The politicians are already setting the expectation that this is another tough year for European countries. David Cameron who previously was hoping 2011 would be the turnaround year, having to admit that this is some way off.
It is important to keep perspective, but government cuts are going to bite harder this year - as they wrestle with overspend versus economic investment for the future.
The housing benefit caps will start to appear, and it is not clear whether having such high claims (in London in particular) was paying the market rate, or creating a distorted market where landlords were charging over the odds because they knew the government would pay up. Either way it is no consolation for those who are having to vacate, the news had an example today of a £2000 a month property in London that was nothing more than a modest mid terrace block house. Lack of affordable housing is a continuing problem that we've ignored for too long.
What affordable housing there is, the government is now promising to make sub-letting illegal and force people on good wages to pay market rates. This is a story recycled from earlier in the year, but progress on this would free up housing to the most needy.
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