£50b going into British banks is the main headline this morning.The Telegraph calls it the day of reckoning

The plan will see the taxpayer take large stakes in the major banks in return for a massive injection of money to prop up their shattered balance sheets.
The part-nationalisation deal comes as a last-ditch effort to prevent the banks from a catastrophic collapse, following another day of hammering on the stock market.

Banks fall under state control says the Mail

The Independent asks will it be enough to save us reporting that

Eight UK banks and building societies - including RBS, Barclays, HBOS, Lloyds TSB and Nationwide - have signed up to an initial £25 billion scheme.
The bail-out comes after another day of panic on the stock market, with banks suffering devastating share losses amid concerns over their funding. Royal Bank of Scotland shares fell by almost 40 per cent.

Taxpayer on the hook for a bailout says the Times and it describes the Chancellor's day

Alistair Darling’s car nosed into an industrial estate on the edge of Luxembourg in the teeming rain shortly after 7am yesterday. The Chancellor, who had been woken at 4am, looked drawn.

The inside pages are dominated by financial news,the Guardian reporting that

The government was last night facing the very real prospect of the first British consumers losing substantial amounts of their savings following the collapse of the popular internet bank Icesave.
More than 300,000 British savers had accounts worth in total £4bn with the Icelandic bank, attracted by best-buy savings rates of more than 7%, on offer as recently as Monday.

The Mail reports that

A major recession will take hold of Britain next year, the International Monetary Fund has warned.
Leaked figures showed that the world is heading for a 'major downturn' and that the UK will be one of the biggest casualties.
IMF staff have downgraded their economic forecasts for nations across the world and dramatically increased estimates of the total losses to be inflicted by the sub-prime mortgage crisis which started in the U.S.

The Independent says that

Order books at British factories are in their worst state for nearly 30 years and the labour market is shrinking rapidly, adding weight to predictions that a full-blown recession is just around the corner and intensifying pressure on the Bank of England to cut interest rates tomorrow.

The Times reporting that

Sir Fred Goodwin, chief executive of Royal Bank of Scotland (RBS), and chairman Sir Tom McKillop were under enormous pressure to leave this morning as part of the Government's £50 billion bailout plans after shares in the UK's second biggest bank fell 39 per cent yesterday over funding shortfall

The Sun and the Mirror are the only papers that don't have the banking crisis on their front pages.The former leads with the mother of all council houses

A MUM of seven is being paid £170,000 a year in benefits so she can live in a £1.2million mansion.Taxpayers hit by the credit crunch fund the swish seven-bedroom home enjoyed free by Afghan migrant Toorpakai Saindi and her family.
And her landlord is raking in rent of more than £12,000 a month from a local council — funded by taxpayers.

Kelly Hunk is clunked says the Mirror reporting how

Kelly Brook’s rugby love Danny Cipriani was left bleeding and dazed yesterday after being battered in a training ground brawl.
The England sporting pin-up was knocked out in a bust-up with club and international team-mate Josh Lewsey.
The golden boy of English rugby was left nursing a bloody nose and cut lip following the incident at Wasps’ training ground in west London – and the session was allegedly abandoned

Away from the banking crisis the Telegraph reports that

School should identify pupils at risk of being groomed by violent radicals, according to official guidance.

,the paper adds that

They should look out for extremist material being distributed among children and target pupils with counselling, it is suggested.
Teachers are also encouraged to allow pupils to debate controversial topics such as the Iraq war - stopping frustrated young people turning to radical groups and crime.

According to the Independent,A-level exams system is 'not fit for purpose'

according to Sir Mike Tomlinson, who led a government inquiry into exam reform.
The former chief schools inspector who headed an inquiry into the future of secondary education, told a conference in London yesterday that there were "searching questions" to be answered about the exam.

The Guardian reports that

There could be as many as 200,000 fraudulent identity documents - UK driving licences and passports - in circulation, the Guardian has learned.
The scale of the problem at the Driver and Vehicle Licensing Agency (DVLA) and the Identity and Passport Service (IPS) threatens to undermine increasingly elaborate border security systems. The relatively high error level in national identity databases is forcing both organisations to upgrade procedures and develop automated facial

Politics has taken a back seat in the last few days but the Times reports that

The Conservatives have strengthened their position in the polls after the party conference season, even though support for Labour has bottomed out after falling sharply over the summer, according to a new Populus poll for The Times.
The poll, undertaken over the weekend, shows that the public is worried, but not panicking, about the global financial turmoil; does not blame the Government; admires Gordon Brown’s experience; but does not believe the reshuffle will alter anything, and clearly thinks it is time for a change.