Economic woes dominate the papers

The looming recession and its likely effects provide many of the papers with their main stories.

The Financial Times warns of doubts about the security of the pensions of millions of workers.

It says company pension funds have record shortfalls of £155bn, partly due to falling stock markets.

The Pension Protection Fund, which helps people whose funds are left short when their company becomes insolvent, also has no reserves, the FT adds.

The Daily Telegraph says the government wants universities to retrain jobless bankers, lawyers and executives.

Ministers want the institutions to use £120m they will save on changes in VAT to pay for the courses, it says.

A "scandal" is how the Independent sees the interest rates charged by credit companies.

They have risen to an average of 17.5% despite the plunge in the Bank of England base rate.

The sacking of Haringey council's director of children's services is "a stunning triumph" for Sun readers, according to the paper.

It had organised a petition calling for Sharon Shoesmith to go after the death of Baby P.

The Daily Mirror believes Ms Shoesmith should have resigned.

It says the priority now must be to rebuild social services in the borough so that children are protected in future.

The Times reveals that the Labour Party is profiting from a credit card which charges interest at 18.9% - nine times the base rate.

It is run by the Co-operative Bank, which makes a donation to party funds when the card is issued and used.

The Guardian says Turner Prize-winning artist, Keith Tyson, is giving away 5,000 original works to readers who download an image from his website.

Each is a "unique randomly generated sequence of vertical stripes".