Both the Guardian and the Telegraph lead with the banking crisis.The former says that yesterday's plunge in the share price of Barclay's herald the second phase of the banking crisis and set off a flurry of activity in Whitehall.
The Telegraph meanwhile says that taxpayers will be forced to underwrite over £200b of bad debt as the government plans to take control of the high street banks.
The FT writes that the Prime Minister has old the banks to come clean over the extent of their so called toxic assets and said that the latest crisis could threaten the world with what he called global isolation.
The Times says that the losses at Barclays followed the lifting of the ban on short selling
The Independent leads with a report that the recession has led to a crime wave with official figures showing that 31 police forces have seen offences on the rise.
According to the Times one of Britian's union leaders has a secret house-for-life guarantee and enjoys pay and benefits worth nearly £200,000.Derek Simpson, joint general secretary of Unite, has a deal to remain in his £800,000 grace-and-favour house in Berkhamsted, Hertfordshire
Both the Mail and the Express lead with a judge's ruling under the headline your home is your castle they report that Lord Chief Justice Lord Judge urged courts to impose harsh sentences on thieves who target vulnerable victims, steal irreplaceable sentimental items or terrify residents during break-ins.
The Mirror leads with the jailing of Boy George for 15 months after he was found gulity of the false imprisionment of a Norweigen man and the Sun leads with the news that the owner of Manchester City lost £440m yesterday as the club continues its efforts to buy the Brazilian star Kaka
The row over Heathrow contines the Times reports that elite businessmen who backed the third runway at Heathrow were members of a confidential BA club receiving special favours whilst the Guardian reports that Geoff Hoon and Emma Thompson have clashed as the transport minister accuses her of hypocrocy s she jet around the world
The Independent reports that there were tears at the White House as George Bush gave his final press conference and admitting he would have 'done some things differently if given the chance'
There are many tributes to Sir John Mortimore who died yesterday at the age of 85,the Times calls him a national treasure and the Mail reports the words of his publisher Publisher Tony Lacey 'It's hard to think he's gone. At least we're lucky enough to have Rumpole to remind us just how remarkable he was.'
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