General Election 2010: Nick Clegg, the Lib Dem Donors and Payments into His Private Bank Account
THE TELEGRAPH: Nick Clegg received a series of payments from party donors directly into his private bank account, The Daily Telegraph can disclose.

The Liberal Democrat leader was paid regular monthly sums by three senior businessmen during 2006.

The same account was used to pay his mortgage, shopping and other personal expenditure, documents seen by this newspaper show.

The businessmen bankrolling Mr Clegg were Ian Wright, a senior executive at the drinks firm Diageo; Neil Sherlock, the head of public affairs at the accountants KPMG; and Michael Young, a former gold mining executive. All are registered as Liberal Democrat donors.

Records of Mr Clegg’s personal bank account show the three men each paid up to £250 a month into the account.

The Liberal Democrat leader is likely to face questions over the arrangement.

MPs have historically sought to distance party donors from their personal finances to avoid any potential conflict of interest.

Last night Mr Clegg denied the money had been used for his own personal spending and said that it had subsidised his parliamentary work. >>> Robert Winnett and Jon Swaine | Wednesday, April 21, 2010

Germany Contracts 6pc as Eurozone Bank Deposits Fall at Fastest Rate Since Depression
THE TELEGRAPH: Germany has slashed its growth forecast, admitting in an embarrassing volte-face that the economy will contract by 6pc this year in the worst recession of any major country in the Western world.

Economy minister Karl-Theodor zu Guttenberg said the slump was almost entirely due to the collapse of exports, insisting that a "global revival" will restore growth next year.

Even this may be too optimistic. The International Monetary Fund expects a further 1pc contraction in 2010. Left Party leader Oskar Lafontaine said Berlin seemed to be hoping and praying that other countries would "pull the German economy out of the mud", sitting on its hands as unemployment reaches 4.6m next year.

Professor Tim Congdon from International Monetary Research said company bank deposits in the eurozone have begun to contract at rates not seen since the early 1930s, threatening severe damage in coming months unless the European Central Bank shifts gears fast.

"It's a catastrophe. Company bank deposits have been falling at 1pc a month since December. It is what happened in the US during the Great Depression, and it is why we are seeing such a horrific recession in Europe now," he said. >>> By Ambrose Evans-Pritchard | Wednesday, April 29, 2009