Seven years after the global financial crisis began most developed economies are only slightly bigger, if at all, than they were in 2007, says The Economist. The US and Japan have made up the lost ground, but the eurozone and Britain haven’t; our economy is still 2% below its pre-crisis peak. Emerging markets, especially China, have continued to soar. China’s economy is around 70% bigger than it was in 2007.
Merryn Somerset Webb interviews Paul Hodges about deflation, the global economy's 'Great Unwinding', and how Britain's house prices could halve.
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The most famous of Britain's garden cities, Milton Keynes in Buckinghamshire, was founded on this day in 1967, along an American-style grid pattern.