Monday newspaper round-up: Budget, Deutsche Boerse/LSE, UK wealth, Hinkley Point

George Osborne will this week try to plug the hole in the public finances with £4bn of new spending cuts and a series of raids on corporate Britain, as he tries to avoid a Budget fight with Eurosceptic Tory MPs. Mr Osborne admitted on Friday that the economy was £18bn smaller than originally thought; his eighth Budget on Wednesday will seek “soft targets” to replenish the exchequer without risking a rebellion from Tory MPs. – Financial Times

An increase in fuel duty would hold back Britain’s economic recovery by penalising consumers and industry, motoring groups have said. George Osborne is expected to raise the duty — currently 57.95p a litre on petrol and diesel — in line with inflation. It would be the first increase since 2011 and would add 0.75p to the cost. – Financial Times

German exchange Deutsche Boerse could increase its offer to buy London Stock Exchange this week, potentially hiking its bid for the British institution as soon as today. The rising price of shares in the LSE Group combined with interest from rival US exchange group Intercontinental Exchange (ICE) is set to push Deutsche Boerse to dig deeper in its efforts to acquire the LSE, which the market currently values at just over £10bn. – Telegraph

The UK’s reliance on gas-fired power has reached its highest level in five years and will accelerate the growing dependence on foreign energy supplies this summer, according to market data. Within the last week gas generators contributed to more than half of the total electricity supply for the first time since 2011, and analysts predict that this summer the UK’s gas power dependence will climb 26pc above the levels seen last year. – Telegraph

The government will be putting retail jobs at risk if it does not undertake a fundamental review of business rates, Dave Lewis, the chief executive of Tesco, has warned ahead of the budget on Wednesday. In a clear warning to the chancellor, George Osborne, Lewis said business rates were “completely disproportionate” and the fact they are linked solely to property puts traditional retailers operating from physical stores at a disadvantage. – Guardian

More than a quarter of the wealth created in Britain over the past 15 years has ended up in the pockets of the richest 1% of people, according to Oxfam. In a report that singled out “wealthy British tax-dodgers” for withholding funds that could be used to fight poverty, the charity called for a crackdown on tax havens. - Guardian

President Hollande has demanded that France’s state electricity giant presses ahead with an £18 billion reactor in Britain despite growing misgivings at home over the project. The beleaguered Mr Hollande has told EDF he will not accept a U-turn over the plan to build a new-generation nuclear plant at Hinkley Point in Somerset, The Times has learnt. – The Times