Sunday newspaper round-up: Taxes, BT, Taylor Swift

The Chancellor has ordered cabinet ministers to search for cost-cutting reforms and to gird themselves for difficult choices over government spending. It is understood that Rachel Reeves still requires £16bn to close an estimated £22bn financing gap. Taxes on capital gains, pension contributions relief and inheritances are all being considered as possible avenues to raise funds. The Chancellor however does not dismiss the possibility of tweaks to fiscal rules that would allow her to invest slightly more. - Guardian

Media tycoon Patrick Drahi may have quietly whittled down his declared 24.5% stake in BT over the last few months. New research indicates that his direct ownership is now 10%, with the remainder held on his behalf by lenders as shares on loan. The move comes amid several asset sales by Drahi to raise cash after his Altice Group ran up debts of $60bn. So while the tycoon retains 24.5% of BT's voting rights, much of that is through borrowed shares. The analysis by New Street Research has been disputed by Drahi's allies. - Sunday Times

Figures due out this week are expected to show that the UK economy expanded at a 0.7% clip over the three months to June, according to analysts at Investec. The 'Taylor Swift' effect is expected to have played a large part, boosting demand in the services sector. Month-on-month growth meanwhile was pegged to have risen by 0.2%. - Financial Mail on Sunday

Bonds issued by TalkTalk have plumbed a fresh low as the telecoms carrier's rush to clinch a deal with debt-holders at the end of August. As of Friday, one of the company's bonds was changing hands at 66.25p, for a 9% loss on the week. The company has said that it had made "good progress" in its talks to refinance its more than £1bn of debt. If TalkTalk does not succeed by the end of the month its risks running afoul of its debt covenants. - The Sunday Times