Sunday newspaper round-up: Chancellor, Tempest, Revolut

(Sharecast News) - The Chancellor's first day at work saw staffers deliver a blunt summary of the realities facing her department. The biggest surprise was the rapidly growing £4bn annual bill for housing illegal immigrants. Reeves was also told of the inflation-busting public sector pay recommendations from pay review bodies for multiple key sectors, including teachers and NHS staff. The briefings left her infuriated at how the Tories had been playing with the theme of tax cuts despite the presence of a "gaping black hole" in the public finances, a senior government source said. - The Sunday Times The BAE Systems-led Tempest project to develop a next generation fighter jet may work together with a rival scheme on the Continent as part of Keir Starmer's drive to 'reset' relations with the European Union, according to senior executives at Airbus. One area for potential collaboration on new technologies - aside from the new jets - would be on drones. Working together with the EU might also save Starmer money. There has been speculation regarding whether London could afford the Tempest project. - The Financial Mail on Sunday

Several City grandees stand to make millions from what is expected to be the bumper flotation of Revolut on the London Stock Exchange. Regulators granted the fintech outfit a banking license during the previous week which was expected to open the door to a flotation, possibly in 2025, that could value the business at £35bn. The grandees include Michael Sherwood, the former boss of Goldman Sachs International, and Martin Gilbert, the founder of Aberdeen Asset Management. - The Financial Mail on Sunday

The new Chancellor could tap the soaring levels of unearned wealth, to the tune of £10bn per year, if she levied higher taxes, economists at the independent Resolution Foundation argued. In a report published on Sunday, they explained that levels of wealth had increased from four times the national income, when they were last in power, to six times. Britain was a country of enormous "wealth gaps". A family in the top 10th of the income distribution had £1.3m more wealth per adult than one in the middle of the distribution. - Guardian

Tottenham Hotspur is negotiating the possible sale of approximately a 10% stake that would value the football club at as much as £3.75bn, once debt is included. The deal may pave the way for Joe Lewis and his family to cut ties with the club. Financier Amanda Staveley, who organised the takeover of Newscastle United by Saudi Arabia's Public Investment Fund, was understood to be among those who had shown an interest in Tottenham. - The Sunday Times