Paul Vallely has an in-depth report on the UK recession in today’s Independent. the front page alone is worth photocopying as a handout for its emphasis on the negative multiplier effects of small scale spending decisions that feed into lower demand, profits and jobs in supply-chain industries.

“It began with the banks. Then house prices began to tumble. In the months that followed, the shock waves spread, engulfing first high streets, then factories – and thousands of jobs. In this gripping account, Paul Vallely travels across Britain to meet the people whose lives – and livelihoods – have fallen victim to the domino effect that left a nation broken.”

Hamish McRae writes about the tax cutting pledges and their likely macroeconomic impact