PRESS DIGEST - British Business - Jan 28

LONDON Sun Jan 27, 2013 9:44pm EST

LONDON, Jan 28 (Reuters) -

The Telegraph

ACCOUNTANT JOINS BACKLASH AGAINST TAX DODGE ATTACKS - Ernst & Young's managing partner for Europe, Mark Otty, said a moral tax code would not work as companies have a duty to pay the lowest rate permitted. Politicians should change the law if unhappy with corporate ethics.

OVERSEAS CITY INVESTORS SHOW UK IS 'OPEN FOR BUSINESS' - 46 percent of Britain's biggest City firms are owned by foreign investors, according to a report by IMAS, an independent M&A adviser, showing that the UK is "open for business."

EXECUTIVE PAY TO BE FROZEN AT A THIRD OF LARGEST FIRMS - 38 percent of Britain's largest companies are planning to freeze the executive pay, the highest level since 2009, according to PricewaterhouseCoopers.

The Independent

FINAL SALARY PENSIONS CLOSING AT RECORD RATE - Only 13 percent of Britain's 6,000 final salary schemes remained open to new workers, a drop of one third from 19 percent in 2011 with quantitative easing blamed for undermining the retirement plans.

STELIOS READY TO BACK GURASSA AS CHAIRMAN OF EASYJET - EasyJet Deputy Chairman, Charles Gurassa, has emerged as the leading contender to replace Chairman Mike Rake after a source close to EasyJet founder and top shareholder, Stelios Haji-Ioannou, said relations between the two had always been civil and cordial. Haji-ioannou voted against Rake's re-election in 2012 but supported Gurassa's re-appointment.

The Times

MORTGAGE 'CRUNCH TIME' RAISES FEAR OF SURGE IN REPOSSESSIONS - The increase in interest-only mortgages before the financial crisis could see more people lose their homes with 2017 as a 'crunch year', the Financial Services Authority will say this week.

DE LA RUE IS LEFT HOPING FOR CHANGE AS CHINESE DEAL SLIPS OUT OF ITS GRASP - De la Rue, the printer of bank notes, has suffered a further blow, missing out a large contract from the Chinese Government. According to insiders, the company was shortlisted but is struggling to win tenders.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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