 6% nationally and are rising much faster in London and England’s southeast. New buyer enquiries are at record levels and mortgage approvals are up 38% in the year to September. New car registrations were up 12% in September from a year earlier. Retail sales are growing at their fastest pace since 2008. The savings rate has fallen by a third this year to 5%.

Not for the first time, the U.K. is betting that salvation lies in a consumer-led recovery fueled by rising house prices. But the success of this strategy isn’t guaranteed. Much depends on whether finance proves to have been the only structural impediment to the U.K.’s economic rebalancing.

If the answer is yes, then strong consumer demand should lead to increased business investment and rising productivity. That would create the conditions for wages to rise, vital to enable households to service increased debt. With wage growth currently well below inflation, household incomes have been severely squeezed for six years. But if it turns out the crisis has inflicted wider damage to the supply-slide potential of the economy, then a subsidized credit binge could be storing up trouble in the form of higher inflation, falling disposable incomes and increased household debt.

So far, the picture is mixed. Business investment fell in the second quarter by 2.7%, and the trade gap has widened since the start of the crisis, reflecting weak export growth. But finance chiefs are increasingly willing to consider new investments, according to a recent survey by Deloitte.

Similarly, the unemployment rate fell by only 0.1 percentage point in September to 7.7%, raising hopes that inflation can fall and productivity will pick up as the economy recovers.

But a sharp fall in the numbers of Britons claiming unemployment benefits—they saw their biggest fall in 16 years in September—may indicate that the economy has less spare capacity than most assume.

Meanwhile a key vulnerability remains in the high cost of housing. True, the stock of debt relative to the value of houses has fallen and total mortgage-interest costs are well below 2007 levels, suggesting affordability isn’t such a problem, at least outside London.

But unless rising house prices are offset by a boom in house-building, which seems unlikely without wider reform, the long-term impact of easier credit conditions may simply be to further unbalance the economy.

Indeed, the irony may be that in fixing one supply problem, the U.K. may end up exacerbating another.

Corrections & Amplifications
This week’s GDP data are likely to show that the economy grew 0.8% in the third quarter compared with the previous quarter. A previous version of this article said the data was due next week.

AGENDA BY SIMON NIXON (Wall Street Journal)

Jetpack Gets Permit To Begin Test Flights

Jetpack Gets Permit To Begin Test Flights

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A jetpack prototype developed in New Zealand can undergo manned test flights after aviation authorities gave its developers a flying permit.

The chief executive of Martin Aircraft said the certification was a significant milestone in the development of the jetpack, which the company hopes to start selling next year.

“For us it’s a very important step because it moves it out of what I call a dream into something which I believe we’re now in a position to commercialise and take forward very quickly,” Peter Coker said.

Inventor Glenn Martin began working on the jetpack in his Christchurch garage more than 30 years ago, inspired by childhood television shows such as Thunderbirds and Lost in Space.

He aimed to create a jetpack suitable for everyday use by ordinary people with no specialist pilot training..

The company is preparing a specialised version of the jetpack designed for the military and first-responder emergency crews such as firefighters. That should be ready for delivery by mid-2014, it says.

A simpler model aimed at the general public is expected to be on the market in 2015.

The price of your own personal flying machine is estimated at $150,000-250,000 (£97,000 to £160,000), although Mr Coker said the cost was likely to come down over time.

Source :  Sky News

Contributed by Nabila for London Hott Radio

Holly Willoughby loses her cool with Katie Hopkins in ANOTHER class row on ‘This Morning’

Holly Willoughby loses her cool with Katie Hopkins in ANOTHER class row on ‘This Morning’

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What are your thoughts on this?

Nabila (Bombay Hott Radio / London Hott Radio)

London: Man hacked to death with meat cleavers outside Woolwich army base. Terrorist?

London: Man hacked to death with meat cleavers outside Woolwich army base. Terrorist?

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A man has been hacked to death and possibly beheaded in a suspected terrorist attack outside a military base in south-east London.

Key Points

  • Cleaver murder victim believed to be soldier
  • Mobile phone footage shows attacker attempting to justify attack
  • Alleged attackers shot by police
  • Witness: “They were just animals.”
  • PM David Cameron cuts short France visit

 

Eyewitnesses say two men used a car to run the victim over in broad daylight on a street about 200 metres from the Royal Artillery Barracks in Woolwich.

The men then attacked him with knives and a gun and then remained at the scene, asking passers-by to photograph and film them.

Footage shows one of the men carrying a blood-covered knife and meat cleaver and saying to the camera: “We swear by almighty Allah we will never stop fighting you.”

Watch the ITV footage (warning: contains graphic images).

Armed police shot and wounded the two attackers after being called to the incident by bystanders.

There are reports the dead man was a serving soldier who was wearing a t-shirt with the logo of the Help for Heroes military charity.

Witnesses describe horror of ‘crazy’ attack

One eyewitness, identified only as James, told local radio station LBC the two assailants “were hacking at this poor guy”.

“We thought they were trying to remove organs or something.

“These two guys were crazy, they just were not there, they were just animals.”

In the footage of the aftermath of the attack, one of the attackers makes a number of political statements while the body of his victim lies in the road behind him.

Speaking in a London accent, the man, looking agitated and angry, said: “I apologise that women had to witness that, but in our lands our women have to see the same thing.

“You people will never be safe. Remove your government. They don’t care about you.”

“They were just animals,” one eyewitness said.

“They then dragged the poor guy, he was obviously dead. There was no way a human could take that, what they did to him.

“They dragged him from the pavement and dumped his body in the middle of the road.”

Eyewitness Michael Atley said there was blood all over the road.

“It’s a scene out of a horror movie, to be honest,” he said. “It’s incredible, absolutely incredible, never seen nothing like it.

“Just a bad day. A bad day for the whole of Britain.”

PM Cameron rushes back from Paris, security tightened

Security is being tightened at British military bases in the wake of the attack.

Prime minister David Cameron, who rushed back from Paris to chair an emergency national security meeting, said there were “strong indications” that the killing was “a terrorist incident.”

“The police are urgently seeking the full facts about this case but there are strong indications that it is a terrorist incident,” he said from Paris.

“People in every community, I believe, will utterly condemn this attack.

“We have had these sorts of attacks before in our country and we never buckle in the face of them.”

Home secretary Theresa May said in a statement: “This is a sickening and barbaric attack.”

London mayor Boris Johnson said security would be boosted at all London barracks.

“I know that Londoners have been through terrorism before and this city has a huge resilience,” he said.

“What we also have is the best, the most professional security services and the best police in the world to protect us and they are now going to get to the bottom of what’s happened.”

Police are on alert for disturbances across London, with reports that supporters of the far-right English Defence League had clashed with police in Woolwich.

Source : ABC.net

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