November 2, 2018 / 1:40 AM / 10 months ago

PRESS DIGEST- British Business - Nov 2

Nov 2 (Reuters) - 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

"Cracks are showing" at HM Revenue & Customs because the taxman is struggling with a daunting workload, MPs have said. Efforts to prepare for Brexit and dealing with other issues mean that tax credit fraud and errors are expected to increase while the department has failed to grasp the costs of some tax relief, the public accounts committee said.

French investment bank Societe Generale has become the first big City employer to tell its staff that they must move to Europe or face losing their jobs as financial institutions activate plans for a no-deal Brexit.

The Guardian

The Bank of England has warned that there is no guarantee it would cut interest rates to support growth and jobs under a disorderly Brexit and said it might have to raise borrowing costs instead.

Defence firm Babcock International Group Plc is to close a historic shipyard in Devon, despite a last-ditch 60 million pounds ($77.98 million) offer of work from the government. The closure of Appledore shipyard will put almost 200 jobs at risk.

The Telegraph

BT Group Plc's departing chief executive, Gavin Patterson, has dismissed suggestions from the US hedge fund tycoon David Einhorn that the company should spin off its broadband infrastructure unit Openreach.

Waitrose will pursue "mindful" consumers such as vegans and put quality food first over gaining market share, Rob Collins, its managing director has said.

Sky News

Barclays has confirmed its next chairman will be Nigel Higgins, a current Rothschild & Co deputy chairman after John McFarlane retires in May.

Bosses from companies including BT Group, ITV Plc and Rolls-Royce Holdings are being lined up by Theresa May's business envoy to join a new forum that will seek to thaw previously frosty relations between Downing Street and the private sector.

The Independent

House price growth has fallen to its lowest level in more than five years, according to building society Nationwide.

Patisserie Valerie was just three hours away from collapse when chairman Luke Johnson stepped in to rescue the bakery chain after financial irregularities were uncovered last month.

$1 = 0.7695 pounds Compiled by Bengaluru newsroom

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