Monday newspaper round-up: Stamp duty, manufacturers, RBS, North Sea

Sales of homes costing more than £1.5m have fallen by one-fifth in the year since the government introduced reforms to the stamp duty tax on property purchases. Under the changes introduced in December 2014, the “slab” system was swept away in favour of a progressive levy, under which properties that cost more than £938,000 incur a bigger charge. – Financial Times

France’s far-right National Front party appeared on course for a historic victory in the first round of regional elections on Sunday, winning more than 30 per cent of the vote and delivering a stunning blow to the country’s traditional parties. In the first test of public opinion since the November 13 terrorist attacks, the anti-immigration party of Marine Le Pen looked set to notch up its best result since it was founded in 1972. – Financial Times

Britain’s manufacturers expect 2015 to be their worst year for growth since 2009 and next year will be little better, according to a survey which highlights the dilemma that the Bank of England faces as it considers whether to raise interest rates. A survey by the EEF, the manufacturers’ association, found that only car companies and chemicals firms remained buoyant while the rest of the manufacturing sector warned it expected output and employment to stagnate. – Guardian

The UK’s accountant-in-chief has issued a stark warning that new rules designed to cut red tape for small businesses could increase the risk of crimes going undetected and reduce public trust in British business. From next year, businesses that turn over less than £10.2m a year will no longer have to get their accounts independently signed off by an auditor, raising the limit from £6.5m. - Telegraph

Plans to build the UK’s next mega tower, which will rival the Shard for the title of the tallest building in Europe, and will dwarf all other office blocks in the City of London, are to be unveiled today for the first time. The 73-floor skyscraper at 1, Undershaft, will be 309.6m high when completed, making it on a par with the Shard in London Bridge, and will host a free public viewing gallery at the top, which can be accessed by lifts, and the highest restaurant in the capital. - Telegraph

Royal Bank of Scotland faces trouble next year because of its huge exposure to commercial property, an area that some experts believe to be a dangerous bubble. With George Osborne keen to sell off the government’s 73 per cent stake in the bank, research suggests that it may struggle. The bank, bailed out with £45 billion during the financial crisis, may be hit the hardest by next year’s stress tests of the country’s biggest banks because of growing expectations that they will focus on commercial property loans. – The Times

Britain’s biggest oil and gas project in years is set to come onstream in the North Sea this week, when the first gas flows through underwater pipelines to a new plant in the Shetland Islands. With oil majors cutting investment in the North Sea as the price of Brent crude stays low in the face of high production levels from Saudi Arabia, there is at least one more big hit to come from British waters. – The Times