… and why we will keep subsidising the banking industry – from Peston at the Beeb.

Stephen King ( I am resisting the urge to make a cheap horror related joke), who is, apparently, managing director of economics at HSBC bank has a piece in The Belfast Telegraph talking about a feeling of nostalgia.

His closing line is high quality and rather funny.

UPDATED: Noon

Ambrose Evans-Pritchard in The Telegraph asks the big question

UPDATED 5pm.

And both Woolworths and MFI are to go into administration