PRESS DIGEST- British Business - Dec 6

Thu Dec 5, 2013 8:34pm EST

Dec 6 - 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 Telegraph

AUTUMN STATEMENT 2013: HEDGE FUNDS MAY RELOCATE AFTER CRACKDOWN ON PARTNERSHIPS

UK-based hedge funds may be driven overseas, experts have warned, after a clampdown on corporate partnerships became the centrepiece of the government's 9 billion pounds assault on tax avoidance, evasion and fraud.

JOHN LEWIS-STYLE BUSINESSES RECEIVE EXTRA 25 MILLION POUNDS BOOST

Efforts to encourage more employee-owned businesses such as The John Lewis Partnership have been boosted by a further 25 million pounds a year of tax incentives announced in the Autumn Statement.

The Guardian

VINCE CABLE BACKS INDEPENDENCE OF TOMLINSON REPORT ON RBS

Vince Cable has been forced to defend a report drawn up by one his advisers which accuses Royal Bank of Scotland of deliberately forcing viable businesses to the brink to make profits for the bailed-out bank.

FACEBOOK CAUGHT IN CONTROVERSY OVER EARNINGS EXPORTED TO CAYMAN ISLANDS

Facebook is facing a fresh controversy over its tax contributions after company filings revealed the social network exported an estimated 645 million pounds earned in the UK and other overseas markets to the Cayman Islands tax haven last year.

The Times

M&S BREAKS 90-YEAR TIES WITH AUDITOR AMID THREAT OF REFORM

Marks & Spencer has dropped PwC as its book-keeper after a relationship spanning nearly 90 years as lawmakers in Europe continue to deliberate over a radical shake-up of the market for auditing elite companies.

EASYJET CHIEF PAID 6 MILLION POUNDS FOR HITTING HEIGHTS

It describes itself a budget airline but easyJet has splashed out 6.43 million pounds on a bumper pay package for its chief executive, turning Carolyn McCall into one of Europe's highest-paid aviation bosses.

Sky News

Aviva Boss Lands In FirstGroup Driving Seat

The head of Aviva will on Friday be named as the next chairman of FirstGroup, the transport operator behind Greyhound buses and the First Capital Connect rail franchise.

BLOCKBUSTER TO SHUT WITH 1,200 JOB LOSSES

The movie and games rental chain Blockbuster is on course to be closed down by the end of the year with the loss of the remaining 1,200 jobs, it has been confirmed.

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