Friday newspaper round-up: Brexit, Philip Green, Tata Steel

As President Barack Obama has made clear, the debate about the UK’s membership of the EU largely comes down to trade. It is trade, most economists agree, that will determine the economic impact of a decision to leave the bloc — both because of direct effects and the knock-on consequences for foreign direct investment and productivity. – Financial Times

Sir Philip Green has launched a withering attack on the politicians who have led what he has branded a 'trial by media' against him in relation to the collapse of BHS. The Top Shop owner has written to Frank Field MP and Iain Wright MP, chairman of the House of Commons Work and Pensions and Business committees respectively, to tell them that they appear to be "leaping to conclusions" over his conduct during the period he and his family owned the collapsed retailer. – Telegraph

The British high street suffered its heaviest drop in sales last month since the financial crisis panicked shoppers into clamping their wallets shut. Last month’s bleak weather and nervousness about the health of the economy resulted in a 6.1pc fall in high street shopper numbers – the worst figures since November 2008, according to BDO. – Telegraph

Barack Obama is launching a crackdown on international tax evasion in response to recent disclosures in the Panama Papers revealing the scale of offshore financial activity. In a series of initiatives announced by the White House on Thursday night, the president will take executive action to close loopholes used by foreigners in the US and call on Congress to pass legislation. – Guardian

The Excalibur Steel management buyout has emerged as the frontrunner to rescue Tata Steel UK, although concerns about funding and pensions could still derail the bid. Sources close to the sale process said the proposed buyout, supported by Welsh billionaire Sir Terry Matthews, is the most credible business plan, but questions over funding and the pension scheme need to be resolved. – Guardian

Reckitt Benckiser has become the latest company to suffer a shareholder rebellion over pay, with nearly a fifth of votes at its annual meeting cast against the chief executive’s £23 million package. Eighteen per cent of voting shareholders in Reckitt, whose products include Dettol and Nurofen, opposed the pay of Rakesh Kapoor yesterday, in the latest sign of defiance among investors relating to executive compensation. – The Times