Monday newspaper round-up: Tesco, Employers, Scotland

3rd Nov 2014 06:52

Tesco is understood to be considering a partial flotation of its Edinburgh-based banking arm as the beleaguered group seeks to recover from its £263m accounting error. The supermarket, which is facing a criminal investigation by the Serious Fraud Office into the scandal, could also look at spinning off its Asian business or selling Dunnhumby, the customer data unit behind its Clubcard loyalty scheme. - The ScotsmanBusinesses are facing a bill running to billions of pounds from employment law rulings this week in which workers claim they have been underpaid for annual statutory leave for years. Employers fear that the outcome of two potentially explosive cases before the employment tribunal could force businesses to upgrade holiday pay by including a calculation on voluntary overtime and commissions. The rulings, which are due tomorrow, could also leave them with enormous liabilities on backdated claims going back to the last century. - The TimesScotland should be given more freedom to take risks by scrapping borrowing limits and devolving further tax powers, a leading think tank has suggested. In a report released today, the National Institute for Economic and Social Research (NIESR) said that for Scotland's politicians to be fully accountable, they must be able to "take decisions on which they can succeed or fail". - The Daily TelegraphTrade rules introduced under the Lisbon Treaty that came into force across the European Union five years ago have cost British business at least £7.8bn so far, according to an analysis of official estimates by Business for Britain. The eurosceptic lobby group also estimates that the average annual cost of the new rules from now on could be between £3.54bn and £6.71bn. - The TimesOil companies will be awarded tax breaks to develop North Sea fields only if they buy offshore platforms that have been made in Britain, according to government plans. Ministers want to tie breaks to populist measures that will boost the oil services industry and create jobs, particularly as most of Britain's remaining construction yards are in depressed areas such as Tyneside and along the east coast of Scotland. - The TimesHanding all the revenues from business rates directly to northern cities could inject £4.4bn into the regional economies of Britain's hardest pressed urban areas, according to research for The Daily Telegraph by consultancy CVS. According to the findings, Manchester would receive around £1.3bn, while the local economy of Leeds and its surrounding metropolitan area in West Yorkshire would benefit from retaining £1.1bn of revenue from the tax on businesses. - The Daily Telegraph