Papers focus on banking fall-out
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http://news.bbc.co.uk/go/rss/-/1/hi/uk/7675269.stm Version 0 of 1. The fall-out from the banking crisis remains the focus for many papers. Financial Services Authority head Lord Turner uses interviews in the Guardian and the Financial Times to say it is time to end "soft-touch regulation". But he tells the Guardian the FSA had been too reluctant to interfere in the past because of concerns over the potential impact on competitiveness. In the FT, he says banks and insurance companies should expect to pay higher fees for a stronger regulator. Stronger dose The Daily Telegraph suggests the financial crisis is so severe the Bank of England could cut interest rates to 1% for the first time in its history. Former Treasury adviser Roger Bootle tells the paper if the "medicine is not working" a "stronger dose" is needed. The Times says ministers are trying to shame petrol and energy suppliers into passing on the falling cost of oil. The Daily Express says the government is right to get tough with "all manner of excuses" from firms over prices. Green taxes The government's commitment to reduce greenhouse gas emissions by 80% comes in for criticism. The Independent reports that while environmentalists welcomed the move there was some disappointment aviation and shipping would not be covered. It adds European leaders should not shy away from tackling climate change because of the economic downturn. The Daily Mail claims the decision will cost families £1,000 per year and could usher in an era of green taxes. Streets of gold Photos showing the red, white and blue of the Olympic celebrations in Trafalgar Square are in nearly all of the papers. The Daily Mirror speaks of the day when the streets of London were "paved with gold" as winners paraded their medals. The Daily Star suggests the event lifted the UK from its economic gloom. But some papers think the celebrations should have been held much earlier. "Victory always tastes sweeter when it's fresh," says the Daily Mail. |