Tuesday newspaper round-up: Electric cars, Manchester, Mountain Warehouse
Campaigners have called on the chancellor to introduce a controversial pay-per-mile road charging scheme on electric cars, warning of a £5bn “black hole” in tax revenues from motoring. In a letter to Rachel Reeves, the Campaign for Better Transport (CBT) urged her to reform vehicle taxes, with fuel duty poised to dwindle in the coming decade as petrol and diesel cars are phased out. – Guardian
Manchester has been named the “first-time buyer capital of Britain” after data revealed that those taking their first step on the property ladder accounted for 75% of home purchases made in the city with a mortgage last year. The research from the mortgage lender Halifax may also provide fresh evidence of how high house prices in London are forcing growing numbers of would-be capital dwellers to ditch that dream and look farther afield. – Guardian
London workers are returning to the office far more slowly than rivals in Paris and New York amid fears that UK productivity will suffer without rapid action. People in London spend an average of 2.7 days per week in the office, compared to 3.5 for Parisians and 3.1 for New Yorkers, according to the Centre for Cities think tank. Among firms with office directives in place, the average London employer mandates 3.1 days per week. This is behind top-performing Sydney’s four days and behind Singapore, New York, Toronto and Paris. – Telegraph
It may have started life with one shop in Swindon, but Mountain Warehouse, the high street chain whose outdoor clothing is beloved of hikers and dog walkers, is poised to take on even more of the American market after the British millionaire behind the brand bought a collapsed US rival. Mark Neale, the chief executive, founder and owner of the British chain, has struck a deal to acquire Eastern Mountain Sports (EMS) for £7.6 million, saving 100 jobs. Neale said he had been tracking the company for a “long time. EMS is such an iconic, well-established brand. I think it’s going to be a brilliant foothold for Mountain Warehouse in America. – The Times
The Qatari owners of Harrods have banked another £180 million dividend, despite a 17 per cent decline in operating profits at the world’s most famous department store. The luxury retailer is owned by Harrods Ltd, a company in turn owned by the state of Qatar via its Qatar Investment Authority sovereign wealth fund. The multimillion-pound payout came after operating profit at Harrods’ parent company fell by £35 million to £167.7 million in the year to February 3, according to accounts for Harrods Group (Holding) Ltd, which are due to be filed next week. – The Times