One of Britain’s leading financial watchdogs has described allowing big banks to fail without receiving a bailout from taxpayers as the ‘holy grail’. Andrew Bailey, a senior official at the Bank of England and the Financial Services Authority, said it must be a top priority for regulators when rules come into force next year. Taxpayers are sitting on combined losses of more than £30billion in Royal Bank of Scotland and Lloyds as share prices have plunged since they were bailed out in 2008....Read more here