Monday newspaper round-up: Business confidence, Visa, Brexit, 5G auction, tax

Confidence among both large and small businesses has collapsed amid mounting concerns over the domestic political backdrop and fresh evidence that households, the engine of recent economic growth, are tightening their belts. A series of business and household surveys have raised concerns that the UK may be performing as poorly as it was at the start of the year, when the economy grew by only 0.2 per cent in three months. - The Times

Household spending has fallen at the fastest rate in almost four years as rising prices have made consumers less willing to splash out on furniture, clothing and trips out. Spending fell by 0.3% between April and June compared with the same period a year earlier, the biggest drop since the third quarter of 2013, according to Visa’s consumer spending index. - Guardian

The European Parliament has threatened to veto Theresa May's offer on EU citizens' rights, branding it a "damp squib" which risks creating a "second class of citizenship." In a letter published by several European newspapers, MEPs claimed Mrs May's proposals "cast a dark cloud of vagueness and uncertainty over the lives of millions of Europeans."

Shoppers would be forced to pay £3 more for a traditional British fry-up if the government fails to secure a trade deal with the EU, piling more pressure on already cash-strapped consumers. A typical basket of ingredients for a family breakfast could rise by almost 13% from £23.59 to £26.61 according to a report by KPMG. - Guardian

The telecoms watchdog will this week kick off a multibillion-pound auction of mobile airwaves that is viewed as a crucial step on the path towards next-generation 5G internet access. The contentious sale is also expected to lay the ground for an £11bn return to the stock market later this year for the mobile operator O2. - Telegraph

Government advisers have called for a radical simplification of corporation tax to benefit companies of all sizes and attract investment in post-Brexit Britain. Corporation tax must be modernised so that calculating it is made much easier, with fewer changes to the regime and more time available for businesses to plan, according to proposals from the Office of Tax Simplification. - The Times

Michael Gove has been urged to open competition in the water industry after latest figures showed that less than 1 per cent of businesses have switched provider. For the first time, from April 1 companies have been allowed to switch water suppliers, allowing, for example, big multiple-location retailers to have only one provider. - The Times

The income of families with stay-at-home mothers is no higher than it was 15 years ago, with half now in relative poverty, new research reveals today. An analysis by the Institute for Fiscal Studies found that the incomes of two-earner families were 10 per cent higher than in 2002-03 but those where only the father worked had stagnated. - The Times

Retail giant AS Watson plans to create 1,000 new jobs on British high streets in an expansion of its stores that defies continued woes among its competitors. The company, which owns Superdrug, the Perfume Shop and Savers, is moving forward with plans to expand following trend-bucking growth last year. - Telegraph

Britain’s status as a nation of couch potatoes has been reaffirmed by data predicting that annual spending on takeaways could top £11 billion within four years. According to the Centre for Economics and Business Research, the sector supports more than 231,000 jobs — more than telecoms, advertising and Premier League football — with 41,000 of those jobs created since 2009. - The Times

More people than ever are flocking to watch live music, with attendance at concerts and festivals at an all-time high. A new report found that there has been a 12% rise in audiences at live music events over the past 12 months, bringing £4bn in to the UK economy and providing a welcome boost for the music industry. - Guardian

Half a dozen hedge funds that bankrolled John Malone’s $4.4bn (£3.4bn) takeover of Formula One are cashing in their investments less than a year after the US media mogul took the keys to the sport. Liberty bought F1 in January from a consortium led by the private equity firm CVC. The sellers were paid $3bn in cash with the remainder in shares in Liberty’s Formula One Group tracker stock, which reflects the performance of F1 and is listed on the Nasdaq. - Telegraph

Santander has gone back on a plan to allow its private British shareholders to take part in a €7.1 billion capital- raising this month. Europe’s biggest bank, which has 1.4 million Britons among its shareholders, said that it was not practicable to allow them to participate. - The Times

The Chinese coal industry and stock market debutant Saudi Aramco have been named as the world’s biggest emitters of carbon dioxide. As new data claims to have identified the top 100 emitters of greenhouse gases over the last three decades, a leading NGO has warned that natural resources companies need to transform their business models to adapt to a low-carbon future. - Telegraph

Vue is set to put itself up for sale next year, having started from nothing less than two decades ago to become the sixth largest cinema chain in the world. Tim Richards, chief executive and founder of the London-based company, said that as consolidation in the sector continued, Vue was talking to global rivals about a possible trade sale. - the Times