FSA chief: Bailout bill may hit £140bn - papers

BRITAIN'S top financial watchdog has warned the cost of bailing out the banking sector could be as much as £140bn - far higher than Treasury forecasts, reports the Daily Mail.

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. 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....