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Tuesday newspaper round-up: Post Office, Barclays, income tax revenues

(Sharecast News) - Ministers have drawn up urgent plans to clear the names of hundreds of post office operators who were wrongly convicted of theft and fraud in the Horizon IT scandal as the government scrambled to get on the front foot over the major miscarriage of justice. The justice secretary, Alex Chalk, will hold talks with the senior judiciary to confirm how the convictions can be overturned as soon as possible, so victims can have speedier access to millions of pounds of compensation. - Guardian The top director responsible for safety and security at Sellafield is to leave the vast nuclear waste dump in north-west England, it has emerged. Mark Neate, the Sellafield environment, safety and security director, is to leave the organisation later this year. - Guardian

Barclays cut its workforce by around 5,000 last year as part of an ongoing push to strip costs from the lender. The bank confirmed the size of the job losses for the year ending December 2023 after reports emerged that it was planning to cut 2,000 jobs in a £1bn cost-cutting drive. Investors are awaiting an update in February from chief executive CS Venkatakrishnan, also known as Venkat, which could lay out further cost reduction plans. - Telegraph

Income tax revenues have leapt by more than 70 per cent since 2010 to £264 billion, illustrating the sharp rise in the tax burden overseen by successive Conservative administrations since the party came to power more than a decade ago. Analysis of figures from HM Revenue & Customs by The Times revealed that Rishi Sunak and Jeremy Hunt have been raising income tax receipts without actually lifting headline rates. - The Times

The American entertainment group that was backing a 21,500-capacity Sphere venue in east London has pulled the plug on the project after claiming it had become a "political football" between the government and the mayor of London. Sphere Entertainment has withdrawn its planning application for the "glowing orb" near the Olympic Park in Stratford, saying that the process had descended into a turf war between Sadiq Khan and Michael Gove, the levelling-up secretary. - The Times

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Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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