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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Tuesday newspaper round-up: Tax cuts, Linkedin, Carillion

(Sharecast News) - The government has no room for unfunded pre-election tax cuts despite having pushed through a "colossal" £52bn a year stealth raid on household incomes on Rishi Sunak's watch, the Institute for Fiscal Studies has warned. Britain's foremost economics thinktank said the dire state of the public finances meant that attention-grabbing tax cuts risked stoking inflation, leading to higher Bank of England interest rates and a lengthy recession. - Guardian Microsoft's LinkedIn said on Monday it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals amid slowing revenue growth. The cuts, which affect more than 3% of the 20,000-strong staff, add to the tens of thousands of job losses this year in the technology sector in the face of an uncertain economic outlook. - Guardian

An Isle of Man bank owned by Brexit backer Jim Mellon has won a City licence that will allow it to accept deposits in the UK. Conister Bank, a subsidiary of Mr Mellon's Manx Financial Group, has been granted permission by the Bank of England's Prudential Regulation Authority (PRA) to accept deposits in a bid to boost its balance sheet. - Telegraph

The government dropped its pursuit of five former Carillion non-executive directors late last week, hours before a High Court "test case" was due to begin. The Insolvency Service had been seeking disqualification orders that would have prevented five former board members of the construction group, including Philip Green, the long-serving chairman, from acting as directors, but it dropped the civil action on Friday afternoon. A 13-week trial had been due to begin yesterday. - The Times

Power cables long enough to reach from the Earth to the Moon 200 times over will need to be built globally by 2040 to hit countries' climate goals, according to a new analysis. The International Energy Agency warned that a failure to deliver the approximately 50 million miles of new and replacement electricity grids that will be needed in the next two decades could jeopardise the transition to clean energy. - The Times

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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
Tuesday newspaper round-up: Pharma companies, Puig, Thames Water
(Sharecast News) - Rachel Reeves has said an incoming Labour government would launch a £5bn crackdown on tax avoiders to close a gap in its spending plans exposed by Jeremy Hunt scrapping the non-dom regime to finance tax cuts. Warning households and businesses that Labour was prepared to adopt tough measures to tackle tax fraud and non-compliance, Reeves said the funding would be used to pay for free school breakfast clubs and additional NHS appointments. - Guardian
Monday newspaper round-up: Boeing, rent rises, e-scooters, Santander UK
(Sharecast News) - US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap. The Southwest Airlines flight 3695 rose to about 10,300ft (3,140 metres) before returning safely 25 minutes after takeoff to Denver international airport at about 8.15am local time on Sunday. It was towed to the gate after landing. The Boeing aircraft with 135 passengers and six crew members aboard had been headed to Houston. No one was injured. - 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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