Monday's papers

The Telegraph leads with a warning from the Bank Of England that we face a 1930's type depression.

In its latest quarterly bulletin the paper reports that

Investors have restrained the amount they are willing to lend, banks have grown reluctant to entrust their cash to each other and levels of stress in the system have hit new peaks,

The Independent meanwhile says that a report from PWC estimates that £40,000 has been wiped from the wealth of every adult in the United Kingdom, adding

that the fall in the value of property and shares owned by British households between July 2007 and February 2009 has reached the equivalent of 18 months-worth of national output

One group are hitting back according to the front page of the Times,

British pension funds are to sue Sir Fred Goodwin and the Royal Bank of Scotland in the American courts for hundreds of millions of pounds

and have enlisted the help of Cherie Blair according to the paper.

The Mail leads with an investigation into the MP Keith Vaz producing what is says is damning evidence of how the senior Labour MP intervened in a court case on behalf of a crooked friend .

Mr Vaz wrote to a High Court judge trying to halt proceedings against a firm which had lavished hospitality on him and his family.

The Guardian believes that it has found more evidence of Britsih compicity in torture.

Allegations of British collusion in torture have widened to Egypt, where a young British man says he suffered appalling mistreatment during a week of illegal detention while being interrogated on the basis of information that he says can only have come from the UK.