Leon and Garry discuss the week’s business and economic news in England and Australia with Britain heading towards a hung parliament, Greece likely to default and go back to the drachma and Goldman Sachs head trader Fabrice Tourre banned from working in the City of London. The IMF says Australia is one of the leaders as the world recovers from a recession with growth rates expected to hit as high as 3.5%. Airlines are expected to lose $US2 billion from Iceland’s volcano. The latest HIA figures show that Australians have to pay more to build a home with the price of the average residential block rising to a record high. RBA minutes show the bank was looking at Australia’s improving terms of trade in raising interest rates with economists saying they will hit 5.25% by the end of the year. BHP is in trouble for corruption. Seven shareholders approve the merger with equipment maker WesTrac Holdings, the ACCC blocks NAB’s plan to acquire AXA Asia Pacific and pharmaceutical company Sigma faces an ATO investigation and legal action.