A company run by Michael Spencer, the Tory party treasurer, gave investment advice to almost half the councils facing a funding crisis as a result of the collapse of Iceland's bank, the Independent reveals.
Peter Oborne writes in the Daily Mail that Britain is a nation on the brink of going bankrupt.
Big government is interfering where it is neither wanted or needed, writes Philip Johnston in the Telegraph.
The Financial Times suggests "four fixes for America's fiscal fiasco".
Holyrood managers faced calls last night for an emergency statement on the way the parliament is run, the Scotsman reports, after it emerged that a senior official will walk away with a redundancy package of up to £270,000 as a result of a job-loss plan she was involved in drawing up.
Nick Clegg, the Liberal Democrat leader, tells Mirror readers to "buy British".
