Monday newspaper round-up: Regional divide, retailers, NatWest, Pfizer

Britain’s sharp regional divide is on track to deepen with London’s economy pulling further ahead despite the government’s levelling up promises, according to a report. Ahead of Chancellor Jeremy Hunt’s budget on Wednesday, the accountancy firm EY said it was forecasting stronger economic growth in London and the wider south-east of England than for the rest of the country. – Guardian

Retailers are suffering from the longest slump in sales since the pandemic, as shoppers cut back for the fifth successive month. New figures from BDO show that sales across fashion, homewares and lifestyle dipped by 1.3pc in February, as the consultancy firm warned of an “almost unprecedented” downturn. Sales in the fashion sector were hit the hardest, BDO said, as sales dropped 8.2pc compared to last year. – Telegraph

Around four in 10 staff at the Bank of England do not feel free to speak their mind without fear of “negative consequences”, according to a survey of workers. Hesitancy among employees on Threadneedle Street has emerged as officials seek to improve compliance at the Bank, as a survey shows that openness among workers is lower than other public sector bodies. A Whitehall survey of civil servants found that more than three-quarters of staff felt they could talk openly, according to the National Audit Office (NAO), well above the Bank’s 59pc. – Telegraph

The Treasury is planning an institutional offer of NatWest shares to sit alongside the “Tell Sid” style retail sale in spite of the lessons of the botched twin-track privatisation of Royal Mail in 2013. Officials are understood to have asked the advisers on the share sale to plan for a parallel offer to large institutional investors in order to maximise proceeds to the Exchequer. A share placing to institutions could significantly boost the size of the overall offer but risks creating tension between institutional buyers of shares and retail applicants. – The Times

Pfizer is the latest blue-chip American company to be accused of betraying its former employees in Britain by failing to lift their pensions in line with inflation. About 4,800 UK former and existing employees, including scientists who developed the bestselling erectile dysfunction drug, Viagra, in the 1990s, have been disadvantaged as their fixed pensions get eroded by the rising cost of living. – The Times