Sunday newspaper round-up: Brexit, Irish backstop, WTO rules, Tesco, Metro Bank, Kingfisher

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Sharecast News | 27 Jan, 2019

Theresa May’s husband has been dragged into a Downing Street civil war after urging the prime minister to keep fighting for her Brexit deal. Philip May helped to persuade his wife to seek a deal with Brussels that could win over Tory Eurosceptics and their allies in the Democratic Unionist Party. - The Sunday Times

Theresa May has been warned by the Irish government that there is no chance of the backstop being changed or removed from the withdrawal agreement. Simon Coveney, the Irish Tánaiste, has dismissed suggestions that the European Union could remove the insurance policy, warning that “Ireland will insist on the United Kingdom keeping its word”. - Sunday Telegraph

Tesco is embarking on a fresh round of aggressive cost-cutting in its UK supermarket business that could eliminate thousands of jobs and its in-store deli counters. The latest plan reportedly involves the closure of meat, fish and delicatessen counters as well as downgrading in-store bakeries. Staff canteens are also to be replaced with vending machines, according to the Mail on Sunday, with suggestions of up to 15,000 jobs at risk. - Observer

Metro Bank has revealed ambitious plans to sign up 400,000 new business banking customers as it recovers from an accountancy error that decimated its share price. Almost 40%, or £800m, was wiped off the FTSE 250 bank’s shares on Wednesday after it revealed a blunder in the way it classified its loan book and issued a profit warning. - Mail on Sunday

The board of Kingfisher is considering sacking its chief executive, whose costly strategy has failed to deliver any improvement in profits for the DIY conglomerate that runs B&Q and Screwfix. Véronique Laury set out an ambitious plan to consolidate Kingfisher’s unwieldy buying operations in 2016, saying it would help to deliver £500m in extra profits within five years. Since then, however, the retailer’s cash reserves have been plundered and a raft of executives have departed. - The Sunday Times

Sir James Dyson, Mike Ashley and the Beckham family have been named among those who paid the most tax in the UK last year. EasyJet founder and owner Sir Stelios Haji-Ioannou (£20.7m), the Warburton family who own the eponymous baking firm (£14.5m), and the Arora family behind B&M Stores (£25.6m) are also on the inaugural Sunday Times Tax List. - Sunday Telegraph

The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. The ensuing chaos could double food prices and plunge Britain into a recession that could last up to 30 years, claim the lawyers who acted for Gina Miller in the historic case that forced the government to seek parliament’s approval to leave the EU. - Observer

Business is booming at Cherie Blair’s law firm, its latest figures show. Accounts just filed reveal that Omnia Strategy, founded by the wife of former Prime Minister Tony Blair in 2011, had net assets attributable to members of £2.7m, up from just £559,000 the previous year. - Mail on Sunday

Billionaire Philip Day’s fashion chain Peacocks is putting the squeeze on suppliers in a move that raises questions over its financial health. The retailer is increasing the maximum time it takes to pay for shipments from 90 to 130 days, according to a letter sent to suppliers by managing director Steve Simpson. - The Sunday Times

Troubled airline Flybe is braced for another turbulent week after its largest shareholder demanded the sacking of its chairman. Hosking Partners, a London-based asset manager that owns almost a fifth of Flybe’s shares, wrote to the low-cost airline’s board on Friday calling for an extraordinary general meeting (EGM) aimed at removing City stalwart Simon Laffin, who has been in the role since 2013. - Sunday Telegraph

Ocado has held secret talks with Marks & Spencer over the launch of a food delivery service that could signal the end of its long running tie-up with Waitrose. The Ocado name has been intertwined with Waitrose for the past 20 years but the current supply deal between the companies ends in September 2020. - Observer

NHS chiefs are using Shakespeare, Harry Potter and Manchester United as bargaining tokens to lure doctors from Australia. The popular English exports are being used in a new campaign across Facebook and Instagram to lure more family doctors from the British overseas territory. The number of full time doctors in England has fallen despite a pledge from former health secretary Jeremy Hunt that there would be 5,000 more by next year. - Mail on Sunday

A celebrity chef who stars in a BBC series with Mary Berry was banned from his own restaurant for a month amid allegations he sexually harassed female staff by asking for sexual intercourse and oral sex. Dan Doherty, who is a judge on Britain’s Best Home Cook, the BBC1 show designed to fill the gap left by The Great British Bake Off, left his new gastropub last November while an external firm conducted an investigation. - The Sunday Times

Tapi, the flooring retailer backed by Carpetright founder Lord Harris of Peckham, is expected to launch a fresh cash call in the coming months as the battle with its arch-rival intensifies. It is understood that the chain will turn to its existing investors and employees, who own shares in the retailer, to raise millions of pounds before April and support the company’s growth in a torrid retail market. - Sunday Telegraph

A gilets jaunes (yellow vests) demonstrator injured in the eye at a demonstration in Paris will be disabled for life, his lawyer has said. Jérôme Rodrigues, a high-profile member of the protest movement, claims he was struck by a “flash-ball”, a launcher used by French riot police to fire large rubber pellets. They have been blamed for dozens of injuries, some serious, including the loss of an eye. - Observer

Britain is set to face an icy blast this week with experts predicting four inches of snow and sub-zero temperatures as freezing 70mph gales hit the country. The Met Office today issued a yellow weather warning for snow drifts later this week - with the chance of travel chaos and power cuts due to extreme weather. Up to four inches of snow is expected to fall across much of South, East and central England from 9pm on Tuesday until midday Wednesday. - Mail on Sunday

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