Wednesday newspaper round-up: No-deal Brexit, Car industry, Hong Kong

Boris Johnson has said that the UK could stay in the customs union and single market for another two years, as he appeared to suggest what a Brexit deal struck by his Government could look like. The Prime Minister described the chance of a no-deal Brexit as “vanishingly small” as he visited farmers in Wales on his tour of the UK. However, he stressed that the cost of no-deal preparations - such as building new customs facilities - will not be a “wasted effort” even if the UK manages to agree a deal with the European Union. - The Daily Telegraph

Only £90 million of new investment was committed to automotive plants in Britain in the first half of the year as the industry diverted spending of at least £330 million to Brexit preparations. Figures from the car industry show that commitments of inward investment in factories all but dried up in the six months to the end of June, compared with an average investment of £2.7 billion a year over the past seven years. There were only a handful of spending commitments on new projects, adding up in aggregate to £90 million, according to the Society of Motor Manufacturers and Traders. - The Times

Hundreds of anti-government demonstrators clashed with riot police as they surrounded a police station last night, hours after Hong Kong’s transport network was paralysed by a series of new and divisive protests. The clashes came after 44 people were charged with rioting following a weekend of violence, with two marches staged over what protesters say is police brutality. - The Times

North Korea has fired “multiple ballistic missiles”, Yonhap news agency has reported, citing the South Korean military. The projectiles were launched from Hodo peninsula in South Hamgyong province on North Korea’s east coast, according to the Seoul-based agency. The South Korean military’s joint chiefs of staff said they were “monitoring the situation in case of additional launches and maintaining a readiness posture,” Yonhap added. - The Independent

The Bank of England should hold interest rates at 0.75 per cent and keep its guidance to a minimum this week because it can do little to chart a path through the clouds of uncertainty caused by Brexit, The Times panel of economic experts has said. Only two of the nine members of the shadow monetary policy committee called for an immediate rate rise tomorrow. The Bank is not expected to move and market prices suggest a 98 per cent probability that rates will not change. - The Times

Neil Woodford is under renewed pressure to stop charging fees to investors trapped in his Equity Income fund after warning that withdrawals were likely to remain suspended until December. John Mann, 59, the Labour MP who is the longest-serving member of the Commons’ Treasury select committee, said it was “outrageous” and “unethical” that Mr Woodford’s firm continued to levy fees. Woodford Investment Management is earning £65,000 a day from the charges. - The Times