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Tax breaks for fracking, Detroit bankruptcy and political crisis in Italy–our pick of the morning's headlines.

By Prospect Team  

George Osborne is proposing further welfare cuts

UK chancellor George Osborne has unveiled tax breaks for companies operating in the UK’s shale gas industry. These plans would make the country the “most generous” regime for shale gas in the world, according to the government.

It has proposed cutting the tax levied on income generated from producing shale gas–a complex process known as fracking, that involves the capture of gas found in underground rock formations–from 62 per cent to 30 per cent.

The decision has drawn fierce criticism from environmental groups,…

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