Bankers' £16bn bonus bonanza is the lead in the Independent this morning.The paper claims that

City bankers have not lost a penny of their multimillion-pound bonus packages so far, despite the credit crunch which has caused the worst financial crisis in 80 years, new figures show.
Official statistics reveal that, in the financial year to April, City workers took home £16bn, almost exactly the same as in 2007. The period covers the Northern Rock nationalisation and the UK employees hit by the Bear Stearns implosion. During the period, banks across the world were forced to make huge writedowns on investments linked to US subprime mortgages

A similar story leads the Guardian as it reports Wall Streer bankers in a $70b payout

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned

Although the financial crisis takes a back seat today many of the papers have follow ups on the weeks events,the Telegraph reporting that

For the first time since 1960, the cost of living will start to shrink next year, in a worrying parallel of the Japanese "disease" of the 1990s, according to new research.
The news comes amid growing speculation that the Bank of England will soon be forced to cut borrowing costs to 2pc or below, taking them to their lowest level since it was founded in 1694.

The Times reports that

Energy providers have been accused of over-charging millions of customers who pay estimated energy bills, a consumer watchdog said today.
Consumer rights organisation Consumer First said that the one in three households who pay estimated bills could be charged the price their energy is worth at the end of the billing period.

but it leads with another possible consequence

Immigration to be cut as unemployment soars

Strict limits are to be imposed on immigration amid fears that unemployment rises in the economic downturn will fuel racial tension.
Phil Woolas, in his first interview since taking over as Immigration Minister, said that he wanted to see a dramatic reduction in the number of migrants coming to Britain.

and the paper adds

In what many will see as extraordinary remarks for a Labour minister, he told The Times that the economic backdrop changed everything. “If people are being made unemployed, the question of immigration becomes extremely thorny . . . It’s been too easy to get into this country in the past and it’s going to get harder,” he said.

The other big story is on the front of the Mail which reports that

The mother of a paralysed rugby player who killed himself at a suicide clinic has defended her right to help him end a life 'filled with terror and indignity'.
Julie James is said to have been questioned by detectives investigating the death of her 23-year-old son Daniel in Switzerland last month.
He believed his damaged body had become 'a prison' and had tried to kill himself several times since a rugby training accident left him paralysed 18 months ago.

The Sun also leads with the story under the headline Set me free Mum it reports that

Danny had told parents Mark and Julie that his broken body had become “a prison” and he could not bear the thought of spending the rest of his life in a wheelchair after a training accident.

The Independent though reports that

Yesterday, his physio, who asked not to be named, told The Independent that she believed Daniel could have gone on to live a "worthwhile life". She added: "I heard that Dan had died last month and I was totally shocked. He was improving and, despite technically being a quadriplegic he still had the use of his arms and hands. He could feed and dress himself and was able to push himself around in his wheelchair. Most quadriplegics do improve over time; these improvements come perhaps two or three years after the accident. It was early days for Daniel."

Response to 9/11 was 'huge overreaction' reports the Guardian

A former head of MI5 today describes the response to the September 11 2001 attacks on the US as a "huge overreaction" and says the invasion of Iraq influenced young men in Britain who turned to terrorism.
In an interview with the Guardian, Stella Rimington calls al-Qaida's attack on the US "another terrorist incident" but not qualitatively different from any others.
"That's not how it struck me. I suppose I'd lived with terrorist events for a good part of my working life and this was as far as I was concerned another one," she says

'Axis of Diesel' forced to change its ways reports the Times

Together they form an “Axis of Diesel”. Buoyed by petrodollars, Russia, Iran and Venezuela hectored the West as they extended their reach abroad, backing separatists in Georgia, Islamists in the Middle East and Leftists around the world.
Now those oil-producing powers may be forced to draw in their horns as crude prices tumble. They face austerity budgets that could force them to scale back their military spending and foreign assistance even as falling oil prices fuel domestic dissent.

The Telegraph leads with the Metric 'martyrs'

Councils will be banned from taking the so-called "metric martyrs" to court for "essentially minor offences" such as selling goods weighed in pounds and ounces.
The decision is believed to have been prompted by the case of Janet Devers, the east London market trader who had to pay nearly £5,000 in costs and received a criminal record earlier this month after a prosecution brought by Hackney council

Madonna continues to attract attention,the Mirror reporting that

Madonna's marriage finally broke down in a bitter row over a £1.5million gift she gave husband Guy Ritchie.
The singer handed over the cash for him to make a film but was furious when he announced he was suspending the project because of his troubled relationship and she demanded the money back.

Staying with celebrity the Sun has an exclusive saying that

FALLEN soccer idol Paul Gascoigne is facing bankruptcy over debts to the taxman
His finances will be probed at a court hearing next month.
It will heap further public humiliation on unstable Gazza, 41 — who has been battling booze and drugs.

The Independent looks at the latest Bond film which,shakes and stirs, but where’s the old humour?

James Bond is back for the 22nd time. The story carries on where Casino Royale left off. Bond (Daniel Craig) is still smarting over the death of Vesper Lynd and desperate to exact revenge. Frenetic, full of chase sequences and sudden switches in location, the film has a demented energy about it, as if it’s taking his feverish tempo from Bond himself. He – we learn early on – is “running wild”.

Finally the Mail reports that

For 20 years, Bernard and Denise Lumsden's home has been a twinkling beacon of Christmas joy. In the past decade alone, their stunning display of 50,000 light bulbs and Santa scenes has helped raise £15,000 for charity.
But this year, they've had to pull the plug.

the reason?

The couple can no longer cope with the soaring electricity bills and the cost of meeting health and safety standards.
Mr Lumsden, 58, said: 'We are both so sad and choked up about it. Just talking about it is upsetting.
'We are going to miss seeing the big smiling faces on the children and the mums, dads and their grandparents.'