Society

When you look at these figures from Time magazine you realise how hard hit this country, and London especially, is going to be by this recession: “In 2007 financial services accounted for 10.1% of the U.K.’s gross domestic product, up from 5.5% in 2001. Add in professional services linked to finance, such as accounting, law and management consulting, and the total rises to 14%. And that’s for Britain as a whole. For London, finance has been even more important: it accounts for almost one-fifth of the city’s total output, perhaps as much as one-third if professional services are included. That’s far more than for even New York City, where financial

Ian Jack has a dispatch from Glenrothes in today’s Guardian. Here is his main point: “The conventional wisdom about Glenrothes goes like this. After its victory in Glasgow East, the Scottish National party thought it could wipe out Labour’s 10,000-majority. Then the global crisis erupted. Small-country nationalism no longer looked so clever – Salmond will never praise Iceland again. The UK Treasury bailed out Scotland’s two greatest banks and Brown emerged as the saviour of the world economy. An SNP victory is no longer secure. There’s a new spring in Labour’s step. All may be broadly true; people will mention it when asked, though usually only as a kind of

There is an argument that British politics since 1994 is a historical freak, a product of a period of ever-increasing prosperity which allowed politicians to avoid the hard choices that typically define politics. As Charles Moore puts it in today’s Telegraph, “our two main parties have both been caught facing the wrong way. Their policy preoccupations, their political positioning, their promises have depended on perpetual prosperity. Now these look as relevant as estate agents’ freesheets offering timeshares in Spain. When a really big crisis hits, it takes people a surprisingly long time to understand the basic point, which is that Everything is Different Now. Fear makes people reluctant to admit