The day the world's banks wobbled says the Mail as the paper reports that central banks from around the world,launched a dramatic rescue bid worth hundreds of billions of pounds to prevent another credit meltdown on a par with 2008.
The Telegraph says that the emergency action to stop the international financial system from freezing up again was prompted by rumours that a European bank was facing difficulties and could not raise money whilst adding that Downing Street said last night that Britain has entered a second credit crunch.
Meanwhile the effects of the autumn statement are being widely reported.The Times,Independent and the Guardian lead with the findings of the Institute for Fiscal studies which says that families are suffering the worst squeeze in living standards for more than half a century, and will be no better off in 2016 than they were in 2002.
With the background of up to 2 million public sector workers walking out in protest against changes to their pensions,says the Guardian,the thinktank warned that families with children will be worse off in 2016 than they were 14 years earlier as they cope with more than a decade of austerity.
The rich get richer and the poor get poorer says the front page of the Independent which says that the IFS concludes the poor will suffer disproportionately from the Chancellor's failure to increase tax credits.
Meanwhile after a day of public sector strikes the Mirror reports that Jeremy Clarkson caused outrage last night when he said striking public sector workers should be shot dead “in front of their families”.
The BBC,adds the paper, was immediately forced to apologise for his comments in a live interview on BBC1 flagship programme The One Show.
The Sun calls it the buy buy strike revealing that the strike flopped yesterday as workers delivered a massive snub to the walk-out call adding that many people who did take the day off went shopping instead of manning the picket lines.
Elsewhere, William Hague has ordered the expulsion of Iranian diplomats from the UK and announced that the UK is closing its embassy in Tehran reports the Guardian
Many of the papers report on the inquiry, carried out by Lord Woolf,into the relationship that developed between Gaddafi’s Libya and the London School of Economics.
The university built up increasingly extensive ties with the regime over almost a decade after admitting Saif in 2002. It allowed him to start a PhD in philosophy despite concerns over his academic ability and accepted a £1.5 million donation from his personal charity with limited inquiries into the source of the cash.
The Telegraph adding that The Blair government tried to secure a place at Oxford University for Saif al-Islam.
The Times reports the comments of Sir David Attenborough,who speaking before this week’s international climate negotiations in South Africa told the paper that the future of the planet is at risk because people living in cities have lost a sense of responsibility towards the natural world.
The Independent recognises World Aids day reporting that thirty years after the disease surfaced, Barack Obama is today expected to declare "the beginning of the end" of the disease thanks to the dramatic results achieved by antiretroviral drugs.
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