Many economic commentators, and those working in banking and finance, thought that the worst of the global economic recession had gone away. They were wrong. It looks to be back with a vengeance.
The UK coalition government has been left on the back foot in defending its emergency budget after established analysts proclaimed its social impact regressive and its economic approach flawed.
Green Party leader Caroline Lucas MP has challenged the basic logic of the Coalition Government's massive public spending cuts, saying they are both "destructive and unnecessary."
In the run-up to the government's 'emergency budget', the overwhelming political consensus, parroted each day by the BBC’s economic correspondents, is that ’balancing the budget’ and ’slashing the deficit’ is now a national priority.
No coalition has yet been formed, but politicians on various sides are already talking of “stability” as if it over-rode all other considerations of democracy and policy.