Newspaper article The Evening Standard (London, England)

City Puts the Spotlight on Challenges Facing Labour

Newspaper article The Evening Standard (London, England)

City Puts the Spotlight on Challenges Facing Labour

Article excerpt

Byline: JANE PADGHAM

THE City was today set to take Labour's greatly reduced majority in its stride as the focus shifted to tax rises and the economic challenges faced by the new Government.

As the Square Mile digested the result, analysts said it would have to tackle a host of problems, including the [pounds sterling]1 trillion consumer debt mountain, massive public borrowing, the pensions crisis and next year's vote on the European constitution.

The challenges come as fears about the economic outlook are growing.

High Street spending is faltering and the manufacturing recovery has stalled. City bookies predicted the FTSE 100 would open two points lower at 4900. Sterling was steady.

John Butler at HSBC said: "Labour faces a tougher economic environment and some major economic headwinds.

The consumer looks to be running out of steam, and it seems that the longawaited cavalry, in the form of a strong global economy, has already come and gone. …

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