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While central government finances remain very conservative, the situation elsewhere is at best opaque.
Hague said savers were finding it "impossible to earn a worthwhile return" while central banks maintained ultra-low interest rates.
Croydon has been dubbed south London's Silicon Valley, while central London's famous "Silicon Roundabout" remains a magnet for tech startups.
The VAT take was also down, while central government spending rose by £4.2bn, partly due to a change in timing of grants to local authorities.
Miao said local government and the companies involved would have to take care of part of the cost while central government would provide support.
The wall of money from nervous investors finding its way into gold keeps pushing the price up, while central banks are now sitting on their reserves.
Faced with a prolonged double-dip recession, the Bank of England boosts QE by £50bn to £375bn while central banks in the eurozone and China cut interest rates.
While central banks in other parts of the world have been forced to reduce rates to near zero, Australia has never been in that position.
Health workers are due to strike over pay on Monday for four hours while central government workers will hold a one-day strike on Wednesday.
While central bankers in the 1970s and early 80s termed themselves "pragmatic monetarists", they remained determined to conduct monetary policy by discretionary variations in short-term interest rates.
He also noted new functions that have transferred to the council, including public health and social care, while central government funding has dropped.
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