The ramification sof the rate cut continue to dominate the papers

Banks cave in on home rates loans says the Mail as it reports that

Banking giants were shamed into slashing their mortgage rates yesterday following a direct order from the Prime Minister.
The move will be cheered by more than a million homeowners whose monthly bills will drop by around £135 on an average £150,000 loan, and many more should benefit soon.
It comes after banking chiefs were summoned to an emergency meeting at the Treasury yesterday morning and read the riot act.

The Telegraph says that

The Prime Minister said this morning: "We are determined to get banks to resume lending." The rest have refused to say when or by how much they might lower their rates. Their average standard variable rate is 6.79 per cent, according to researchers at MoneyFacts. This is more than double the base rate. The gap between base rates and mortgage rates has not been so high since the end of the Second World War

Meanwhile according to the Guardian

Tesco boss put pressure on Bank to cut rate

Sir Terry Leahy, the chief executive of Tesco, outlined his concerns about the economy and argued for a big cut in the cost of borrowing to help restore consumer confidence. Details of the breakfast-time meeting in Threadneedle Street emerged as the chancellor, Alistair Darling, ordered Britain's major high street banks and mortgage lenders to slash their borrowing costs by the full 1.5 points - and most of the banks complied

Give savers a fair deal says the Express

Banks were shamed into passing interest rate cuts on to borrowers yesterday – but it came at the expense of millions of savers.
After an emergency meeting with the Chancellor yesterday, bank bosses caved in to demands to pass on Thursday’s 1.5 per cent Bank of England base rate cut to their mortgage customers.

The Independent leads with,First the rate cut. Now for tax cuts

Ministers said a combination of targeted tax cuts and a speeding up of government building projects – to be financed by higher borrowing – would complement the interest rate reductions in a three-pronged strategy that would hopefully allow Britain to bounce back as quickly as possible from the looming recession. "We have got to use all the levers at our disposal," one said

Puppies and economy fill winner's first day reports the Guardian

Barack Obama set the tone for his presidency yesterday in his first public appearance since being elected when he displayed authority, humour and panache seldom evident in George Bush.
Taking questions at a press conference in his hometown of Chicago, he showed the same sense of cool that he had on the campaign trail as he dealt with questions ranging from the economic crisis and the nuclear stand-off with Iran to the choice of puppy for the White House

The Times says that

A sombre Barack Obama sought yesterday to bring America’s soaring expectations back to earth after meeting a team of economic experts, as the storm clouds of recession gathered.
“Some of the choices that we make are going to be difficult,” he said. “It is not going to be quick and it is not going to be easy for us to dig ourselves out of the hole that we are in.”

Speaking with 17 of his economic advisers arranged behind him, he added: "We cannot afford to wait on moving forward on the key priorities that I identified during the campaign, including clean energy, health care, education and tax relief for middle-class families."
His question and answer session with reporters in Chicago began more than 20 minutes late and came after he and Vice President-elect Joe Biden held talks with the 17 members of their transition economic advisory board.

says the Telegraph

There is much coverage of the Glenrothes result,and according to the Mail

Sarah Brown was hailed as the Prime Minister's secret weapon yesterday after Labour pulled off a decisive by-election win in Glenrothes.
A buoyant Gordon Brown welcomed the result as a 'vote of confidence' in his leadership and his handling of the economic crisis.
But his wife attracted her own share of the plaudits after she spent days knocking on doors to plead with the voters on behalf of her husband.

Salmond blames himself as PM celebrates victory says the Independent

as the Prime Minister basked in the warm glow of victory in London, at his headquarters in Edinburgh an uncharacteristically subdued Alex Salmond was feeling the bitter chill of defeat. He said he was responsible for the SNP's inability to overturn the 10,664 majority at Glenrothes and capitalise on its runaway popularity.
"The failure is of the campaign leadership, which is me effectively, for not recognising that we should have changed our campaign to face down a scaremongering campaign," Mr Salmond said. "That's my fault for not having my finger on the political temperature in the constituency."

Labour ‘racism’ would block British Obama, says Trevor Phillips reports the Times

Barack Obama would never have been elected prime minister in this country because of “institutional racism” in the Labour Party, the head of Britain’s equality watchdog has told The Times.
Trevor Phillips says in an interview today that the public would be happy to vote for a black leader, but the political system would prevent an ethnic minority candidate getting to the top.

The Sun's front page reports that Poppies are banned at the Palace

ROYAL staff are furious over an amazing ban on poppies at full state banquets at Buckingham Palace.
Flunkies were ordered not to wear the flower in remembrance of Britain’s war dead at a bash for foreign diplomats. Some claim Foreign Office officials warned they could be FIRED if they did.
Staff said they were told the poignant symbol might offend ambassadors at last Thursday’s dinner — hosted by the Queen.

BBC under fire over hip-hop slant on Obama win says the Guardian

Pitting hip-hop star Dizzee Rascal against Jeremy Paxman in a Newsnight special was probably designed to up the "yoof" factor in the heavyweight debate about the consequences of Barack Obama's election victory.
But rather than receiving plaudits for making the programme less stuffy, the BBC has been criticised for its unorthodox choice of guest, with Paxman accused of conducting a "patronising" and "crass" interview with the London-born rapper.Critics say the 58-year-old journalist asked questions that he would not have put to a young white musician - such as "Mr Rascal, do you feel yourself to be British?"

