Jeremy Hunt has defended the latest figures, which show retails suffering an early drop in business as visitors stay away from central London during the Olympics.
The Culture Secretary told Daybreak: "It may be a bit up and down over the next few weeks, but in the years that follows, it's going to be terrific for London businesses.
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A man has been jailed for four years after he was cleared of having sex with a Shetland pony but convicted of outraging public decency.
Arguably the most striking of the IFS's conclusions is that over the last six years the wealthiest 10% have suffered the largest pay cuts.
It's still pretty wintry out there although the air over the next 12 or so hours will be fractionally less cold than it has been recently.