Daily Newspaper Review, Week Three: The Daily Telegraph
Monday, 27/09/10
Front Page
Ed Miliband is elected as the leader of the Labour party in a surprise victory over his brother David Miliband who was the Labour MP’s favourite. Ed Miliband declares the end of new Labour in a bid to distance himself from the legacy of Tony Blair as he states he will now lead the “new generation” back into power.
Political News
Armed Forces Chiefs are urged to sell off their manor houses and discontinue using domestic staff in a bid to reduce Ministry of Defence costs by £200million a year. Ministers are increasingly concerned with the extra benefits being offered to top Chiefs as being inappropriate after the MP’s expenses scandal.
Business News
Chinese food company Bright Food is set to challenge the Business Secretary Vince Cable’s efforts to stiffen acquisition regulations which protect UK companies from foreign takeovers. The Shanghai-Based food company is claimed to be in talks with United Biscuits to spend approximately £2billion on one of the country’s largest food businesses, housing brands such as McVitie’s and Jacobs.
Tuesday, 28/09/10
Front Page
A senior Bank of England official Charles Bean has warned savers to stop complaining and start spending in a bid to help the economy. He said older households who had previously enjoyed property price rises, now should not expect to live of interests as he admitted that low returns was part of the economic recovery strategy.
Political News
The European Commission official has urged the British Government to scrap the habitual residency test, which is used to establish whether migrants are eligible for benefit support. The EU says Britain’s rules to combat benefit tourism is illegal.
Business News
Shareholders of HSBC have requested the bank to crack down on leaks, as the bank proposes to launch an investigation into how confidential details of its succession plans were leaked days before a board meeting took place to decide on the issue.
Wednesday, 29/09/10
Front Page
Defence Secretary Liam Fox attacks the defence cuts in a private letter to David Cameron. He warns ‘Draconian’ cuts to defence spending could be detrimental for the Government while the country is at war, which seriously risks damaging troop’s morale.
Political News
Ed Miliband uses his maiden speech to condemn the Iraq war, which causes the rift between his elder brother to widen. David Miliband scolds Harriet Harman after she applauded his brother’s declaration, stating “Why are you clapping? You voted for it”, to which she replied, “I am clapping because, as you know, I am supporting him”.
Business News
A senior policy maker has stated that the Bank of England should restart printing presses and pump more money into the economy in order to prevent a “lost decade” of low growth and high unemployment. Adam Posen, an external member of the Bank’s Monetary Policy Committee asks for a second round of quantitative easing, after already injecting £200billion into the economy.
Thursday, 30/09/10
Front Page
David Cameron faces strong oppositions after the Armed Forces staunchly support Liam Fox’s protest against the cuts to the defence spending. However, although the Prime minister defended Liam Fox’s right to argue against the cuts, he and George Osborne, the Chancellor urged the Defence Secretary to seek further cost-cutting measures.
Political News
It has emerged David Miliband to turn his back on front line-politics as he feared his presence in his brothers shadow cabinet would initiate in-fighting, a factor most accustomed to Tony Blair and Gordon Brown era.
Business News
Lloyd Blankfein, the chief executive of Goldman Sachs has warned that banks could relocate some of their operations out of Europe if regulations become too tedious. However, Goldman Sachs said it was committed to Europe despite the chief executive’s comments.
Friday, 01/10/10
Front Page
The bank of England has warned that it will now be even harder for first time buyers to obtain a mortgage, while those who want to renew their mortgage will be offered less attractive deals. The banks are imposing even tighter rules when lending, as they fear the higher unemployment rate forecasted will result in more homeowners defaulting on loans.
Political News
Vince Cable backs Dr Liam Fox in his protest against the defence cuts. He is one of several Liberal Democrat ministers who is supporting Dr Liam’s struggle with David Cameron to resume the navy’s £2billion programme for two new aircraft carriers.
Business News
Hedge funds are demanding that the Irish Government pay more for the £26billion dept they hold in the Anglo Irish Bank.
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