Keeping a lid on costs doesn’t immediately translate into good times because it only looks at one side of the ledger – what about income?

The latest cost of living figures released by the Australian Bureau of Statistics show that across all household types, the rise in the cost of living remains desperately weak. While this by itself is good news, it underscores the complete lack of demand in the economy at the moment, which is in turn producing weak growth in household income.

Cost of living is a rather interesting economic bit of data which rarely agrees with people’s perceptions. For example, there is little doubt that electricity prices did fall when the carbon price was removed, and yet, as Lenore Taylor reports, 60% of people believe it had no impact on their electricity bills.

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Source: The Guardian Circular Economy RSS

“If the organization endorses prostitution as a human right, it won’t be supporting the women who might have no choice, but rather the pimps and buyers of sex who have all the choice in the world”

Has Amnesty International been hijacked by proponents of the global sex trade? When the human rights nonprofit convenes its International Council Meeting next week in Dublin, delegates from around the world will be asked to vote on a proposal to recognize prostitution as a human right.

Amnesty is arguing that prostitution is a matter of free choice, a stance heavily promoted by the multibillion-dollar commercial sex industry. The group is putting forth the view that sex work is compatible with the principle of gender equality and nondiscrimination, as if it were a job like any other.

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Source: The Guardian Circular Economy RSS

Allegations of covert scheme described as ‘simply not true’ by European commission as Alexis Tsipras looks to conclude third bailout deal with creditors

The European commission has denounced as “false and unfounded” claims by Greece’s former finance minister Yanis Varoufakis that international creditors had exclusive control over the country’s tax system.

Brussels slammed the suggestion that external supervision of the Greek tax revenue agency forced Varoufakis to consider hacking the ministry’s computers as part of a secret plan to devise a parallel payment system for the nation.

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Source: The Guardian Circular Economy RSS

Sir John Cunliffe tells City that regulations imposed since 2008 crisis should not be relaxed to drive economic growth

A senior policymaker at the Bank of England has said that regulations imposed on the banking sector since the 2008 crisis should not be scaled back in any effort to fuel economic growth.

Sir Jon Cunliffe, deputy governor for financial stability, told a City audience that while banks had a key role to play in fuelling economic growth, this should not come at the expense of increasing risks to financial stability.

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Source: The Guardian Circular Economy RSS

Eurozone must develop insolvency procedures that prevent other member states – and their taxpayers – becoming creditors through debt mutualisation

After months of games and brinkmanship, and only a week after Greek voters rejected the conditions for a €7.5bn (£5.3bn) rescue package, the end came swiftly. The eurozone’s political leaders agreed to start negotiations on a much larger package, worth €86bn , almost half of Greece’s GDP. Unfortunately, the deal reveals Europe’s apparent determination to reenact the same tragedy in the future.

Over the past five years, a whopping €344bn has flowed from official creditors such as the European Central Bank and the International Monetary Fund into the coffers of the Greek government and the country’s commercial banks. But after six months of near-futile negotiations, exhaustion had set in and holidays were beckoning; so the actual conditions for a new Greek rescue were given short shrift. Although the European Financial Stability Facility (EDSF) had officially declared Greece bankrupt on 3 July, the eurozone’s leaders kicked the insolvency can down the road yet again.

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Source: The Guardian Circular Economy RSS

There has been a big shift in corporate responsibility over the past decade – particularly the extent to which corporates take responsibility for their employees. The scope of a business’s duty of care has extended to include health, wellbeing and even the welfare of employee families and broader communities.

But is this responsibility fair on business? And does paternalistic intervention feel appropriate or comfortable for employees? Where should the limits be and to what extent should responsibility be shared with governments, NGOS and individuals themselves?

Experts at a recent roundtable discussed the level to which businesses should be responsible for employees and how this can best work in practice to benefit businesses and individuals.

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Source: The Guardian Circular Economy RSS

Britain’s GDP-per-head is finally back to its pre-crisis levels, but factories are struggling to grow

• Tight security as Greek bailout talks begin
• Summary: GDP jump puts rate hikes in focus
• UK GDP grew by 0.7% <- coverage starts here
• But manufacturing output fell by 0.3%
• Key charts start here
• Reasons to be cautious about GDP

2.11pm BST

PS: Don’t miss this piece on child poverty in the UK ; worth considering alongside today’s ‘encouraging’ GDP data:

Related: Britain’s rich are thrust into the future. The poor get kicked back into the past | Aditya Chakrabortty

Excellent @Chakrabortty piece on child poverty, charity and holiday hunger, a "Live Aid" for Britain’s poor http://t.co/lXD7KXJuHH

2.06pm BST

That may be all for today, I think. I’ll be back if there’s any major news out of Greece. Otherwise, enjoy the afternoon….. GW

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Source: The Guardian Circular Economy RSS

Average house prices overtake the pre-crash record for the first time, Land Registry figures reveal

House prices in England and Wales have climbed to a new record high after overtaking the previous peak reached at the height of the property boom, according to official data.

The Land Registry said the average home saw more than 1% added to its value in June 2015 alone, and said 21 London boroughs had seen annual price growth of at least 10%.

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Source: The Guardian Circular Economy RSS