DOES the admission by the governor of the Bank of England, Mervyn King, at this month’s TUC Congress that the financial sector and policymakers were to blame for the current budget deficit (which we already knew) mean he will have returned to London for meetings with Bank colleagues and the Chancellor to work out how much the bankers owe the taxpayer for direct loans to prevent insolvency?

Will they also assess the profit the banks have made from other taxpayer investments – ie, quantitative easing and then work out a repayment plan which will negate the need for any cuts in public spending?

TW Davy, Bishop Auckland.