The City regulator has warned the cost of bailing out the banking sector could be as much as £140bn - far higher than Treasury forecasts.
Lord Turner believes the UK's rescue of its banks would cost no more than 5-10% of national income, which stood at £1.4trn last year, according to the Daily Mail.
However, his £70bn-£140bn estimate is significantly higher than other official projections. Read more
SENIOR TORIES expressed growing unease over the Lord Ashcroft tax saga as new evidence emerged to contradict the billionaire donor's account of how he became a peer, reports The Times.
The party's deputy chairman shocked colleagues when he revealed he had not paid tax on his overseas fortune since becoming a member of the House of Lords a decade ago.
As David Cameron tried in vain to draw a line under the affair yesterday, senior Tories expressed surprise at the revelations of Lord Ashcroft's non-dom status. One said the peer, who has helped to organise and bankroll the Conservatives' election campaign, had used "smoke and mirrors over a long period of time".
Another said that previous party leaders had adopted a "don't ask, don't tell" approach. Read more
BRITAIN'S largest companies handed over more than half their gross profits to the Government in taxes last year prompting FTSE 100 finance directors to warn the burden was damaging investment and job creation, reports The Telegraph.
The One Hundred Group, whose members represent household names like Marks and Spencer, HSBC and BP and employ almost 6% of the UK workforce, has calculated the Government took 56.6% of their gross profits in taxes last year, up from 48.6% in 2008. Read more
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week