Banks may need fresh bailout

Many British banks may need another state bailout next year and their borrowing requirements could hit £25bn a month, the New Economics Foundation (NEF) thinktank will say this morning. The NEF said it had examined Bank of England data and concluded that many UK banks appeared to face a funding cliff. UK banks have a January 2012 deadline to repay £185bn they borrowed from the Bank of England against £287bn of illiquid assets.