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Monday newspaper round-up: Energy bills, Hammond, Lloyd's of London, Debenhams

By Michele Maatouk

Date: Monday 22 Oct 2018

Monday newspaper round-up: Energy bills, Hammond, Lloyd's of London, Debenhams

(Sharecast News) - Around a third of dual fuel energy tariffs will leave customers paying more than the government's price cap when it takes effect at the end of the year. While ministers have promised that the cap will protect 11m households on poor-value default tariffs, the measure does not apply to fixed tariffs which are usually thought to be more competitive. - Guardian
Philip Hammond could make progress towards ending austerity in his budgeton 29 October despite opposition from backbench Tory MPs to tax rises and extra borrowing, according to a leading tax and benefits thinktank. The Resolution Foundation said a freeze on income tax and inheritance tax thresholds before the end of the parliament would raise billions of pounds for public services. Cutting a string of tax reliefs for employers would also improve the chancellor's war chest as he seeks to pay for increased NHS spending and reverse planned cuts to services. - Guardian

The chairman of Lloyd's of London has warned of a "crippling underinsurance crisis" which could leave developing countries unable to fund recovery efforts after a natural disaster. A study by Lloyd's and the Centre for Economics and Business Research (CEBR) has found that the insurance gap has hardly closed in six years despite growing concerns surrounding climate change-related catastrophes. - Telegraph

The Serious Fraud Office has charged Andreas Hauschild with conspiracy to defraud in connection with the Euribor rate-rigging scandal. The former Deutsche Bank trader appeared before Westminster magistrates' court on Saturday, according to an SFO statement released yesterday. No plea was entered. - Telegraph

A 163-year-old dockyard in north Devon, responsible for making parts of Britain's new aircraft carriers, could be shut next month by its owner. Directors of Babcock International will discuss the closure of the Appledore shipyard at a board meeting next month, with about 200 jobs at risk. The FTSE 250 engineer is expected to close the shipyard amid a shortage of work, which has led to many of its staff being taken by bus to the company's far busier and larger Devonport dockyard. - Telegraph

Debenhams is expected to accelerate its cost-cutting drive and axe its dividend as the board tries to turn around the department store chain. The City is forecasting that Debenhams will scrap its full-year dividend to save about £30 million and target a further £70 million of savings, including a cut in capital expenditure. - The Times





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