Tuesday's papers

Two stories on the front pages this morning, the banks and the face of an ex Chelsea manager.

The Guardian reports that bankers could face a £25,000 cap on cash bonuses under plans being examined by the Treasury last night in a bid to silence the public outcry over the City's culture of huge rewards and dangerous risk-taking.

The Times reports how the bankers are lining up to meet the treasury today and both RBS and HBOS plan to issue a public apology.

The Mail meanwhile reports that the new boss at the Royal Bank of Scotland, chief executive Stephen Hester has been given a £4m contract.The paper says that this will bring accusations that the taxpayer-funded bank is happy to reward failure lavishly.

The Independent leads with the comments of Ed Balls who said yesterday that Britain is facing its worst financial crisis for more than a century, surpassing even the Great Depression of the 1930s.The paper adds that The schools Secretary's comments carry added weight because he is a former chief economic adviser to the Treasury and regarded as one of the Prime Ministers's closest allies.

The Telegraph adds that his comments appeared to raise the prospect of a return to the Far Right politics of the 1930s and the rise of Facism.

It leads with medicine and a report that millions more people could be put on statins to prevent a heart attack experts said as new research shows they are more effective than previously thought.

The tabliod headlines concern the sacking of Chelsea's latest manager,the Sun has Big Fail Scolari and the Mirror says £7.5m Fill your boots.The Guardian reports that English football finally took its revenge on Luiz Felipe Scolari yesterday. The 60-year-old Brazilian, who three times knocked the national team out of major competitions and then turned down the chance to succeed Sven-Göran Eriksson as its head coach.