SIR – In reply to Mr Murray (Letters, October 17), the very last thing this country needed in 2010 was a bunch of ex-public school toffs flagrantly doling out our money to their friends in the City. Thanks to the power-hungry Lib Dems, though, that is precisely what we have had for three long years. As of today, the British taxpayers are carrying an almost £2 trillion bail-out package for the banks including oceans of Quantitative Easing (newly-printed money for their exclusive use).

In addition, this ‘austerity’ government has borrowed a further £500 billion so far, just to keep the wheels on the public sector.

Oh, and did I mention that because banks are ‘too big to fail’ we will also be picking up their long-standing (and largely hidden) bad debts of almost £7 trillion when they do eventually default (within 2 years would be my best guess) I admire Mr Murray’s optimism for the future, but the financial chasm that the current coalition has opened up in front of us simply cannot be avoided.

However, I will say that what happened in Cyprus should inform anyone who is interested as to precisely what they should do to protect themselves.

Christopher Hindle, Osterley Grove, Bradford