The continued dismal performance of the UK economy is entirely consistent with the predictions of those of us who have argued consistently for the last two years that premature fiscal consolidation would be severely contractionary in the short term, and risked doing significant long-term economic and social damage.
IMF economists have finally acknowledged what politicians have long denied. They have shown that austerity policies implemented by politicians and demanded by financial markets are severely damaging to what economists define as 'growth'. Ultimately, argues the IMF, these policies are self-defeating. As most thinking people now recognise, rather than repairing the broken and bankrupt economies of the world, austerity is making matters worse.
With the iTunes festival taking over Camden's Roundhouse, artists from all over the world have been bought together to take to the stage in the Capital. As one of the most talented and humble guys in the music industry, Labrinth has had an extraordinary year. With his album 'Electronic Earth' making steady waves, he has bounced his way across the main stages of the biggest festivals this summer.
Today, 10 September, Nesta is publishing a report which argues that the debate over growth is missing a vital point. Fixing the economy in the short term is only half the battle. If we want the UK to return to growth, we need to look at what has gone wrong with the main driver of growth: our capacity to innovate.