Tuesday newspaper round-up: Mortgage reforms, JLR, Crispin Odey

The UK spends less on low-carbon energy policy than any other major European economy, analysis has shown, despite evidence that such spending could lower household bills and increase economic growth more than the tax cuts the government has planned. Spending on low-carbon measures for the three years from April 2020 to the end of April 2023 was about $33.3bn (£26.2bn) in total for the UK, the lowest out of the top five European economies, according to an analysis by Greenpeace of data from the International Energy Agency. – Guardian

Mortgage reforms introduced after the 2008 banking crisis have “tilted too far” in support of financial stability to the point that first-time buyers are being excluded from the housing market, building societies have warned. A report commissioned by the Building Societies Association has called for an overhaul of affordability and repayment rules, which they say have contributed to a steady decline in first-time buyer mortgages since the mid-2000s. – Guardian

A group of former Twitter executives have launched a legal battle against Elon Musk over claims they are owed $128m (£100m) in severance pay. Those suing the Tesla billionaire, who bought Twitter for $44bn in October 2022 before renaming it X, include ex-chief executive Parag Agrawal and former finance boss Ned Segal. – Telegraph

The Indian owner of Jaguar Land Rover (JLR) is to spin off its car division as it prepares for a future built around electric vehicles (EVs). Tata Motors on Monday said the demerger will see its existing auto business effectively divided between passenger cars and commercial vehicles. The former will focus on EVs while the latter will produce larger vehicles such as trucks and buses. – Telegraph

The boss of Marks & Spencer has branded the inflation-linked increase to commercial property taxes as “economically illiterate” in a last-ditch effort to persuade the government to make a U-turn before this week’s budget. Stuart Machin, chief executive of the food-to-fashion retailer, said the government needed to do more to understand the importance of the retail sector as existing policy “makes being an employer of people and running stores really hard”. – The Times

Crispin Odey has ignited speculation that he may try to stage a return to the investment industry after the implosion of the disgraced hedge fund manager’s firm amid allegations of sexual misconduct. Accounts for Odey Asset Management Group Limited, a holding company that counts Odey, 65, as its only director, said it was “currently exploring alternative business opportunities”. – The Times