Darling under fire as he unveils new bail-out agency

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Former Lloyds finance director Sir Philip Hampton was made chairman of the new body — UK Financial Investments Ltd. It is a company owned by the Treasury to oversee the part-nationalisation of RBS, HBOS and LloydsTSB.

Mr Darling also appointed senior Treasury mandarin Sir John Kingman as the chief executive of UKFI. In a move that will make it one of Britain's largest companies, UKFI will in time also manage Bradford and Bingley and Northern Rock.

Mr Darling and Bank of England Governor Mervyn King were criticised during a meeting of the Treasury select committee today by members of the public angry that banks are being bailed out while the taxpayer receives nothing in return.