At Ockham, we have a Fairly Valued or neutral rating on STD, and we would like to get more visibility into the earnings capacity of the expanding bank when the dust settles.

FORBES: Tempted To Step Into Spain With Santander

On the first point, although some tax increases will be needed to shore up fiscal capacity lost when revenue-raising financial services and property deals bit the dust, international experience argues that spending cuts, not tax rises, should bear the brunt.

ECONOMIST: Britain's budget