PRESS DIGEST- British Business - Dec 29
Dec 29 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- Britain is facing higher taxes if chancellor George Osborne is to meet his goal of eliminating the budget deficit by 2020, a survey of leading economists by Times has found. (http://thetim.es/1Vn08Vz)
- Sound Energy is expected to announce multimillion-pound backing today to develop three new wells in the Sahara desert. Schlumberger, which has been hammered by falling oil and gas prices and forced to cut 20,000 jobs, has agreed to pay for 80 per cent of Sound Energy's first appraisal well at Tendrara in the Oriental region of Morocco, then 75 per cent of the cost of two further wells. (http://thetim.es/1Zye81d)
The Guardian
- Lidl is to sell English wine for the first time, in a major commercial boost for the burgeoning industry. As part of its latest push to attract well-heeled shoppers, the German discount supermarket will stock three Broadwood's Folly wines made by Denbies. (http://bit.ly/1SjkzDh)
- Cheaper petrol and food left households with more money to spend on new cars, furniture and going out this year. A new report into disposable incomes highlights how lower spending on essentials in 2015 meant Britons were able to buy more luxury items like jewellery and watches as well as spending more on their homes and gardens. (http://bit.ly/1Ovz5Iq)
The Telegraph
- Ministers have been accused of bringing in a "tax on marriage" after it emerged that couples will be forced to pay a higher rate of stamp duty when buying a second home. A consultation published by the Treasury revealed that married couples will be treated as "one unit" and have to pay an extra 3 per cent in stamp duty if they buy an additional property. (http://bit.ly/1NMp0U0)
Sky News
- The economic impact of the flooding that has devastated parts of Britain could reach nearly £6 billion ($8.93 billion), experts believe. Accountants at KPMG have based the estimate on the immediate hit to households, firms and insurers as well as longer term costs, after swathes of Britain were swamped in the wake of Storm Desmond and Storm Eva. (http://bit.ly/1ZxQGkE)
- Barclays PLC Chairman John McFarlane was summoned for urgent talks with the Bank of England over a secret plan to subsume its high street operations under the ownership of its investment banking arm. (http://bit.ly/1RNViSk)
The Independent
- The high street benefitted from Boxing Day falling on a Saturday, according to figures that show 11.7 percent more people went shopping the day after Christmas compared to last year. (http://ind.pn/1OuBGCx) ($1 = 0.6715 pounds) (Compiled by Sangameswaran S. in Bengaluru; Editing by Sandra Maler)
