The establishment of the Premier League in Britain, a renaming of the old First Division, in the early 1990s opened up a period of naked commercial exploitation of football. The new league exists to maximise the profits and commercial potential of the richest clubs at the expense of the rest. Central to this are clubs like Manchester United, the world’s richest club which has now been virtually bought up by US tycoon Malcolm Glazier, who has grabbed control of over 75% of the club’s shares.

This article was written before today's terrorist attacks on Central London. However, today's events will undoubtedly be used to strengthen Blair's attempt to introduce ID cards in Britain, with the excuse that they will help "fight terrorism". They exist in the rest of Europe, so “what’s the big deal?” many may think. The point is they will not be mere ID cards. The legislation that is being prepared will allow the government to have detailed files on the activities of every person living in this country.

House price increases are slowing down in Britain. In June in London prices actually fell. This is the beginning of the end of the house price bubble and it will be very painful for many families who have borrowed on the basis of the increased equity in their property. It will have a knock-on effect on the whole economy as spending is already slowing.