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Thursday newspaper round-up: Business rates, Peugeot, AO World

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Thursday newspaper round-up: Business rates, Peugeot, AO World

Thu, 23 February 2017
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Thursday newspaper round-up: Business rates, Peugeot, AO World

(ShareCast News) - Rising fuel and food prices are eating into household budgets as the impact of the Brexit vote on the value of the pound pushes up inflation, according to a Guardian analysis that casts doubt over how much longer consumers can continue to shore up the UK economy. Cracks are starting to show in the picture of economic resilience seen since last summer's vote to leave the EU. Wage growth is slowing just as people's living costs start taking off. Businesses are also feeling the pressures of the weak pound more intensely as it ramps up the cost of imported raw materials and energy while failing to provide the anticipated boon for exporters. - Guardian
The government will offer extra help for small firms affected by an imminent change to business rates, the communities secretary has announced, saying that more should be done "to level the playing field". Following increasing concern from some businesses and Conservative MPs about the impact of the first business rate revaluation in seven years, Sajid Javid said the chancellor, Philip Hammond, would announce new measures in the budget on 8 March. This would form part of a wider and longer-term re-examination of the business rates system, he added. - Guardian

Theresa May has spoken with the motor industry boss expected to acquire Vauxhall about the Government's continued commitment to supporting the car industry in the UK. The Prime Minister spoke by telephone with Carlos Tavares, the chairman of France's PSA Peugeot-Citroen, which is in negotiations with US giant General Motors to buy its loss-making European operation, which includes Vauxhall and Opel. - Telegraph

John Roberts, the man who founded online electricals retailer AO World after a bet in a pub, has announced he is stepping down as chief executive after 17 years with the company. The AO World founder will retain a a new role on the board- as founder, executive director - and will be succeeded as chief executive by Steve Caunce, currently chief operating officer. - Telegraph

Sir Jon Cunliffe, deputy governor of the Bank of England, warned Brussels yesterday that any attempt to seize euro clearing from the City would unravel global capital markets and drive up the cost of finance. Without naming the EU directly, he attacked politicians on the Continent who want to strip London of the valuable business after Brexit, claiming it would undermine decades of financial progress and damage economies. - The Times

Imposing a price cap on energy bills could be a "very understandable" decision for ministers to take, the energy regulator has said only months after the competition watchdog rejected the idea. Dermot Nolan, the chief executive of Ofgem, said a price cap was a matter for government but told MPs: "If government does choose to go down that road. we will support them in every possible way and implement such a cap if it comes in." - The Times