Web Only: the best of the blogs

The five must-read blogs from today, including Paul Krugman on how the US is paying down its debt.

1. Debt And Transfiguration

The US is doing better at deleveraging than countries that talk much more about the evils of debt, notes Paul Krugman.

2. Cabinet fight over trade unions and lobbying

Trade unions could be listed on a new register of lobbyists, because of the influence they have over the Labour Party, reports the Independent's Jane Merrick.

3. Jon Cruddas wades in on responsible capitalism debate

The Guardian's Patrick Wintour reports that Cruddas has called for all shareholders to be forced to disclose their voting practice.

4. What's the most effective way of ensuring fair wages for low earners?

Liberal Democrat Voice's Prateek Buch looks at how the government could boost the wages of the working poor.

5. Tax morale and self-fulfilling beliefs

Stumbling and Mumbling's Chris Dillow writes that years of neoliberal ideology have increased people's willingness to dodge taxes.

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Police shoot man in parliament

A man carrying what appeared to be a knife was shot by armed police after entering the parliamentary estate. 

From the window of the parliamentary Press Gallery, I have just seen police shoot a man who charged at officers while carrying what appeared to be a knife. A large crowd was seen fleeing from the man before he entered the parliamentary estate.

After several officers evaded him he was swiftly shot by armed police.

Ministers have been evacuated and journalists ordered to remain at their desks. 

More follows. Read Julia Rampen's news story here.

Armed police at the cordon outside Parliament on Wednesday afternoon. Photo: Getty

George Eaton is political editor of the New Statesman.