Page last updated at 06:11 GMT, Friday, 10 October 2008 07:11 UK

Iceland's banks dominate papers


The plight of public and voluntary bodies with money stuck in failed banks in Iceland is the main story for many of the papers.

The Daily Telegraph says the diplomatic row between Britain and Iceland has echoes of the cod wars over fishing rights.

Its headline is: "give us our money back," while the Daily Mail's headline is: "Cold War!"

The Independent says council tax payers face higher bills or service cuts to pay for the "black hole" in finances.

'Ground breaking'

The Times leads with an article Gordon Brown has written for the paper.

He urges other governments to follow Britain in what he calls its "ground-breaking" moves to secure banks.

Mr Brown adds that when he became prime minister, he did not expect to make the decision for the government to offer to take stakes in high street banks.

But, he goes on, "these new times require new ideas. The old solutions of yesterday will not serve us well for the challenges of today and tomorrow."

City bonuses

According to the Daily Telegraph, city bonuses worth more than 3.5 billion are expected to be paid out this year, despite the financial crisis.

It says hedge fund managers, investment bankers and commodity traders are likely to receive seven-figure pay-outs at the end of the year.

However, the paper points out that the figure is a sharp fall from the 8.5bn given last year.

Gordon Brown has condemned the levels of remuneration in city firms.

Cheery news

Readers of the Daily Express will be cheered by the headline: "Cheaper food and petrol on the way."

It says retailers believe the plummeting cost of oil will lead to big price cuts before Christmas.

And the Daily Mail tries to lift the spirits of its readers with double-page autumnal picture of an 18th century lakeside garden in Wiltshire.

It says, despite the gloom, let us remember how lucky we are to live in such a beautiful country.

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