In the papers…

myfinances.co.uk takes its daily look through the financial pages of the dailies, finding some light at the end of the financial tunnel and the prospect of a property boom.

The Daily Telegraph reports Citi Group chairman Sir Win Bischoff is warning 2008 is not going to be easy.

However, he does predict the end of a meltdown: "I think there are sufficient numbers of people working very hard to get the financial system out of this and I think we will be able to do so."

In the UK, the Telegraph also reports Lloyds TSB is expecting house prices to fall only ten per cent in the coming two years – compared to some predictions of up to 33 per cent.

In the Financial Times, there are reports mortgage lenders are trying to cut their exposure to buy-to-let, with HBOS-owned lenders all cutting back the loan-to-value sizes on new-build flats and recent conversions.

Meanwhile, the Daily Express covers the rise in gazundering – the practice of buyers lowering their offer on a property at the last moment.

However, there is a UK house price boom in progress, reports the Independent. The paper reports on the growth of the super-prime property sector, with prices starting at £30 million

The Times reports on new plans from the Department for Transport for advanced driving tests to improve young drivers’ skills at the wheel – with the promised carrot of reduced car insurance premiums.

However, the Telegraph reports drivers are now spending £600 a year extra on tax compared with a year ago.

Finally, the Daily Mail reports Charles Clarke's demands for a mini-budget to sort out the 10p tax band mess. Although a volte face is unlikely, this places further pressure on Brown to make sure compensation plans are quickly enabled.

Daniel Barnes