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Tuesday newspaper round-up: Income tax, Cazoo, CBI

(Sharecast News) - Pressure is mounting on Jeremy Hunt to cut taxes in Wednesday's autumn statement due to evidence that almost 4 million UK workers are to be dragged into paying income tax for the first time. In a crunch week for the government, Rishi Sunak fuelled expectations on Monday that his chancellor could use his speech to the Commons to launch personal tax cuts, saying the government could now "look forward" to the future after making progress on the economy. - Guardian The Abu Dhabi-backed investment fund RedBird IMI has said it is to take control of the Telegraph and Spectator after agreeing loans to repay debts owed by their publishing group's previous owners, the Barclay family. The deal would entail a joint venture between the US firm RedBird Capital and International Media Investments of Abu Dhabi providing loans to the family, allowing them to pay off their debts to Lloyds Banking Group and take back the publications within weeks. - Guardian

Alex Chesterman, the founder of Cazoo, will have his shareholding in the company almost wiped out as bondholders take control of the loss-making online car seller. Cazoo bondholders have agreed to swap the debt they own for shares in the company, swamping existing shareholders who will own just 8pc of the online used car dealer after the transaction. - Telegraph

EY is in talks to abandon its London headquarters in the latest sign of an accelerating office slump as working from home transforms professional life. The Big Four accountant is understood to be examining its options after launching a property review of its More London office, near London Bridge. - Telegraph

Eight months after a workplace sexual misconduct scandal erupted and the CBI became embroiled in an existential crisis, the business lobby group has hosted its first significant public event. The gathering, held at the QEII Centre in Westminster only two days before the government's autumn statement, hosted 400 delegates and was seen as a relaunch moment. It was also in stark contrast to the corresponding event in Birmingham last year. Then, a far larger audience sat down to a two-day spectacle, including addresses from the prime minister and the leader of the opposition and panels featuring more senior business leaders. - The Times

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Tuesday newspaper round-up: Rachel Reeves, electric cars, Marks & Spencer
(Sharecast News) - Rachel Reeves will claim that cutting red tape for City firms will have trickle-down benefits for households across Britain, as she tries to drum up support for a new financial services strategy. A raft of regulatory reforms are due to be announced by the chancellor on Tuesday, in what the Treasury says will be the "biggest financial regulation reforms in a decade". It will come before her Mansion House address to City bosses during a dinner at Guildhall in London on Tuesday evening. - Guardian
Monday newspaper round-up: Pubs, country houses, Severn Trent
(Sharecast News) - The boss of the pub chain Greene King has called for changes to business rates to remedy "unfairness" that he said added to financial pressures on the struggling pubs industry. Nick Mackenzie, Greene King's chief executive, said the business rates system of property taxes should be changed to a tax on profits. - Guardian
Sunday newspaper round-up: EU tariffs, Begbies Traynor, Burberry's
(Sharecast News) - The US President announced that imports from the EU and Mexico would both be taxed at 30% commencing on 1 August. The announcement was a surprise for both Brussels and the US trade representative, Jamieson Greer, as both believed that they had reached a deal that would be acceptable to both sides. EU trade ministers' previously scheduled Monday meeting will now see them come under pressure to show a "tough" reaction. - Guardian
Friday newspaper round-up: Speciality Steel UK, Canada tariffs, X and Meta
(Sharecast News) - Ministers are considering options to step in to save another major steel plant if its parent company collapses into administration after a key court case next week. The business secretary, Jonathan Reynolds, is understood to be looking at what the government can do to support Speciality Steel UK (SSUK) - part of the Liberty Steel Group owned by Sanjeev Gupta - should it be faced with possible closure after Wednesday's insolvency hearing. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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