Wednesday newspaper round-up: Tariffs, pension ages, Revolut co-founder

(Sharecast News) - The EU has announced it will match Donald Trump's steel tariffs, doubling levies on imports to 50% in a decision condemned as "an existential threat" to the industry in the UK. With 80% of British exports going to the EU, the change poses the UK steel industry's biggest ever crisis, according to the lobby group representing the sector, while unions said they could kill off the industry. - Guardian It would take the average earner in the UK 52 years' worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation. In a new report, the influential thinktank analyses the Office for National Statistics' latest wealth and assets survey, which covers the Covid pandemic period of 2020-22. - Guardian

Western governments must raise pension ages to stop spending and debt from spiralling out of control, the International Monetary Fund (IMF) has warned. In its latest warning about the health of the global economy, the watchdog said bold policies must be adopted to ensure countries are not hobbled by ageing populations. - Telegraph

Hungover young workers calling in sick are becoming a drag on Britain's economy, a Left-leaning think tank has warned. The Institute for Public Policy Research (IPPR) said Gen Z were "disproportionately" missing work after struggling with the after affects of alcohol. - Telegraph

The billionaire co-founder of Revolut has changed his residency from the UK to the United Arab Emirates, Companies House filings show. Nik Storonsky, 41, whose fortune is estimated at about $14 billion, made the switch in October last year, according to Tuesday's filing for his family company at the corporate registry. - The Times

A retired KPMG partner has been hit with his third fine in as many as years, this time for overseeing the Big Four firm's audits of the Jacamo owner N Brown, which contained "numerous failings". Anthony Sykes, who retired in September 2022, was the partner responsible for leading KPMG's work signing off N Brown's accounts for its 2021-22 financial year. The Financial Reporting Council (FRC) found "serious breaches" with the audit, particularly when considering a possible impairment of parts of N Brown's business, which also includes the Simply Be and JD Williams brands. - The Times