Meanwhile the latest installment in the Ross-Brand fall out is reported in the Telegraph

Radio 2 executive resigns over Jonathan Ross and Russell Brand prank

Dave Barber, who headed the compliance department at the BBC station and cleared the offending material for broadcast, has resigned from his job.
His departure follows those of Lesley Douglas, the Radio 2 controller, and Russell Brand, who joined Ross in making the prank calls to the Fawlty Towers star.

reports the Telegraph

50 children die in Haiti school collapse reports the Telegraph

A hillside school in Haiti, where 500 students crowded into several floors, collapsed during classes on Friday, killing at least 50 people and injuring many more.More children were believed buried in the rubble of the concrete building, and the death toll was likely to go higher, officials said.
Neighbours suspected the building was poorly rebuilt after it partially collapsed eight years ago, said Jinny Germain, a French teacher at the school.
She said people who lived just downhill abandoned their land out of fear that the building would tumble onto them, and that the school's owner tried to buy up their vacated properties

Maoris prepare to wield power reports the Times

The views of the Maori population of New Zealand have never been as important as they are now. Today, the country goes to the polls, with neither Labour nor the National Party expected to gain an outright victory under the proportional voting system. It is likely that the Maori Party will hold the balance of power.
“Our time has come,” Whatarangi Winiata, the president of the Maori Party told The Times yesterday

Many of the papers report the story of the

Pilot lands without a scratch after going blind at 15,000ft

When the instruments on Jim O'Neill's four-seater Cessna aircraft became difficult to read, he assumed it was the glare of the sunlight as he flew over north England at 15,000ft. It was only when the dials blurred completely that he realised the full horror of his predicament: he was a solo pilot who had suddenly gone blind.
Struggling with the aftermath of a mid-flight stroke – which had put pressure on his optical nerve and robbed him of his sight in one eye and left him with very limited sight in the other – Mr O'Neill found himself unable to follow instructions from civilian air trafficcontrollers attempting to guide him to the nearest airstrip. Instead, an extraordinary rescue was launched when RAF staff, overhearing the emergency, offered to send a military plane to fly alongside Mr O'Neill and shepherd him in to land, issuing instructions to him over the radio

Staying with aviation and the Express reports that

Two Russian pilots caught drunk as they were about to fly a jet out of a British airport were sacked yesterday.
They had four pints of lager each but because it tasted “very watery” compared to Russian beer they did not think it would be a problem, a court heard

The Times reports that

British criminals believed to be behind Ireland cocaine seizure worth £500m

Cocaine worth more than £500 million – one of Europe’s largest hauls – has been seized off the southwest coast of the Irish Republic in an operation that is thought to have targeted a British criminal gang.
A 60ft yacht once registered as British was being examined yesterday and three men – two of whom were described by Irish police as English and aged between 44 and 52 – were under arrest after the international operation. The third man was believed to be from Dublin.

The Mail reports that

Woman stabbed by teenager survives after knife snags on her £6 Asda bra

When a teenage thug demanding money lunged at Vicky Parsons with a knife she feared she was about to be stabbed to death.
But as the blade pierced her chest she was miraculously saved - by the wiring in her white £6 supermarket bra.
Further examinations revealed that whilst the knife had punctured her skin the wire had stopped it travelling any further.
Last night, the 26-year-old barmaid from Hull said: 'Thankfully the underwire in the bra took all the shock – it saved my life.'

The Mirror leads with the story of

A pensioner told yesterday how X Factor star Rachel Hylton mugged his wife in their home.
Rachel, an 18-year-old crack addict at the time, barged into 61-year-old Marjorie Mair’s house and tried to wrench her bag from her shoulder after following her
in North London. Husband Hepburne, 68, said: “I heard Marjorie screaming and sprinted downstairs to see her wrestling with this girl. It was terrible.”
Rachel, now 26, has already told X Factor bosses she was jailed after a string of offences.

Adlington: I should win BBC award, not Hamilton reports the Independent

Lewis Hamilton earned the nation's admiration and sporting adulation when he became Formula One's youngest ever champion last weekend. And his dramatic victory in the rain in Brazil apparently made him a racing certainty to be voted BBC Sports Personality of the Year.
But another young champion says Hamilton should not walk off with the prize at next month's award ceremony. Rebecca Adlington says an Olympic victor and not the F1 driver should win the prize. And the 19-year-old swimmer, who won two golds at this summer's games in Beijing, even suggested that she should take the accolade.

Finally the Sun has much to gloat about this morning as its Page three ammii kops a Hubby

Page 3 girl Amii Grove proving she’s a big fan — after getting engaged to Liverpool star Jermaine Pennant. Brummie Amii, 23, exclaimed “Yes!” when the 25-year-old winger, who she has dated for nearly two years, got down on one knee and presented her with a diamond ring.