Taxpayers could face 4p hike to fill the £14bn black hole

Daily Mail
"Taxes would have to go up by between 3 and 4p in the pound to fill a £14billion black hole in Treasury revenues caused by the banking collapse, research will reveal today.The National Institute of Economic and Social Research will say ministers should delay tax increases or spending cuts until the crisis abates.The warning came after it emerged bankers have temporarily dumped £287billion worth of stricken mortgages on the Bank of England as they attempt to restore their finances to health.That is more than five times the amount first predicted by the Bank when it set up its Special Liquidity Scheme last year."