The financial crisis has cost the British economy up to £7.4trn in lost output, according to the Bank of England.
Andrew Haldane, the Bank's executive director for financial stability, said taking into account the permanent damage done to the productive potential of nations across the world - as well as the immediate costs of supporting the banks and the recession - there is an output loss equivalent to between $60trn and $200trn for the world economy and between £1.8trn and £7.4trn for the UK.
He put the hidden cost to the taxpayer of the implicit support offered to the big UK banks at more than £50bn, reports The Independent.
Mr Haldane advocated new structural controls on the banks, a policy at odds with the current views of Lord Turner, chairman of the FSA, and the Treasury. Read more
ISAs - a tax break created by Gordon Brown to encourage millions of people to save - has degenerated into a £3bn a year rip-off that enriches the banks, according to a damning verdict from the statutory consumer watchdog.
Consumer Focus has made a formal complaint to the Office of Fair Trading (OFT) alleging that cash Isas pay derisory rates of interest and that banks use unfair obstacles to stop people from switching to better deals, reports The Times. The OFT has 90 days to respond.
Banks and building societies are currently engaged in a marketing frenzy to persuade people to pile more money into Isas before the end of the tax year on Easter Monday. Read more
The Irish Government will inject billions of euros into the country's stricken banking sector by putting a large chunk of the lenders' problem loans into a "bad bank", reports The Times.
Ireland's central bank and financial regulator also laid out plans to force five banks and building societies to raise almost €20bn (£17.8bn) in new capital by the end of the year to bolster their financial strength.
The group of banks and building societies will put loans, many of which were to property companies at the height of the construction bubble, with a book value of €16bn into the bad bank, called the National Asset Management Agency (Nama). Read more
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