Dismay at banks over rate cut

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The papers express their anger towards the majority of High Street banks which have so far failed to pass on Thursday's dramatic interest rate cut to borrowers.

"Shame of the banks" is how the Daily Mail's front page sums up the feeling.

The paper says the banks stand accused of profiteering by failing to reflect the 1.5% cut in new, lower rates for mortgage holders.

The Sun promises to continue to name and shame those bankers it believes are holding back Britain's recovery.

'Bold move'

There is general praise for the scale of the Bank of England's cut in the rate of interest.

The Times describes it as a "bold and welcome move" but says it has come at the 11th hour - and may be too late.

The Financial Times says the size of the 1.5% cut indicates that the Bank is planning to reduce rates further still.

The paper says that investors now expect at least another percentage point cut to 2% by April, a rate not seen since the Second World War.

Tax burden

The FT and the Guardian report of hints that the government may announce tax cuts as a way of stimulating the struggling economy.

The Guardian says any cut might be part of an internationally co-ordinated effort to combat recession.

It is a move which would get the full support of the Daily Express.

The paper believes a reduction in the tax burden is essential to boost consumer confidence and save the livelihood of millions.

Political change

Away from the economy, there is a good deal of analysis of the new American administration of Barack Obama.

According to the Independent, the next US chief-of-staff, Rahm Emanuel, is one of Washington's most ferocious political operators.

As a new broom sweeps into Washington, there are reports that an old one might be sweeping back into Moscow.

The Daily Telegraph reports of signals that Vladimir Putin could reclaim the Russian presidency within months.