Wednesday newspaper round-up: Brexit, BoE, Metro Bank, Superdry

No-deal contingency plans to safeguard medicine imports are set to be triggered on Wednesday, despite the potential delay to Brexit, with approved suppliers told to book space on the government’s emergency ferry service. Although the prime minister is to request an extension to article 50 which would postpone Britain’s departure from the EU, Whitehall will enact plans to ensure the flow of critical supplies should Dover be gridlocked after 29 March. - Guardian

Stockpiling ahead of Brexit could cause shortages, the nation’s top economists have warned, as panic buying by families risks exhausting shops’ entire supplies of goods. Worries over access to foreign products after a ‘no deal’ Brexit has prompted some people to stock up on products such as toilet rolls and tinned food. - Telegraph

Business cannot prepare for a no-deal Brexit because the consequences will be as unpredictable and chaotic as after the collapse of Lehman Brothers, the government’s budget watchdog has said. Sir Charlie Bean, the most senior macroeconomist at the Office for Budget Responsibility (OBR), compared the consequences of no deal to the start of the financial crisis in 2008 during testimony to MPs yesterday. - The Times

The Bank of England should wait to see how the economy responds in the event of a no-deal Brexit before launching any monetary stimulus, leading economists have said. The Times shadow monetary policy committee, a group of nine distinguished economists including several former policymakers, urged the Bank to do nothing more than provide early public reassurances if the UK crashes out of the European Union at the end of next week.

Metro Bank is facing renewed questions about a £120 million grant it was awarded to improve services for small businesses. Lord Cromwell, chairman of the committee that oversaw the award, wrote to Metro this month reminding management that its application for the grant had to be “true, accurate and complete and not misleading”. - The Times

The chairman of Barclays has launched a scathing attack on corporate raider Ed Bramson, warning investors not to give him a seat on the board. In his first letter to shareholders since it came under fire from the activist investor, John McFarlane set out reasons why the activist should not be voted onto the board at the bank's annual meeting in May. - Telegraph

Julian Dunkerton’s quest to return to Superdry suffered a blow yesterday when an influential advisory service recommended that shareholders reject his reappointment to the board. Institutional Shareholder Services, the world’s biggest proxy voting agency, said in a note to investors: “Given that the current issues at the company seem to have at least partially arisen as a result of combined decision-making by Julian Dunkerton and management, shareholders’ support for these proposals is not considered warranted at this time.” - The Times

A majority of people living in developed countries want their government to increase taxes on the rich in order to help the poorest in society, according to a major global study. In all 21 countries included in the OECD study, more than half of those polled said they were in favour when asked: “Should the government tax the rich more than they currently do in order to support the poor?” - Guardian

Britain’s first new deep coal mine in 30 years has been given the go-ahead by Cumbria county council, sparking protests from climate change campaigners that the decision would harm the UK’s efforts to reduce CO2 emissions. The £165m Woodhouse colliery was backed by Labour, Conservative and Liberal Democrat councillors, who said it would bring vital jobs to the area. - Guardian

The City regulator is facing calls to examine its own role in a scandal surrounding a now-collapsed investment firm that raised £236 million from more than 11,600 savers who are faced with heavy losses. Nicky Morgan, chairwoman of the Treasury select committee, has written to the Financial Conduct Authority and the Treasury to urge the watchdog to start a statutory investigation into possible regulatory failures in the collapse of London Capital & Finance. - The Times

There is no obvious answer to the “hugely difficult” challenge of reducing Britain’s dependence on carbon-emitting heating systems, the energy regulator has warned. Dermot Nolan, chief executive of Ofgem, questioned whether households would be willing to accept green alternatives to gas boilers because some had proved reluctant to have smart meters installed. - The Times

The government’s planned HS2 high-speed rail project will make the UK even more divided and should be scrapped in favour of boosting services in the less well-off parts of the country, a left-leaning thinktank has said. A report from the New Economics Foundation found that 40% of the benefits of the controversial project would go to London and that the £56bn budget would be better spent on upgrading the existing network and smaller-scale local projects. - Guardian

America’s financial regulator has said it is “stunning” that Tesla’s Elon Musk did not seek approval for a series of tweets he fired off about the company despite having agreed to do so. The US Securities and Exchange Commission has issued a 15-page rebuke to Mr Musk’s claim that it was unfairly trying to silence him, saying his defence “borders on the ridiculous”, and has asked for the billionaire to be held in contempt of court. - The Times

The stationery chain Office Outlet has gone into administration, putting 1,200 jobs at risk. Administrators at Deloitte said they would continue to run its 90 branches while there are attempts to find a buyer. - The Times

A federal jury in San Francisco found Monsanto’s Roundup herbicide was a substantial factor in causing the cancer of a California man, in a landmark verdict that could affect hundreds of other cases. Edwin Hardeman of Santa Rosa was the first person to challenge Monsanto’s Roundup in a federal trial and alleged that his exposure to Roundup caused him to develop non-Hodgkin’s lymphoma (NHL), a cancer that affects the immune system. - Guardian

The devastating cyclone that hit south-eastern Africa may be the worst ever disaster to strike the southern hemisphere, according to the UN. Cyclone Idai has swept through Mozambique, Malawi and Zimbabwe over the past few days, destroying almost everything in its path, causing devastating floods, killing and injuring thousands of people and ruining crops. - Guardian