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The announcement that the government is not going to revalue the council tax bands in England makes the front pages of a number of newspapers.

The Daily Mail rejoices at the parallel news that the government will also scale back the property database used by valuation officers.

It describes the announcement as the demise of

The Daily Telegraph also welcomes the story, saying that

The Sun attacks council tax in principle, describing it as no more than a

Meanwhile, the Independent quotes Local Government Secretary Eric Pickles on the decision to scale back the power of council tax band inspectors.

" he tells the newspaper in an interview.

The Times focuses on the forthcoming public spending cuts, specifically those in the defence budget.

The UK's Defence Secretary Liam Fox has given a that the Britain will keep its nuclear deterrent, reports the paper.

The Guardian considers the plans by Suffolk County Council to outsource, or sell off, most of its services.

The paper says that in theory, outsourcing transfers cost and risk from councils to the private sector.

However, it warns that if done badly it,

The Daily Mail also looks at the news that Stuart Gulliver is to become the new chief executive of HSBC.

It warns that the move will enrage critics of because Mr Gulliver is currently head of the group's investment bank.

The Financial Times describes the boardroom manoeuvrings at HSBC as out of character with its reputation for consensus-based, smooth management.

One banker tells the paper that HSBC's board is