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PRESS DIGEST- British Business - May 12
May 11, 2017 / 11:28 PM / 7 months ago

PRESS DIGEST- British Business - May 12

May 12 (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

Britain's households are facing the first squeeze on incomes since 2014 as wage growth drops behind inflation this year, the Bank of England has warned.

Lloyds Banking Group Plc is set to pay millions of pounds in compensation to thousands of customers who were mis-sold investment products as "low risk" that turned out to be highly complex.

BT Group Plc has unveiled a near halving of profits and thousands of job cuts and has stripped its chief executive of his annual bonus as the company grapples with the fallout from an accounting scandal in Italy and a big fine from Ofcom for overcharging rivals for access to its broadband network.

The Guardian

Diageo Plc, the drinks company behind Johnnie Walker, Smirnoff and Guinness, is to pay HMRC 107 million pounds under the "Google tax" crackdown aimed at multinationals. The FTSE 100 business said HMRC was preparing to demand additional tax and interest of 107 million pounds for 2015 and 2016.

The Telegraph

Production of Minis could be moved out of Britain if Brexit talks do not deliver a favourable result, the boss of the German car giant BMW has hinted. Speaking at the car maker's annual meeting in Munich, Chief Executive Officer Harald Krueger appeared to ratchet up the pressure on Westminster and Brussels to settle a deal which does not harm the car industry.

The chief executive of Barclays Plc, Jes Staley, has fallen victim to an email prankster pretending to be the bank's chairman.

Sky News

Ovo Energy has agreed to buy Corgi HomePlan, which installs and maintains boilers, thermostats and other domestic technology. The deal is expected to be announced on Friday, according to people close to the talks.

Deliveroo, the food delivery service whose soaring revenues have turned it into one of Britain's biggest technology firms, has bowed to political pressure to overhaul the terms on which thousands of riders work for the company.

The Independent

The Bank of England sent a mixed message on the future pace of interest rate rises on Thursday ahead of next month's general election, with a modest downgrade of its 2017 growth forecast and a majority vote to keep rates this month on hold at 0.25 percent.

Uber Technologies Inc's expansion plans were dealt a major blow on Thursday, after a senior legal adviser to the European Union's top court said that the ride-sharing company provides a transport service and is not merely a digital enabler as Uber had argued, meaning that it must be licenced in order to operate.

Compiled by Bengaluru newsroom; Editing by Lisa Shumaker

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