Economy

It was Brian Lenihan yesterday and in a fortnight it will be Alistair Darling’s turn to announce the bad news when he delivers his emergency-in-all-but name budget. Or bloodget. Lenihan, the Irish finance minister, did his best to spread the pain around, announcing tax increases and cutting spending while leaving many of the most difficult measures to next year’s budget. The Irish economy is forecast to contract by 8% this year and, even after the cash-saving and raising measures announced yesterday, the government will run a deficit of 10.75% of GDP. Eye-watering and sobering stuff.  In the Irish Times Mark Hennessy writes: For weeks, the Cabinet has debated the options

Such is the disrepute into which Scotland’s once all-conquering bankers have fallen that the favoured put down at Edinburgh dinner parties these days is “My husband pays your husband’s salary”. A period of silence on the part of these erstwhile Masters of the Universe would be most welcome. This injunction, it seems, also applies to their spouses. That sound you hear is the noise of a righteous middle-class populism. These are disconcerting, humiliating times to be a Scottish banker. Nowhere is this more keenly felt than at the Royal Bank of Scotland’s headquarters at Gogarburn on the western outskirts of Edinburgh. RBS’s downfall and subsequent nationalisation-in-all-but-formal-name has made it open

This seems an idea worth copying, doesn’t it? Hungary’s Prime Minister said today he is resigning because of his government’s low popularity amid a worsening financial crisis. Ferenc Gyurcsany, of the ruling Socialists, told the party’s congress that he considered himself a hindrance to further economic and social reforms. Alas, I can’t imagine Brown being quite this, er, bold or noble.

Could there be anything nicer and popular than “green jobs”? Gordon Brown and Baack Obama has determined that a “green” job – all fresh and wholesome and wrapped in the (endlessly recyclable!) promise of a “sustainable” future – is better than any other kind of job. Including, probably, the one you have right now. Also: Green is the Future. Apparently. To which you might say, “aye right” and your suspicions might not be misplaced. Here’s Michael Levi in Slate: Green jobs seem to be an ideal solution. But just because “green” and “jobs” are both in demand doesn’t mean that policies focused on creating “green jobs” make sense. In fact,

Photo: Peter Nicholls/WPA Pool/Getty Images This item from Martin Bright (Welcome, Comrade!) risks leaving one speechless: Now word reaches The Bright Stuff that the man who has never knowingly apologised for anything is preparing his very own “mea culpa”. I am told that Whitehall officials have been ordered to make a compilation DVD of Obama’s various apologies to the American TV networks to be studied by the Prime Minister. The idea of Gordon Brown practising a humble self-deprecating manner in front of the mirror based on what he has seen on his training DVD doesn’t bear thinking about. But then again… maybe it does. So… Picture the scene deep inside the