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PRESS DIGEST- British Business - Oct 12

Oct 12 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 Times

* Younger workers could be in line for a boost to their pensions at the expense of older employees under plans being considered by the Treasury. Tax breaks to encourage people to save for their old age will be reshaped to favour the millennial generation crippled by student debts and runaway house prices. (bit.ly/2e7EbuX)

The pound fell by more than two cents against the dollar yesterday, a huge lurch downwards by normal daily standards, after the Bank of England hinted that it would not raise interest rates to prevent a burst of inflation. (bit.ly/2d5TYxr)

The Guardian

* Top bankers have warned that Brexit could force their industry to shift jobs out of the City, as a senior policymaker at the Bank of England warned the loss of such high-paid roles could knock a hole in the UK's budget. (bit.ly/2dHfIOT)

* The British economy will be hit by a "permanent cost" of more than 25 billion pounds ($31.09 billion) a year if it decides to withdraw from the EU customs union, a new government adviser on Brexit has said. (bit.ly/2e5mdIs)

The Telegraph

* China wants to do more business with post-Brexit Britain, the country's ambassador to the UK said, as he praised the City of London and Britain's financial prowess. (bit.ly/2dJjWEx)

* Communities Secretary Sajid Javid has promised a "radical" set of reforms to boost the housing market as he admits that current government policy is barely keeping up with demand. (bit.ly/2dVLA2V)

Sky News

* A further weakening of sterling helped push the FTSE 100 to a record high during trading on Tuesday. The country's premier share index climbed above 7,123 points just after midday - beating its previous highest level recorded in April last year and going as high as 7,129 before slipping back. (bit.ly/2dUCzXS)

* Japanese electronics company Fujitsu Ltd has informed its workers that up to 1,800 jobs could be set to go in the UK. The firm said that the workforce reduction would come as part of a "transformation programme" it is currently undertaking. (bit.ly/2di4LmC) ($1 = 0.8042 pounds) (Compiled by Shivam Srivastava in Bengaluru; Editing by Sandra Maler)

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