The dominant effect on the deficit comes from the economy, not tax policy.

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Members of the Bank of England's Monetary Policy Committee will have to decide whether the dominant effect of the energy price rise is to reduce demand from the economy, so that the long term prospects for inflation returning to target are improved, or to dangerously increase underlying inflationary pressures.

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"In terms of the election, I will say that if a politician wears a red tie he -- or she -- may be viewed as more dominant and that might have an effect, but again, that's way beyond our data, " he explains.

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The question then becomes which is the dominant explanation and thus the final and total effect on music sales.

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His driving style was not suited to the off-throttle blown diffuser, which Vettel used to such devastating effect en route to 11 wins in a truly dominant season.

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Above all, America must lead efforts to grapple with the global recession, through its dominant position at the IMF, its vital role in resisting the siren call of protectionism and the stimulative effect of the vast government outlays Mr Obama is planning.

ECONOMIST: The 44th president