The bubble this time was not in valuations and their relation to interest rates, the usual metric, but in debt and leverage.

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The bottom line: PE should be seen in relation to the level and the direction of interest rates rather than in relation to its historical level.

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"We find in this case that there is a very strong public interest in transparency and accountability in relation to the risks involved in introducing the NHS reforms, " the tribunal said.

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She explained that the Seminar deals with themes of great interest for UNESCO, in relation to culture, education and communication, and their relationships with audiovisual production and the new generations.

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It should "consider what lessons are to be learned in relation to transparency, conflicts of interest, culture and the professional standards of the banking industry", Mr Osborne suggested.

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Examinations regulators, Ofqual, are planning to investigate potential conflicts of interest in the sector, particularly in relation to study aids such as text books and training services.

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And despite historically low interest rates, household debt service is now at record levels in relation to income.

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As the standards movement gained strength in the early 1990s, however, educational and political leaders at the state, district, and even school levels began to show greater interest in how other countries defined academic quality and how U.S. students fared in relation to their peers in other nations.

UNESCO: II Part Analytic Section

The spokesperson added that Mr Lewis provided assurances to the mayor's previous chief of staff, Sir Simon Milton - who died in April - and the GLA's head of paid services, that he had "no conflicts of interest in relation to the mentoring programme bidding process".

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