Thursday newspaper round-up: Corporation tax, Mondi, Soho House, H&M

Keir Starmer is under pressure to back future rises in corporation tax after a backlash when the Labour leader said he would oppose any new tax on business in next week’s budget. Treasury officials are believed to be looking at increasing the tax on company profits from the current rate of 19% to up to 25% as the government tries to recoup some of the massive debts incurred during the pandemic, though the rise may be delayed until later in the parliament. - Guardian

Rishi Sunak has ruled out a rise in fuel duty after concluding that reliance on cars as a transport safety measure during the pandemic is still too great, Treasury sources have said. The chancellor is understood to have seriously considered an increase before his previous budget last March, keen to send a signal about the UK government’s green agenda. - Guardian

Packaging and paper group Mondi is considering a bid for rival D S Smith in what would be one of the largest deals in the UK this year. FTSE 100-listed Mondi has been speaking with advisers, reported Bloomberg. An acquisition of fellow blue-chip D S Smith, worth over £5bn, would add another 30,000 to Mondi’s 26,000- strong global workforce. - Telegraph

Soho House, the chain of private members’ clubs, is poised to join the flotation boom as it plans to list in New York with a valuation of as much as $3 billion. The company, which pulled a mooted $2 billion Wall Street float in 2018, has hired JP Morgan and Morgan Stanley for a second attempt, aiming to capitalise on America’s buoyant equity markets, new digital ventures and a membership that has proved resilient despite the impact of coronavirus. It intends to make its formal filing with the US Securities and Exchange Commission next month. - The Times

H&M is considering using more of its shops for repairing and renting clothes as well as selling more second-hand stock online as the pandemic has forced it to rethink its future. The Swedish fashion retailer has more than 5,000 shops in 700 countries through its main brand and sister outlets including Cos, Monki and Arket. - The Times