The dire situation of the UK is brought home on many of the front pages this morning.
The Telegraph leads with the comments of the governor of the Bank of England who warned yesterday that Britain was on the brink of a second credit crunch.
The eurozone crisis has left UK banks unable to raise the funding they need to make loans to businesses, evoking the spectre of the crunch that followed the collapse of Lehman Brothers says the paper.
For the Times it is the jobless figures as it reports that the number of young people without a job hit one million for the first time yesterday as plunging growth forecasts put Britain on recession alert.
Pain but no gain says the Indy which leads with Andrew Grice's commentary that Government borrowing is expected to rocket to levels higher than was envisaged by Labour
The Guardian believes that the current crisis will mean the Chancellor will miss his deficit target.It is now expected,says the paper,that the Office for Budget Responsibility will declare at the time of Osborne's autumn statement on 29 November that the downturn's impact is more permanent than thought and the government may not be able to meet its commitment to eliminate the structural deficit.
For the Mail,our unemployment is the fault of foriegners as it reports that yesterday's statistics show the number of British-born workers has crashed by 311,000 in a year, equal to more than 850 a day. In the same period, foreign-born employees jumped by 181,000 - 495 a day.
A theme also taken up by the Express which claims on its front page that Foreigners have taken more than 12,000 new jobs a month, while 1.2 million British youngsters are on the scrapheap by being out of work.
Elsewhere the Sun is one of the many papers which takes a dislike to the comments of the Fifa president Sepp Platter who says the paper,sparked outrage yesterday by claiming there is no racism in the game and said that said that, if there was, players should sort it out with a handshake.
The story of the tourists who clubbed together to raise £20,000 in a whip-round to secure the release of their charter flight is also well covered.The Times reports that after a five-day delay in Amritsar, their anguish only grew when told that they would have to leave the aircraft in Austria as the airline had run out of money to complete the onward journey.
Day three of the Leveson inquiry and the Guardian reports that it heard how Milly Dowler's mother reacted with "euphoria" when she found that messages on her daughter's phone had been deleted.
Kate McCann was left feeling “mentally raped” after the News of the World published the private diary she had been keeping for her missing daughter says the Telegraph
Another inquiry is reported in the Independent which says that the Iraq Inquiry has delayed its report by at least six months as it argues with the Government over the release of top-secret documents
Day three of the men accused of killing Stephen Lawrence and the Mirror reports how he was murdered in just 10 seconds by a gang of white youths who then just casually walked off,
Finally it is not all doom and gloom at least in the world of art as the Times reports that a painting by L. S. Lowry of Piccadilly Circus sold for £5.6 million last night, matching the record price for a work by the artist.